NineMonth Faculty Members TwelveMonth Payment Option Questions And Answers

nine-month faculty members twelve-month payment option questions and answers beginning april 1, 2019, eligible nine-month facul

Nine-Month Faculty Members
Twelve-Month Payment Option
Questions and Answers
Beginning April 1, 2019, eligible Nine-Month Faculty members will be
able to enroll in the Twelve-Month Payment Option. The plan will be in
effect beginning with the first full paycheck of the 2019-2020
academic year, which is on pay date August 30, 2019.
What is the Twelve-Month Payment Option?
All 12-month employees are paid 26 paychecks per year. With the
Twelve-Month Payment Option, you can choose to have designated amounts
deducted from 19 full paychecks during the fall and spring semesters.
UCF holds this money for you until the summer arrives. At that time,
the money will be repaid to you in 5 equal payments.
How do I determine what amounts to deduct?
You can use the Twelve Month Calculator to help you estimate your
deduction amounts if you want to receive 24 paychecks that are
approximately the same net payment. By using the calculator, you will
see that there are 2 different amounts that should be deducted over
the fall and spring semesters.
Example: Your normal net pay is $1,404.03. Your state benefit premiums
are $123.79. The calculator indicates that you should request $333.77
to be deducted from your 11 fall paychecks. The calculator indicates
that you should request $209.98 to be deducted from your 8 spring
paychecks. You have saved:
Fall $333.77 x 11 pay periods = $3,671.47
Spring $209.98 x 8 pay periods = $1,679.84
Total Deducted $5,351.31
Your total deducted amount, $5,351.31, divided by 5, equals $1,070.26.
Based on the example above, your paychecks would be comparable in
amount in the fall, spring, and summer.
When is Open Enrollment for the Twelve-Month Payment Option?
Open Enrollment for the Twelve-Month Payment Option occurs from April
1, 2019 through June 30, 2019. Announcements will be sent out each
year with specific dates. One method of communication will be through
e-mail; please ensure that your e-mail address is correct (see
instructions below). Existing participants- you must re-enroll each
year if you wish to continue.
Can I have my benefit deductions taken from my Twelve-Month Payment
Option?
No, the Division of State Group Insurance requires that Nine-Month
Faculty members pay their insurance premiums prior to the end of the
academic year. Double deductions will remain in effect from February
to May.
If I enroll and then decide that I do not want to participate in the
Twelve-Month Payment Option, can I stop?
No, once you are enrolled you are required to continue for the full 12
months. Enrollment in the plan each year requires completion of a new
Twelve-Month Payment Option Form submitted to UCF Human Resources
between April and June. Enrollment forms are available on the HR
website (this link will be available as of April 1st).
Can I change the amount of my Twelve-Month Payment Option?
You may only change the amount during the Twelve-Month Payment Option
Enrollment Period. Once you have determined the amounts of your
deductions, they will stay in effect for the full 12 month period. The
only exceptions are a reduction in your position’s FTE (Full Time
Equivalency) or a change in your employee class from 9 months to 12
months during the academic year. In these cases, you may terminate
your participation in the Twelve-Month Payment Option and receive a
refund of your monies saved under the plan.
Is there a minimum and maximum amount that I can have deducted?
There is a minimum amount of $50 per pay period. There is no maximum.
Why are there two different amounts computed by the Twelve-Month
Payment Option Calculator?
The calculator estimates different deduction amounts for your 11 fall
and 8 spring paychecks to accommodate the benefits double deductions
that are withheld from your spring paychecks, allowing you to receive
24 approximately equal paychecks.
What if I separate from UCF or change from a 9 month faculty member to
a 12 month faculty member prior to my Twelve-Month Payment Option
being paid back?
Payroll Services will conduct an audit of your record upon termination
or employee class change and the money already deducted will be
returned to you in a lump sum payment. You will not forfeit the funds
– it is your money!
What if I receive a Supplemental Summer Agreement?
Summer agreements will not affect your enrollment in the plan. You
will still continue to receive the payments for the amounts deducted
during the 5 specified summer pay dates in addition to your pay for
the summer agreement.
How does this affect my taxes?
All required taxes will be deducted from your normal paychecks during
the fall and spring. The money you receive over the summer will not
have taxes deducted because you have already paid them.
What happens to the money that is deducted from my academic year
paychecks? Will I earn interest on the funds?
Your money will be held by the University for disbursement over the
summer. You will not receive interest on the funds
Is this the only way for a Nine-month Faculty member to save money for
the summer months?
No. You have the ability to update your direct deposit record and have
your paychecks split among several bank accounts. You can choose to
have your money deposited in an interest bearing bank account or
credit union account, rather than putting it in a non-interest bearing
UCF account.
Will my Twelve-Month Payment Option money be directly deposited into
my bank account?
Yes, your money will be directly deposited into your account like your
normal paychecks. You may log into the myUCF portal and update your
Direct Deposit through Employee Self Service, click on Payroll and
Compensation, click on Direct Deposit. Using Employee Self Service
changes your banking information immediately.
Whom do I contact if I have questions?
Email Payroll Services at [email protected]. We will be happy to answer
your questions.
To update your email account: https://my.ucf.edu
1.
Enter your NID
2.
Tab to the MyUCF Password field and enter your password
3.
Click on Sign On
4.
Cick on Employee Self Service
5.
Click on Personal Information
6.
Click on Email Addresses
7.
Enter the correct email address in the field containing the
Pegasus Logo (Business). We recommend that you enter your UCF
email address in this field. This is the email address to which
UCF Announcements and Events, Employee Self Service confirmations,
and other work related information will be sent.
8.
Click on Save
9.
You will receive a confirmation page that the save was successful
Twelve-Month Payment Option FAQ 3