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.