Retirement & Fringe Benefits Rates for Effective July 1, 1994
May 13, 1994
Retirement and Fringe Benefits Effective July 1, 1994
There have been two changes in the way retirement and employee benefits are calculated effective July 1, 1994.
- Retirement has been divided into 3 pools. One pool will include all faculty who are in positions eligible for TIAA-CREF and professional positions classification 16 and above. A second pool will include all other monthly paid employees either in positions eligible for the TIAA-CREF (11.25% plan) or PERF. The third pool will include all biweekly paid personnel in positions eligible for PERF.
- FICA will be charged at an average rate of 7.36% on the entire salary rather than stopping at the FICA base.
Retirement FICA Benefits Remissions Total
Group A 19.37 7.36 9.06 35.79
Group B 7.36 9.06 16.42
Group C 10.85 7.36 9.06 27.27
Group D 9.20 7.36 9.06 25.62
Group E 7.36 7.36
Group F 10.85 7.36 18.21
Group G $390. (1) (2)
- Group A
- All faculty in positions eligible for TIAA-CREF and professional positions classification 16 and above. (Object codes 2001, 2401)
- Group B
- Summer salary for 10 month persons in Group A. (Object code 2010)
- Group C
- Monthly paid employees in positions eligible for the 11.25% TIAA-CREF or PERF plans. (Object codes 2000, 2400)
- Group D
- Biweekly paid employees in positions eligible for PERF. (Object code 2500)
- Group E
- Hourly non-student personnel and persons in Group A who do internal consulting. (Object codes 3000, 3100, 3200, 4587)
- Group F
- Persons in Group C who do internal consulting. (Object code 4580)
- Group G
- Qualified graduate student employees.
1. Health insurance is a flat fee of $390 per year (half of that amount for one semester and nothing for summer only). It should be placed in the employee benefit category of the budget and included in the base for calculating indirect cost.
2. The amount of fee remission to be budgeted is being left to individual schools. The maximum amount that can be charged to a sponsored project will be total fees (including out of state fees if applicable) less the dedicated fee. The school will be obligated to give a full fee remission (30 hours per 12 month period beginning with the start of the fall semester with at most 12 hours in any semester or combined summer session) to all graduate student employees who are involved in research or teaching activities and are appointed at least 50% FTE.