NEW FRINGE BENEFIT RATES

The University of Akron will use fringe benefit pooled rates to 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
Full-Time Faculty  5000 32.2% of payroll
Part-Time Faculty 5030 16.4% of payroll
Summer Faculty 5040 16.4% of payroll
Full-Time Contract Professional 5100 37.1% of payroll
Part-Time Contract Professional 5150 16.4% of payroll
Full-Time Staff  5200 50.0% of payroll
Part-Time Staff 5220 34.2% of payroll
Graduate Assistant 5300 5.0% of payroll
Student Assistant 5400 5.0% of payroll

Effective from July 1, 2016 to June 30, 2017

Pool Description Pool Account  Fringe Benefit Rate
Full-Time Faculty  5000 33.7% of payroll
Part-Time Faculty 5030 16.8% of payroll
Summer Faculty 5040 16.8% of payroll
Full-Time Contract Professional 5100 40.1% of payroll
Part-Time Contract Professional 5150 16.8% of payroll
Full-Time Staff  5200 50.7% of payroll
Part-Time Staff 5220 39.6% of payroll
Graduate Assistant 5300 4.3% of payroll
Student Assistant 5400 4.3% of payroll