Estimating Fringe Benefits 2008-09

05/26/2009 12:38 pm

Retirement and FICA

Rates effective July 1, 2008, unchanged from those in effect for the 2007-08 plan year. 
Employer contribution rates for all plans including those not in use at FSU 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/OS 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-FSU Student OPS ZZ 0.00% 7.65%
FSU 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, 2009, is $106,800. (This is effective through December 31, 2009, 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 June 1, 2009. Shown here are the employer amounts that will be in effect during FY 2008-09.

Regular Class
  Effective 07/01/2008 Effective 06/01/2009 Cost for FY 
2008-09*
Coverage Code Annual Biweekly Annual Biweekly
Individual 01 $4,791 $199.63 $5,384 $224.34 $4,890
Spouse (insured) 22 $6,096 $254.00 $6,767 $281.94 $6,208
Spouse (dependent) 89 $6,096 $254.00 $6,767 $281.94 $6,208
Family 02 $10,032 $417.99 $11,373 $473.87 $10,255
Individual/Family Average (for TBAs)   $7,411 $308.81 $8,379 $349.11 $7,573
Executive Service
  Effective 07/01/2008 Effective 06/01/2009 Cost for FY 
2008-09*
Coverage Code Annual Biweekly Annual Biweekly
Individual 01 $5,391 $224.63 $5,984 $249.34 $5,490
Spouse (insured) 22 $6,096 $254.00 $6,767 $281.94 $6,208
Spouse (dependent) 89 $6,096 $254.00 $6,767 $281.94 $6,208
Family 02 $12,192 $507.99 $13,533 $563.87 $12,415
Individual/Family Average (for TBAs)   $8,791 $366.31 $9,759 $406.61 $8,953

*Annual Cost for Fiscal Year 2008-2009 includes ten months (20 biweeklies) at the 07/01/2008 rate and two months (4 biweeklies) at the 06/01/2009 rate.

 

Life Insurance

Current rates through December 31, 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

Rates effective January 1, 2009:

No significant changes as of yet.