2008-2009 12 Month Pay Option

All participants in the 12-month deferred payment plan must re-enroll for the 2008-2009 school year. Deferred Compensation occurs when eligible 10-month employees choose to have their wages paid over a 12-month period, causing them to defer part of their “earned” income from one calendar year to the next.

The IRS has specific guidelines and requirements that must be followed and adhered to if electing to participate in the Defer Pay Plan:

• Eligible employees must complete a written election form. (SEE FORMS SECTION OF BLOG)
• The election must be made before the first work day of the school year.
• The election is irrevocable; it cannot be cancelled during the school year.
• This election will remain in effect until a cancellation form is received for the subsequent school year.
• The accumulated deferred wages will be paid during the months of June, July and August depending on the school year calendar.