Faculty Members with 9 Month Appointments, Paid in 10 Months
Assumptions: Salary of $60,000, Annual Benefit Cost of $2,400, OTRS/DCP calculations would be allocated in the same manner as Benefit Costs
Option 1: Compensation remains the same, Benefit Costs deducted in 8 equal installments Sept - April
Option 2: Compensation remains the same, Benefit Costs deducted in 10 equal installments Aug - May
Option 3: 10 Equal Amounts for Compensation and Benefit Costs (Requires approval by Legal Counsel.)
|
Current |
Option 1 |
Option 2 |
Option 3 |
|
|
Comp - Ben Cost |
Comp - Ben Cost |
Comp - Ben cost |
Comp - Ben cost |
|
|
August |
$3,133 |
$3,333 |
$3,093 |
$5,760 |
|
September |
6,417 |
6,367 |
6,427 |
5,760 |
|
October |
6,417 |
6,367 |
6,427 |
5,760 |
|
November |
6,417 |
6,367 |
6,427v |
5,760 |
|
December |
6,417 |
6,367 |
6,427 |
5,760 |
|
January |
6,417 |
6,367 |
6,427 |
5,760 |
|
February |
6,417 |
6,367 |
6,427 |
5,760 |
|
March |
6,417 |
6,367 |
6,427 |
5,760 |
|
April |
6,417 |
6,367 |
6,427 |
5,760 |
|
May |
3,133 |
3,333 |
3,093 |
5,760 |
|
Total |
57,600 |
57,600 |
57,600 |
57,600 |