Retirement and FICA
Rates effective July 1, 2007, unchanged from those in effect for the 2006-07 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 | 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, 2008, is $102,000. (This is effective through December 31, 2008, 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 July 1, 2008. Shown here are the employer amounts that will be in effect during FY 2007-08.
| Regular Class | ||||||
|---|---|---|---|---|---|---|
| Effective 05/01/2007 | Effective 07/01/2008 | Cost for FY 2007-08* | ||||
| Coverage | Code | Annual | Biweekly | Annual | Biweekly | |
| Individual | 01 | $4,534 | $188.93 | $4,791 | $199.63 | $4,556 |
| Spouse (insured) | 22 | $5,806 | $241.90 | $6,096 | $254.00 | $5,830 |
| Spouse (dependent) | 89 | $5,806 | $241.90 | $6,096 | $254.00 | $5,830 |
| Family | 02 | $9,451 | $393.80 | $10,032 | $417.99 | $9,500 |
| Individual/Family Average (for TBAs) | $6,993 | $291.37 | $7,411 | $308.81 | $7,028 | |
| Executive Service | ||||||
|---|---|---|---|---|---|---|
| Effective 05/01/2007 | Effective 07/01/2008 | Cost for FY 2007-08* | ||||
| Coverage | Code | Annual | Biweekly | Annual | Biweekly | |
| Individual | 01 | $5,134 | $213.93 | $5,391 | $224.63 | $5,156 |
| Spouse (insured) | 22 | $5,806 | $241.90 | $6,096 | $254.00 | $5,830 |
| Spouse (dependent) | 89 | $5,806 | $241.90 | $6,096 | $254.00 | $5,830 |
| Family | 02 | $11,611 | $483.80 | $12,192 | $507.99 | $11,660 |
| Individual/Family Average (for TBAs) | $8,373 | $348.87 | $8,791 | $366.31 | $8,408 | |
*Annual Cost for Fiscal Year 2007-2008 includes eleven months (22 biweeklies) at the 05/01/2007 rate and one month (2 biweeklies) at the 07/01/2008 rate.
Life Insurance
Current rates through December 31, 2007:
- Approximate annual cost for most employees is: annual salary * 0.0022374
- Approximate annual cost for Executive Service is: annual salary * 0.0037848
- Annual cost for Executive Service disability coverage is: annual salary * 0.00525
Rates effective January 1, 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