ࡱ > 2 5 1 bjbjT~T~ 4 6 6 ) ^ ^ 8 M f U @ x x x X x x x x NH \ X x 0 M x x x d x x M ^ g : CABELL COUNTY BOARD OF EDUCATION
EMPLOYEE PAY ANNUALIZATION ELECTION
Pursuant to the provisions of West Virginia 18A-4-9, county boards shall determine the number of pays to be made during a school year to the various classes of employees, and may defer a portion of the annual salary to be paid to the personnel employed less than 12 months per year and pay their salary over the full year. The Internal Revenue Service (IRS) calls this practice annualized compensation.
Due to new regulations passed by the IRS, employees who receive annualized compensation must make a written election to do so; the written election must be made BEFORE the first day of the school year or work period of the school year; the election may not be revoked during a school year except for extremely limited circumstances permitted by the IRS; and the written election shall stay in effect for all future years unless revoked or changed by the employee, and such revocation or change must be made BEFORE the first day of the school year to which it applies. Because of a potential tax penalty, employees who do not make a written election to receive annualized compensation by the first employment day of the work period will NOT have their pay deferred or annualized. Those employees will receive their annual salary divided over the number of paychecks determined by their employment term.
The IRS regulations provide that, once an employee has made an election before the beginning of the school year, the election may NOT be revoked, although some relief may be allowable in extremely limited situations specified by the IRS in its regulations and guidance. (Note: exceptions must also be authorized by the county board in a written plan or policy.)
Please initial your election below, sign where requested, provide the required information, and return the completed form to the payroll office PRIOR to your first day of employment for the school year:
12 MONTH PAY
_____ I elect annualized compensation to be paid in pro-rata amounts over 24 checks. I understand that I may NOT revoke this election during the course of any school year, although under extremely limited circumstances some payment distribution relief may be permitted by the IRS. I understand that this election will remain in effect unless revoked prior to the beginning of the school year to which the election pertains. I also understand that payroll deductions for taxes and benefits, including PEIA insurance and retirement, will be withheld on a regular basis.
10 MONTH PAY
_____ I do not elect annualized compensation. I understand that payroll deductions for benefits, including PEIA insurance and retirement for the full year will be withheld on a regular basis.
Employee Signature ______________________________________
Employees Printed Name ______________________________________
Employees ID Number ______________________________________
Date Signed ______________________________________
IRS Section 409A Election Form
2145059.1
Revised 8/13/09
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