Annualized salary is a pre-set amount of gross pay per pay period paid to an employee throughout the 12 months of the year, totaling an estimated yearly earning. Ithaca College offers Staff (part-time) and Faculty (full-time) who hold exempt positions that work less than 12 months or 52 weeks per year an option to be paid over 12 months or 24 pay periods. This is called annualized compensation.
To enroll in Annualized Compensation, please complete the Annual Compensation Election Form located on the Payroll Services webpage. 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. If you have previously selected an election option, it will remain in effect unless you submit a revised form to change your election. If you do not wish to change your current election, you do not need to submit a new form. Please note that IRS regulations state that once you have made an election, you may not revoke it until the following academic year. As with any income tax matter, please contact your personal tax counselor if you have questions.
Please contact Human Resources at humanresources@ithaca.edu if you have any questions about completing this form.