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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

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Compensation Options for Regular Faculty and 9 Month Staff

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  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

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