Twelve Month Payment Option for Nine and Ten Month Faculty

Directive Statement

This directive establishes the proper methods of enrolling in the twelve month payment option for 9 and 10 month faculty.  The program will hold, in the form of an after-tax deduction, a portion of a nine or ten-month faculty member’s after-tax income and distribute it to them in six equal installments during the summer months.

Reason for Directive

The Twelve Month Payment Option is open to all faculty members on a nine or ten-month academic year appointment.  It is an optional program designed as a savings method to help bridge the gap between the nine or ten-month work year and the desire to have twelve months of income.  Electing a 12-month plan simply spreads the current nine or ten-month salary over 12 months of pay periods. No additional salary is paid as a result of the election.

Who is eligible?

Faculty members on nine or ten-month appointments may participate in the program.  Adjunct faculty members are not eligible to participate.

Overview

Annual Enrollment Period is from July 1 -August 15.

• An amount will be deducted from 18 paychecks, beginning the first full paycheck of the nine-month academic year through the last full paycheck of the nine-month academic year
• The total amount of the deductions will be refunded in six equal payments during the summer providing income even if the faculty member has no summer appointments
• If you receive summer salary, typically from grant support or a summer teaching assignment, the resulting salary will be paid as usual over the appropriate summer pay periods (on top of the deferred salary from the nine-month academic semesters)
• Participation is voluntary and includes automatic re-enrollment
• Choosing this approach does not trigger an assignment and effort report for the summer

Procedures

Use the Twelve Month Calculator to help faculty estimate deduction amounts, based on actual earnings and benefit rates, in order to receive 24 paychecks with similar average net payments

When using the calculator, please note the following:

1. There will be some variations in net pay due to benefit double deductions in the spring
2. The deductions calculation will take into account benefit costs as of the prior January and February and will not reflect changes made during the Open Enrollment in the fall
3. Since your current net pay is the basis of the calculation, the deductions calculations takes into account your W-4 payroll tax election as of the time that the estimate is prepared
4. The deductions calculation is based only on the nine or ten-month faculty appointment – earnings from any additional temporary appointments you may have will not be included in the estimate calculations
5. Changes to salary, deductions, or W-4 payroll tax elections after enrollment will change your net pay.  However, the deduction amounts cannot be adjusted should any of these variables change
6. The minimum deduction amount is $100.00 per pay period

After determining the deduction (which may be any above $100.00 per pay period), complete and electronically submit the Twelve-Month Payment Option Form by August 15^th.

Last Reviewed

Last reviewed on 06/28/2024

Resources

Twelve-Month Payment Option Form

Twelve Month Payment Calculator

Contacts

Payroll Services: (352) 392-1231

Classification & Compensation: (352) 392-2477

Employment Operations and Records: (352) 392-2477

UF Help Desk: (352) 392-HELP

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