Salary and Benefits: Employee Benefit Rates - BC*

Procedures

All Fund Groups Table 1: Employee Benefit Rates for 2023-24**
Benefit & Object CodeRateCalculation
Group Insurance/Benefits 562522.82Based on the anticipated budget level for salaries of academic staff, professional staff, and clerical and service staff.
FICA 57606.55Based on the total salary and wages budgeted that are subject to FICA.
Retirement Exempt 577211.19Based on the total participants budgeted salaries.
(PERF) Retirement Non-Exempt 577311.06Based on the total participants budgeted salaries and those wages budgeted in PERF hourly, object code 3050.

Academic Faculty and Exempt Staff total benefit rate is 40.56%. Non-exempt staff total benefit rate is 40.56%.

*Budget Construction
**See “FY 2023-24 Employee Benefit Calculation Percentages” document.