Fringe Benefit Rates FY2005
for budgeting purposes
applicable to sponsored agreements for FY2005
Beginning July 2000, the State does not have to pay social security and Medicare for students who meet certain criteria. Please click HERE for those criteria. For the purposes of fringe benefit budgeting, students that meet the criteria will be called FICA Exempt Students. For students that do not meet the criteria, choose the employee category that applies to them.
FY2004 FRINGE BENEFIT RATES FOR BUDGETING PURPOSES
| Employees Eligible for all Fringe Benefits |
15.5% of direct salaries & wages
plus A fixed monthly dollar amount for group insurance |
| Employees Not Eligible for Group Insurance
& Retirement |
8.25% of direct salaries and wages |
| FICA Exempt Students Eligible for Group
Insurance But Not Eligible for Retirement |
.60% of direct salaries and wages
plus A fixed monthly dollar amount for group insurance |
| FICA Exempt Students Not Eligible for Group
Insurance & Retirement |
.60% of direct salaries and wages |
FY2004 FIXED MONTHLY DOLLAR AMOUNT FOR GROUP (MEDICAL AND BASIC LIFE) INSURANCE
| Classification of Employee | Fixed Monthly Insurance Amount |
| Faculty & Staff - Full Time (100%) | $383 |
| Faculty & Staff - Part Time (50% - 99.99%) |
$177 |
| Insurance Eligible Student | $164 |
| Combined (all employees) [a] | $329 |
[a] If you know the classification of the employee who will be working on the sponsored agreement, you may use the above figure that applies to them. Otherwise, use the combined amount ($329).
Below are two tables, for informational purposes only. The first is a breakdown of the fringe benefit percentages. The second details what the State contributes monthly towards group (medical and basic life) insurance premiums for group insurance eligible employees.
| Description | TRS Eligible Employees [b] |
ORP Eligible Employees [c] |
Employees Not Eligible for a Retirement Plan |
FICA Exempt Students |
|---|---|---|---|---|
| Social Security on first $87,000 (employer portion) [d] |
6.20% | 6.20% | 6.20% | NONE |
| Medicare | 1.45% | 1.45% | 1.45% | NONE |
| Workman's Comp. Ins. [f] | .50% | .50% | .50% | .50% |
| Unemployment Comp. Ins. [g] | .10% | .10% | .10% | .10% |
| Retirement Plan | 6.00% | 8.50% [e] | NONE | NONE |
| Longevity Pay (based on years of service) |
||||
| Total | 14.25% | 16.75% | 8.25% | .60% |
| Fringe Benefit Rate for
Budgeting Purposes |
15.5% | 15.5% | 8.25% | .60% |
[b] Teacher
Retirement System.
[c] Optional Retirement Program.
[d] $87,000 was effective 1/1/2003. Social Security
is subject to change as determined by federal law.
[e] If employee began partication in ORP after 9-1-95,
the state contribution is only 6.00%. Based on SB264, a Member may
make a supplemental contribution from any source of funds in an amount not
to exceed 2.5% for employees who began participating in the ORP after August
31, 1995.
[f] WCI Member assessments range from .35% to .50% based
on previous claim experience. To see the assessments for each Member,
go to /offices/budgets/budget/budget.html.
[g] Members are to determine an appropriate rate depending upon circumstances within the specific institution/agency/health science center (.10% is an estimate only).
TCE exception:
If the employee has a civil service appointment and is
in TRS (or ORP after 9-1-95), the rate is 14.95%.
If the employee has a civil service appointment and was
enrolled in ORP before 9-1-95, the rate is 17.45%.
MONTHLY STATE CONTRIBUTIONS TO GROUP INSURANCE PREMIUMS
| Full Time (100%) |
Part Time (50% - 99.99%) |
|
|---|---|---|
| Employee Only | $291.20 | $145.60 |
| Employee & Child(ren) | $373.54 | $211.47 |
| Employee & Spouse | $422.93 | $186.77 |
| Employee & Family | $488.80 | $244.40 |
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Last updated 7/14/03