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Faculty Handbook

FAQs–Florida Tech 9 Month Faculty
Deferring Pay Over 12 Months

TopWhat are the tax implications for my 9 month contract?

There will be no adverse tax effects as a result of this election. For more information on federal taxes, please consult with your personal tax preparer or visit the www.irs.gov website.

TopHow will I be paid for additional income that I earn over and above my 9 month contract?

We anticipate no change. Any additional income will be paid as it is earned. It will be included with your 9 month contract bi-weekly pay.

TopWill my leave accrual change?

Leave accruals will remain unchanged.

TopWill my benefits change in any way? 403(b) contributions, health insurance coverage, tuition remission, etc. What happens to my benefit deductions, such as medical premiums and parking deductions?

  • 403(b)
    • The contributions will be set so you pay no more than the maximum for the calendar year.
    • If you are contributing on a percent basis, your bi-weekly contributions will be correspondingly lower because your base pay will be lower.
    • If you are contributing at a flat dollar amount, your bi-weekly contributions will not change.
  • Health Insurance Coverage
    • Health Insurance premiums will be set so you pay no more than the maximum for the benefit plan year.
    • There will be a premium deducted from every pay period.
  • Tuition Remission
    • There will be no change to the current policy. Taxes are deducted in the same semester/term the class is taken.
  • Parking Deductions
    • Parking deductions will remain unchanged.

TopWhen will I be paid the balance of my current contract if my employment should end?

The balance of your contract will be paid on your last paycheck following your separation date.

TopWhen does my 12 month election begin?

It will start in the fall semester.

TopHow do I elect or decline the option of being paid bi-weekly over 12 months?

You will be given the option to elect or decline on your annual faculty contract.

TopWhat happens if I take a Sabbatical, either full or partial year?

Full academic year Sabbaticals are not eligible for deferred pay. There will be no change for partial year Sabbaticals. You will continue to be paid bi-weekly.

TopWill direct deposit be required in order to elect deferred pay?

Yes, direct deposit will be required.

TopHow does this impact my department’s budget?

We anticipate no change.

TopHow does this affect “green carding”?

If you are planning to “green-card” at any point during the upcoming year, it is NOT recommended that you choose the Deferred Pay option. Salary earned on a grant is not eligible for deferral.

TopIs there a place I can check to see how much has already been paid on my contract?

You can view your history by logging into PAWS, click on the Employee tab and then click Earnings.

For any additional questions, please contact Human Resources at hr@fit.edu or (321) 674-8100.