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FY 2012 BENEFITS FOR RATE 1 EMPLOYEES
Please use the table
of attached rates to determine the correct benefit rate for all rate
1 employees (i.e., full-time faculty, and professional and administrative
staff at salary grade 55 or above). The table has been prepared in $5,000
increments and the rate associated with each increment is a composite
percentage. Included in the composite is the base charge on the first
$106,800 of income, blended with incremental charges for retirement contributions
through $225,000 of regular salary and a statutory rate of 1.45%. Please
note that the composite rate is charged (pro-rata) to all salary source
accounts.
Rates are assigned for each individual at the beginning of the fiscal year based on payrate for that year; (for School of Medicine & Dentistry, "payrate" will be equal to Authorized Salary (A); Guaranteed Salary (G) if there is no stated Authorized Salary; Targeted Net Income (T) if there is no (A) or (G)). The same rate will be used all year except in the unusual circumstance of mid-year change in payrate.
FY 2012 Faculty Benefits Cap RATE 1 (pdf)
