Nine-Month Faculty Annualized Pay Option
In August 2012, USF created the “Nine-Month Faculty Deferred Pay Program”, an optional program designed to hold, in the form of a deduction, a portion of a nine-month faculty member’s after-tax income and distribute it to them in six equal installments during the summer months. The program essentially bridged the gap between the nine-month work year and the desire to have twelve months of income. In the spring of 2013, Human Resources formed a committee to explore and recommend opportunities to improve the existing program.
We are pleased to now offer a new program that will better serve the needs of the faculty. The new program is called the Nine-Month Faculty Annualized Pay Option Program.
- The deduction amount is based on actual earnings and benefit rates rather than an artificial set-aside amount.
- Participation will remain voluntary, but will now include automatic re-enrollment.
- Facilitates financial planning for new faculty.
- Nine-month faculty new hires will be required to enroll in their state benefits or agree to a benefit cost estimate of their state benefits prior to enrolling into the program, this will allow for more accurate set-aside amount determination.
- Faculty members can receive a consistent net paycheck amount for all 26 pay periods of the year, regardless of the split pay weeks or benefit double deductions.
For information on enrollment and answers to frequently asked questions, please view the program information here.