Faculty, A/P staff pay elect option due soon

Academic Year Faculty and Administrative Professional staff will receive a pay election form electronically in April. The form offers two options: to receive salary over the academic year, or receive salary over a 12-month period.

New IRS regulations require academic year faculty and/or staff members to make an irrevocable election before the new academic year begins. Any changes to a 12-month pay option election for any reason during the year will result in an additional 20 percent federal tax penalty. This means that faculty and staff members with an academic year appointment who elect their pay spread over the summer and leave Grand Valley State University at the end of the academic year, must have their pay continue through summer as originally elected. Those who request to have it paid sooner will pay an additional 20 percent in federal income taxes on the deferred portion.

For more information, visit www.irs.gov/newsroom or contact Human Resources at X2215.