FY17-18 Fringe Benefit Rates

 

Sponsored and Non-Sponsored Rates Table

  FACULTY & CLASSIFIED
(Full-Time)
HOURLY
(Part-Time)
Retirement 11.11%  
FICA 6.75% 7.86%
Group Life 1.30%  
Health Insurance 15.81%  
Health Insurance Credit 1.11%  
Unemployment 0.02% 0.02%
Workers Compensation 0.32% 0.32%
Long-Term Disability 0.16%  
VRS Long-Term Disability 0.28%  
Faculty-Staff Tuition Waivers 0.44%  
 Short-Term Disability 0.03%  
 Leave balances upon Seperation 0.48%  
Benefits Consultant 0.00%  
Cash Match Plan 0.39%  
Equalization 0.00%  
Total 38.20% 8.20%

 

 

Fringe Benefit Rate by Banner Employee Class Code Table

The fringe benefit rate charged is dependent upon the Banner employee class code

E Class CodeE Class Short DescriptionE Class Long DescriptionFringe Benefit RateBanner Account
A1 AFac Admin Faculty mo FTE 38.20 510180
A2 AFac 9/10 Admin Faculty 9/10 mo FTE 38.20 510180
A3 AFac P Admin Faculty mo PT 50>74 E 8.20 510181
A4 AFac 910P Admin Faculty 9/10 PT 50<74 E 8.20 510181
A5 AFac Q Admin Faculty >75 E 38.20 510180
A6 AFac 910Q Admin Faculty 9/10 MO>75E 38.20 510180
AF Affliat Affliates 0.00  
AJ Adjunct Adjunct Faculty E 8.20 511181
C1 Class NE Classified FT NE 38.20 520182
C2 Classifi Classified FT E 38.20 520182
C3 ClassQNE Classified > than 75 NE 38.20 520182
C4 ClassQE Classified > than 75 E 38.20 520182
C5 ClassPNE Classified 50-74 NE 8.20 520183
C6 Class PE Classified 50 < than 74 E 8.20 520183
EX SalOthE Exempt Salaried-Other 8.20 539183
F1 Fac Teaching Research Fac FT E 38.20 511180
F2 Fac 9/10 Teaching Research Fac 9/10 FT E 38.20 511180
F3 Fac P Teaching ReschFac 50<74 PT E 8.20 511181
F4 Fac 9/10P TR Faculty 9/10 PT E 50<74 8.20 511181
F5 Fac Q Teaching Research Fac >75 E 38.20 511180
F6 Fac 910Q Teaching Research 9/10 MO>75 E 38.20 511180
G9 GrAsst9 Graduate Assistant 9 MO E 0.00  
GA GrAsst Graduate Assistant E 0.00  
H1 Hourly Hourly NE 8.20 539183
LE Police Law Enforcement Officers NE 38.20 522182
M1 MFac Clin MD Faculty FT E 38.20 513180
M2 Clin Fac Clin MD Faculty 9/10 FT E 38.20 513180
M3 CFac P Clin MD Faculty 50-74 PT E 8.20 513181
M4 CFac 910P Clin MD Fac 9/10 50-74 PT E 8.20 513181
M5 CFac Clin MD Faculty >75 QFT E 38.20 513180
M6 CFac 910Q Clin MD Fac 9/10 MO >75 E 38.20 513180
O1 OFac Clin Other Faculty mo FT E 38.20 514180
O2 CFac 9 Clin Other Faculty 9/10 mo FT E 38.20 514180
O3 OFac P Clin Other Faculty PT E50-74 8.20 514181
O4 OFac 910P Clin Other Faculty 9/10 PT 50>74 E 8.20 514181
O5 OFac Clin Other Faculty >75 QFT E 38.20 514180
O6 OFac 910Q Clin Other Faculty 9/10 MO >75 E 38.20 514180
P1 PFac Prof Faculty mo FT E 38.20 512180
P2 PFac 9 Prof Faculty 9/10 mo FT E 38.20 512180
P3 PFac P Prof Faculty mo 50-74 PT E 8.20 512181
P4 PFac 910P Prof Faculty 9/10 PT 50<74 E 8.20 512181
P5 PFac Prof Faculty mo 75 E 38.20 512180
P6 PFac 910Q Prof Faculty 9/10 mo >75 E 38.20 512180
PD PostDoc Post Doc E 8.20 539183
PS Pres President 38.20 500180
QH Q-Hourly VCUQ Hourly Local Hire 0.00  
QS Q-Salary VCUQ Salaried Local Hire 0.00  
SW Students Student Workers NE 0.00  
VQ VCU Q Qatar Faculty 26.56 511180
WS Study Work Study NE 0.00  

Each year's rates are effective with salaries and wages paid on or after July 1 and should be used when preparing budgets to which fringe benefits are charged.

Wages paid from the following Banner Expenditure accounts are exempt from having fringe cost charged to them:

Banner Expenditure AccountAccount Description
533110 Wages and Taxable Fellowships
534110 Wages--Work Study Students
535110 Housestaff

Fringe benefits on salaries paid by the Medical College of Virginia Hospitals are as billed by the Hospital (Housestaff and CRC)


 

Retirement:

Retirement contributions for employees in the VRS system and for those in other retirement plans.

FICA: 

Composed of social security insurance (OASI) and Medicare. Certain benefits such as life insurance premiums over $50,000 and pretax items, such as flex benefits and annuities, are added to or deducted from gross salaries to compute Medicare gross.

Group Insurance: 

Basic life insurance provides life insurance and accidental death and dismemberment insurance. The specific benefits are: group life insurance without a medical examination, natural death benefits, double indemnity for accidental death, dismemberment payments for accidental loss of one or more limbs or eyesight, accelerated death benefit for a terminal condition.

Health Insurance: 

This benefit is provided for employees with health plans in the HRS system that were not waived, exempt, ineligible or second employee of a two-employee family.

Health Insurance Credit: 

Used to offset retirement cost of health insurance for current and future Virginia Retirement System retirees.

Unemployment Compensation: 

Represents benefits paid to an employee as a result of his/her separation from the University when determined by the Virginia Employment Commission to be eligible to receive this compensation.

Workers Compensation:

Contribution to the Commonwealth of Virginia's self insurance program for employees who incur an injury/illness arising out of and in the course of official work-related duties.

Long-Term Disability Insurance: 

Provides those employees who are enrolled in other retirement plans, disability income replacement if they are unable to work for a long period of time due to an illness or injury.

VRS Long-Term Disability: 

For those employees enrolled in the Virginia Sickness and Disability Program. It provides income replacement if unable to work for a long period of time due to an illness or injury. It usually begins at the conclusion of the 180 calendar days of short term disability benefits.

Tuition Waivers: 

Tuition cost associated with the providing of training and professional development opportunities for eligible employees through courses for academic credit at VCU.

Fee Waivers: 

Student activity fees, health fees, government fees, and the University fees related to any tuition waived for eligible employees.

Background Checks: 

Cost to perform background checks for any criminal history on new employees.

Benefits Consultant: 

Fees paid to consultants to assist in the compliance of the various benefit plans with applicable laws and regulations.

Cash Match Plan: 

A plan in which the University provides a 50% match of up to a maximum of $10.00 per pay period to all eligible employees participating in the Tax-Deferred Annuity Program.

Equalization: 

The equalization factor compensates for under (over) recoveries in the year ending one year before the year.