Annual Compensation Election Form

Ithaca College offers Staff (part-time, less than 52 weeks) and Faculty (full-time) who hold exempt positions that work less than 12 months per year an option to be paid over 12 months or 24 pay periods. This is called annualized compensation. Annualized compensation ensures income during the summer months, not only through the Academic Year.

This form needs to be completed no later than

Official Start Date for New Faculty and New Staff
June 30 for Existing Staff
August 15 for Existing Faculty

If you do not complete this election form, Ithaca College will NOT annualize your compensation.

IRS regulations state that once you have made an election, you may not revoke it until the following fiscal year (Staff) or academic year (Faculty). As with any income tax matter, please contact your personal tax counselor if you have any questions.

Employee Information

Name*

First Name

Last Name

Ithaca College Employee ID Number*

Email*

I have read and understand the importance of annualized compensation election.*

Yes

Annual Compensation Election Options

Please Mark One Statement Below*

12-Months: I elect annualized compensation. I understand that payroll deductions for taxes and benefits will be taken equally from each paycheck over the course of 12 months. Less than 12-Months: I do not elect annualized compensation. I elect to receive compensation during the months stipulated by my position. I understand that for my benefits to remain in force throughout the year, all allocations will be allocated over the paid months.

Your election will remain in effect unless you submit a revised form to change your election prior to the new academic year for Faculty or fiscal year for Staff.

Signature*

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Use your mouse or finger to draw your signature above