The regular 18-pay semimonthly schedule (one half pay, sixteen full pays, and one half pay) of a Faculty member’s academic year regular salary begins on August 31st and ends on May 15th of the following year.
Participating in the Summer Option Program allows for a Faculty member to receive their academic year regular salary over 25 semimonthly pay periods (one half pay, twenty-three full pays, and one half pay) starting August 31st of the current year, ending August 31st of the following year.
All payroll taxes associated with a Faculty member’s academic year regular salary will be withheld during the normal regular 18-pay semimonthly schedule of August 31st through May 15th.
An after tax deduction of 20% of a Faculty member’s academic year regular salary (not including overload, extra service, etc.) will be taken from each pay during 17 pay-periods beginning August 31st and ending April 30th of the following year. This amount will appear on the paystub under After Tax Deductions, as “Summer Option Deduction.”
The total “Summer Option Deduction” taken during the academic year will be divided by seven and paid in 8 pay-periods (one half pay May 15th), six full pays (May 31st – August 15th), and one half pay (ending August 31st). This will appear on the paystub under Earnings, as “Summer Option Payback.” No payroll taxes will be withheld.
Complete the Summer Option Program form to begin participating in the program or to cancel your participation. Cancelling your participation will result in the total of the Summer Option Deductions taken to date for the current academic year being refunded to you in the next semimonthly pay. Reference Pay Periods and Pay Dates for more information.
Contact Payroll with any questions about this program.