2007-08 Fringe Benefit Rates

To view Fringe Benefit Rates for fiscal year ending June 30, 2007, click here.

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

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.

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 $20.00 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.

Negotiation Decrease: 

The negotiation decrease was imposed by the Federal negotiator as the rate awarded is 1999 actual costs adjusted for the equalization factor for 1999. The effect is to delay the recovery of increased cost for two years. The increased costs were the result of the implementation of two new benefits and increases in rates in others.