Tenured/Tenure-Track Faculty Handbook

5.3 Payroll

5.3.1 Deferred Pay Plan

Academic faculty members of the University will receive their nine or ten month salary over the course of the academic year. Eligible faculty members have the option to receive their salary over 26 pay periods (deferred pay).

Election of the deferred pay plan must occur on or before the first day of compensation for the academic year. To elect the deferred pay plan, submit a Deferred Pay Plan Election form to Payroll Services. Once selected, the deferred pay plan is irrevocable for that 12 month period. The deferred pay plan will remain in effect until it is rescinded by submitting a Deferred Pay Plan Election form.

The Deferred Pay Plan Election Form, is available from the list of Payroll Services Forms found here.


Revised:
12/08/2016 - Annual Review: To reflect current practice, changed "12 month period" to "26 pay periods".
01/27/2015 - Annual Review: To reflect current practice, the email address for questions is now policy@mtu.edu. No changes made to content.
03/28/2014 - Annual Review: Updated Michigan Tech and Handbook banners. Deleted the first and second paragraphs that read: "Nine or ten month academic faculty of the University are able to receive their salary over a twelve month period. Those faculty members who do not request this option, will receive their salary over the nine or ten month academic year." and "Election of the deferred pay plan must be made prior to the first pay period of the fall semester or the start of employment for the twelve month period and is irrevocable for that twelve month period."
03/20/2013 - Annual Review: Section title "5.3.1 Optional Pay Plan" now reads "5.3.1 Deferred Pay Plan"; the second paragraph "Election of the optional pay plan must be..." now reads "Election of the deferred pay plan must be..."; and added the third paragraph.
08/23/2011 - Annual Review: To reflect current University titles and practice, "quarter" is now "semester" and "MTU" is now "Michigan Tech".
10/16/2006 - Format changes made.  NO changes to content.