1 / 8

Compensation Options for Regular Faculty and 9 Month Staff

Compensation Options for Regular Faculty and 9 Month Staff. Faculty Compensation & Classification Contact: Melinda Lilly at Melinda.Lilly@unt.edu or 940-565-3951 Office of the Provost, Admin Bldg, Room 207. What Compensation Options do I have?. Premium Reserve

connie
Download Presentation

Compensation Options for Regular Faculty and 9 Month Staff

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Compensation Options for Regular Faculty and 9 Month Staff Faculty Compensation & Classification Contact: Melinda Lilly at Melinda.Lilly@unt.edu or 940-565-3951 Office of the Provost, Admin Bldg, Room 207

  2. What Compensation Options do I have? • Premium Reserve • Your 9 month salary is paid over 9 months • Paychecks are issued on October 1 through June 1 • Your annual (12 month equivalent) insurance premium will be withheld from the 9 paychecks to assure that summer insurance premiums are paid

  3. What Compensation Options do I have? • Annualized Compensation (12 month Salary Spread) • Your 9 month salary is paid over 12 months • Paychecks are issued on October 1 through September 1 • Your annual insurance premium will be withheld from the 12 paychecks to assure that summer insurance premiums are paid

  4. Example • A faculty member has a 9 month salary of $45000 and annual insurance premiums of $2000 • Premium Reserve = 9 monthly paychecks of $5000 and 9 monthly insurance premiums of $222.22 • Annualized Compensation = 12 monthly payments of $3750 and 12 monthly insurance premiums of $166.67

  5. Frequently Asked Questions • Can I change my election? • Yes, but only prior to the first day of work in an academic year, which will impact the next academic year’s salary. You cannot change your election mid-year. Forms are available on the HR website at www.hr.unt.edu/main. • What happens if I teach or conduct paid research in the summer? • If you are on premium reserve, additional insurance premiums will not be taken from the summer paychecks. • If you are on annualized compensation, the additional salary will be added to the reserve payments that you are scheduled to receive in the summer months.

  6. Frequently Asked Questions • If I terminate mid-year, what happens? • Premium reserve: reserved insurance premium amounts will be refunded to you. • Annualized compensation: reserved salary will be refunded to you. • If I terminate 5-31, what happens? • Premium reserve: You can remain under UNT insurance coverage through 8-31. • Annualized compensation: You can continue to receive paychecks (and maintain UNT insurance) through 8-31.

  7. Frequently Asked Questions • If I reduce my schedule or take a leave of absence, how will my pay be impacted? • Premium Reserve: Your monthly paychecks will be reduced corresponding to the reduction in work. • Annualized Compensation: Both your monthly checks in the months where the reduction occurs AND your summer reserve payments will be reduced corresponding to the reduction in work.

  8. Example • Faculty member has $45000 salary and has elected annualized compensation. The employee works 100% in Fall and 50% in Spring. • Checks will be as follows: • 10-1, 11-1, 12-1, and 1-1, $3750 per month • 2-1 $2812.50 (half of month at 100%, half of month at 50%) • 3-1, 4-1, 5-1, and 6-1, $1875 per month • 7-1, 8-1, and 9-1, $2812.50 per month

More Related