Staff Benefit Rates (August 2023 - January 2024)
|Retirement (TIAA, Fidelity, & State)||15.584%|
|Retirement (Federal & Thrift)*||17.011%|
|Insurance (Medical, Dental & Life)||19.266%|
|Long Term Disability||0.117%|
|Short Term Disability||0.092%|
Composite Rates for Various Employee Types
The intent is to encumber benefits at a rate of 44.008% of encumbered salary.
Rates will be adjusted every six months to ensure that an over or under allocation of staff benefit costs does not occur.
The employer portion of the ACA (Affordable Care Act) Eligible Medical Insurance is currently $1,291 per month.
The rates noted above represent the actual rates which will be used in computing the actual charges for each benefit category
in a given month.
Staff Rates Used for Contract/Grant Proposal Preparation
|ACA Eligible Medical - Insurance (per month)||$1,291||$1,356||$1,424||$1,495||$1,570|
Inflation Rate for use in calculating multi-year salaries and wages: 3% increase per year.
*Contract: Exception (salary and salaried payroll including federal employees)
**Payroll: (hourly wage)
***Students: Students attending at least 50% time (An employee is considered a student if he/she is registered for 6 credits in an undergraduate program or 3 credits in a graduate program)
Questions concerning the contract/grant proposal rates should be addressed to the Sponsored Programs Office.
If you have any questions concerning the staff benefit charges, please contact the accountant responsible for your account.