UPDATE ON PREVIOUS NOTICE 94 - 2
This Important Notice is to further clarify Notice #94-2, dated May 13, 1994, listing retirement and benefit rates effective July 1, 94. Benefits are pooled for ALL persons across the University, based upon benefit type. This means that even for persons who do not receive benefits (such as those persons appointed at less than 100%), a charge will be made to the account based upon the standard pooled rates, as defined below.
Retirement and Fringe Benefits Effective July 1, 1994
Retirement FICA Other Fringe Fee Total Benefits Remissions ---------- ---- ------------ ---------- ------ 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 7.36% 7.36% Group G $390.(1) (2)Group A - All academic persons and all professional persons classification 16 and above that are eligible for early retirement (object codes 2001, 2401).
(1) Health insurance is a flat fee of $390 per year (half 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 employee who are involved in research or teaching activities and are appointed at least 50% FTE.