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Ask faculty to update contract payment schedules by July 15

University of Colorado faculty on a contract have the option to choose to change their contract payment schedule between May 2 and July 15, for the 2022-23 academic year. Faculty members have until 5 p.m. July 15 to select their new schedule in the employee portal following this guide. Two payment schedules are available:

Faculty Academic Year payments (Aug-May)

  • For CU Boulder, CU Denver | Anschutz Medical Campus and UCCS, academic year salary will start in August, paying Aug. 31 to May 31.

Faculty 9/12 payments:

Note: There is a limit set by the IRS as to who may choose to elect 9/12 payments. These limits are referenced in the employee portal.

  • For CU Boulder, CU Denver | Anschutz Medical Campus and UCCS, academic salaries will be paid from August 2022 through August 2023.

If no changes are made, then the previously chosen election will continue.

Reminder: Once faculty have chosen their payment schedule, they may not revoke and change their schedule for the plan year.

Encourage Faculty to Use These Resources

Visit the Employee Services contracts page to learn how to choose a contract type.

 

The Contract Proration Calculator can help faculty to determine whether combined 9-pay-12 contracts exceed IRS limits and how it will be distributed over a 12-month period.

 

IRS deferred compensation guidelines will walk faculty through the tax implications of selecting a 9-pay-12 contract.

 

This Quick Reference Guide will show faculty members how to select their contracts in the employee portal.

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