2010 Defer Pay Deadline Aug. 2, 2010
May 12, 2010
Each year, academic year faculty and flex-time exempt status employees (PAT), who are in continuing status appointments (per HR policy F.10.22), can elect to receive their payment between the dates of their appointment or to spread (defer pay) it out over a 12 month period (26 biweekly payments). New appointments are setup to pay between the dates of the appointment year and will continue as such until the employee elects otherwise. If the employee makes no election, payment will occur over the dates of their appointment year.
The election of the payment choice requires the completion of the USNH defer pay selection/change form. Forms must be received by Human Resources no later than noon Aug. 2, 2010. Any form received after the deadline will not be accepted.
The form can be found here or forms may be requested from Human Resources by phoning 2-0501.
Government regulations do not permit an individual to change the election once the payment year has begun. Two options exist to assist an employee to prepare for the non-work summer period.
- An employee may receive their pay during the appointment period and use a self-directed fixed direct deposit allotment of their choosing to a savings account. This allows the employee to self-manage their money, making the amount that has been set aside available for them to use during the summer months. This is the method recommend by USNH as it provides payment while the work is being performed, retains control and access to saved monies in an account of the employee’s choosing, and allows the employee to have access to their saved money.
- Another option available would be to use Banner-HR “defer” pay method. This option would defer a portion of pay to a non-interest earning account and used for payment during the summer payout period. This option does not provide flexibility as the deferred salary is not available to the employee, no matter the situation or need to have access sooner.
Questions may be directed to Joyce Cleary at 2-0513 or the payroll office at 2-1400.