The University of Akron will be using fringe benefit pooled rates beginning in fiscal year 2014 (7/1/13), rather than the actual rates that have been used previously for grants and internal allocations. These pooled rates will simplify the process of allocating and budgeting fringe benefits, as well as providing consistency across the campus. The new fringe benefit rate includes Life Insurance, Fee Remission (Employee Only), Medical, Medicare, Retirement, SERS Surcharge, Unemployment, Vacation/Sick Leave Payoffs & Worker's Compensation. The new fringe benefit rate does not include expenses for Parking Permit and Dependent Fee Remission.
|Pool Description||Pool Account||Fringe Benefit Rate|
|Faculty (FT, PT & Summer)||5000||26.70% of payroll|
|Contract Professional (FT & PT)||5100||31.78% of payroll|
|Staff (FT & PT)||5200||41.20% of payroll|
|Graduate Assistant||5300||2.00% of payroll|
|Student Assistant||5400||5.45% of payroll|
Package includes Health Insurance, Fee Remission, Parking, Retirement, Medicare & Worker's Compensation.
To calculate the total cost of fringe benefits for a full-time employee multiply their annual salary by 17% and add $12,000 to get the total fringe benefits cost for the fiscal year.
The 17% includes Retirement, Medicare and Worker's Compensation. The base amount of $12,000 is an average cost that includes the University's share of Group Insurance, Parking and Fee Remissions.
Package includes Retirement, Medicare & Workers Compensation.
To calculate the total cost of fringe benefits for a part-time employee multiply their annual salary by 17%.
Graduate Assistant - Limited to Fee Remission, Parking & Workers Compensation.
Student Assistant - Limited to Retirement(optional) & Workers Compensation.