End of bsu university year ends in what month

End of bsu university year ends in what month professional#

End of bsu university year ends in what month professional#

The deferred amount will be included on the tax statements (W2) during the year it is paid, not in the tax year it is earned.The Black Student UnionВ (BSU), a new student club at the CUNY School of Professional Studies (CUNY SPS), ended its first year with an inspiring and moving Commencement celebration. The deferred funds are not taxed until the summer month when they are issued. Voluntary deductions for the 403b and 457b, as well as University contributions to retirement plans, will be taken out over 26 paychecks Tax Treatment Please reference the biweekly payroll calendarВ to see the benefit deduction schedule. The deferred payments will be taken from the faculty memberвЂ™s base salary only earnings from any additional temporary appointments (overloads) will not be included.Д«enefit deductions, including contributions the Health Savings Account, will be taken from 18 of the academic year paychecks. If a summer salary is earned, the resulting salary will be paid over the appropriate summer pay periods in addition to the deferred salary from the academic year.

Electing the 12-month plan simply spreads the 22 biweekly pays over a 26 biweekly timeframe. The employee will receive four biweekly checks over the summer months, distributing the deferred amounts from the academic year. Normally, these deductions will be equal amounts unless the employee receives a mid-year increase.

For Burris and Indiana Academy Faculty and Professional StaffВ - An amount will be deducted from 22 paychecks from the first academic year paycheck through the last academic year paycheck.

Electing the 12-month plan simply spreads the 20 biweekly pays over a 26 biweekly timeframe. The employee will receive six biweekly checks over the summer months, distributing the deferred amounts from the academic year.

For BSU Faculty - An amount will be deducted from 20 paychecks from the first academic year paycheck through the last academic year paycheck.

In addition, enrollment in the plan will be restricted to faculty whose academic year salary will not exceed $285,000 per year. Faculty and professional staff who are enrolled in the Phased Retirement Program, faculty on sabbatical, part-time contract faculty and full-time semester contract faculty are not eligible to participate in the program. The twelve month payment program (deferred pay) is open to full-time faculty members and professional staff with an academic year appointment at BSU, Indiana Academy, or Burris. If a participating employee dies, the money accumulated in the redistribution pay account will be paid to the surviving spouse or children or to the estate, according to normal payroll policies and procedures. Termination of program participation will be effective at the end of the plan year and the employee's salary will revert back to a standard 20 biweekly distribution effective with the new academic year. The electronic form must be submitted to the Human Resource Services prior to the first Friday of the academic year payroll period. unenroll) from the plan, the employee will complete the Twelve Month Pay Plan Opt In/Out Authorization form. Once a faculty member enrolls in the plan, this election will remain in effect until the faculty member withdraws from the plan at the end of the plan year or leaves the University.

In compliance with IRS regulation, participation is irrevocable during the plan year except in cases where the employee leaves the University. Since these dates vary from year to year, Human Resource Services will publish deadlines on its website. This electronic form must be submitted to Human Resource Services (AD350) no later than the first Friday of the initial academic year biweekly pay period. To enroll, faculty members need to complete the Twelve Month Pay Plan Enrollment Authorization form.

Employees will not be paid interest on the deferred amounts. Upon enrollment, this pay plan will remain in effect until the faculty member withdraws from the plan at the end of the plan year, or leaves the University. Election to participate in the plan is for the entire 12 month period. This optional pay plan provides a method for academic year BSU faculty to spread their base salary over a 12 month period in order to have a constant income stream.