2007-2008
This page is for budget planning purposes only. For information on benefits,
contact the Benefits
section of Human Resources or the
Division
of State Group Insurance. Actual rates used in payroll calculation
are maintained by the Payroll Office. The codes used below are BOR codes.
Workers' Comp/Unemployment
Costs for Workers' Compensation and Unemployment Insurance are assessed
differently in each Budget Entity:
E&G:
These costs are handled centrally from overall salary surplus.
Auxiliaries:
The Auxiliary Service Board addresses Workers' Comp costs when the
University is billed. Unemployment Insurance is addressed by Auxiliary
Overhead assessments.
C&G:
An assessment of 0.30% is made on both salaried and OPS C&G appointments
to cover these costs.
Retirement and FICA
Rates effective July 1, 2007, unchanged from those in effect for the
2006-2007 plan year.
Employer
contribution rates for all plans are available at the Florida
Division of Retirement website. Rates subject to the Governor's
approval.
| Retirement Plan |
Code |
Retirement Rate |
FICA Rate |
| Regular Florida Retirement System (FRS) |
HA/PA |
9.85% |
7.65% |
| FRS for re-employeed Retirees |
RA/QA |
9.85% |
7.65% |
| FRS for employees on F-1 or J-1 visa |
HD |
9.85% |
0.00% |
| Special Risk |
HB |
20.92% |
7.65% |
| SUS Optional Retirement Program (ORP) |
OP |
10.43% |
7.65% |
| ORP for employees on F-1 or J-1 visa |
ON |
10.43% |
0.00% |
| DROP from FRS |
DP |
10.91% |
7.65% |
| DROP from TRS |
DT |
10.91% |
0.00% |
| FRS for Senior Management Service |
HM |
13.12% |
7.65% |
| ORP for Senior Management Service |
OM |
12.49% |
7.65% |
| Teachers Retirement (TRS) Plan A |
IA |
Individual |
0.00% |
| Teachers Retirement (TRS) Plan E |
IE |
11.35% |
0.00% |
| SCOERS Division B |
AF |
9.10% |
7.65% |
| Non-Student/Non-UWF Student OPS |
ZZ |
0.00% |
7.65% |
| Exempt Student OPS |
ZX |
0.00% |
0.00% |
| OPS Exempt from OASDI |
ZM |
0.00% |
1.45% |
FICA consists of 6.20% OASDI and 1.45% Hospital Insurance (Medicare).
There is no cap for Medicare, but the maximum salary on which OASDI
will be charged, as of January 1, 2007, is $97,500. (This is effective
through December 31, 2007, and is the amount that will be used in benefits
calculation in the Operating Budget.)
The OASDI cap changes each year effective January 1 based on the "contribution
and benefit base" calculated each year by SSA (usually in October).
For more information see the "OASDI Contribution and Benefit Base"
page at the Social Security Administration.
Health Insurance
Health insurance premiums are flat rates depending on plan. For employees
appointed at less than 67% personyear the University only pays the premium
times personyear. If an employee is appointed at 67% personyear or more,
then the University is responsible for budgeting the 100% premium. For
executive service the employer pays the total premium, including what
is normally the employee's portion. Note: the biweekly amount is for
24 pay periods, regardless of months appointed.
The employer rates for state health insurance are increasing as of
July 1, 2008. Shown here are the employer amounts that will be in effect
during FY 2007-2008.
|
Regular Class |
|
|
Effective 05/01/2007 |
Effective 07/01/2008 |
Cost for FY
2007-08* |
|
Coverage |
Code |
Annual |
Biweekly |
Annual |
Biweekly |
| Individual |
01 |
$4,534 |
$188.93 |
$4,791 |
$199.63 |
$4,556 |
| Spouse (insured) |
22 |
$5,806 |
$241.90 |
$6,096 |
$254.00 |
$5,830 |
| Spouse (dependent) |
89 |
$5,806 |
$241.90 |
$6,096 |
$254.00 |
$5,830 |
| Family |
02 |
$9,451 |
$393.80 |
$10,032 |
$417.99 |
$9,500 |
| Individual/Family Average (for TBAs) |
|
$6,993 |
$291.37 |
$7,411 |
$308.81 |
$7,028 |
|
Executive Service |
|
|
Effective 05/01/2007 |
Effective 07/01/2008 |
Cost for FY
2007-08* |
|
Coverage |
Code |
Annual |
Biweekly |
Annual |
Biweekly |
| Individual |
01 |
$5,134 |
$213.93 |
$5,391 |
$224.63 |
$5,156 |
| Spouse (insured) |
22 |
$5,806 |
$241.90 |
$6,096 |
$254.00 |
$5,830 |
| Spouse (dependent) |
89 |
$5,806 |
$241.90 |
$6,096 |
$254.00 |
$5,830 |
| Family |
02 |
$11,611 |
$483.80 |
$12,192 |
$507.99 |
$11,660 |
| Individual/Family Average (for TBAs) |
|
$8,373 |
$348.87 |
$8,791 |
$366.31 |
$8,408 |
*Annual Cost for Fiscal Year 2007-2008 includes eleven months (22 biweeklies)
at the 05/01/2007 rate and one month (2 biweeklies) at the 07/01/2008
rate.
Life Insurance
Current rates through December 31, 2007:
- Approximate annual cost for most employees is:
annual salary * 0.0022374
- Approximate annual cost for Executive Service is:
annual salary * 0.0037848
- Annual cost for Executive Service disability coverage is:
annual salary * 0.00525
Rates effective January 1, 2008:
- Approximate annual cost for most employees is:
annual salary * 0.0031104
- Approximate annual cost for Executive Service is:
annual salary * 0.0051840
- Annual cost for Executive Service disability coverage is:
annual salary * 0.00525
|