99-3  Obsolete

Retirement and Fringe Benefit Rates
April 9, 1999

This Important Notice announces retirement and fringe benefit rates effective July 1, 1999. Please begin using them immediately on all proposals submitted. As indicated in Important Notice 94-7, benefits are pooled and all persons are charged based on object codes and not on benefit entitlement. A significant change this year is that a single retirement rate will apply to all academic and exempt employees. Additionally, non-student hourly personnel employed more than 1000 hours annually are now covered by the PERF retirement plan. 

Retirement and Fringe Benefits Effective July 1, 1999

 

Group

Retirement

FICA

Other Fringe Benefits

Fee

Remissions

Total

Description

A

19.54%

7.00%

8.48%

 

35.02%

All academic (object codes 2000, 2001) and exempt professional appointees (object codes 2400, 2401)

B

 

7.00%

8.48%

 

15.48%

Summer salary for 10 month appointees (object code 2010)

C

8.70%

7.00%

8.48%

 

24.18%

Biweekly appointees (object code 2500)

D

8.70%

7.00%

   

15.70%

Hourly non-student appointees in positions requiring more than 1000 annual hours of work (object code 3050)

E

 

7.00%

   

7.00%

Hourly non-student appointees in positions with less than 1000 annual hours of work (object codes 3000, 3100, 3200)

F

 

7.00%

   

7.00%

Supplemental payments for those doing internal consulting (object codes 4580, 4587)

G

   

(1) TBA *

(2)

  Qualified graduate student employees (those appointed at 37.5% or more for at least one full semester, and taking at least 6 credit hours)

H

   

(3) TBA *

    Qualified fellowship recipients (those with a stipend of $2,476 or more per semester)

 

* To be announced. The student academic appointee and fellowship health insurance amounts for 1999-00 have not been finalized. As a temporary guide, the 1998-99 rates are printed as follows:

  1. Health insurance for Student Academic Appointees is a flat fee of $435 (85% institutional share) per year ($165 for the first semester and $270 for the second 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 no more than 12 hours in any semester or combined summer sessions) to all graduate student employees who are involved in research or teaching activities and are appointed at least 50% FTE.
  3. Health insurance for Fellowship Recipients is a flat fee of $420 (85% institutional share) per year ($159 for the first semester and $261 for the second semester and nothing for summer only).