University of Colorado Boulder
Total fringe benefit expenses
Total salary expenses
Fringe benefit expense categories
Below, Table 1 -- Actual $ changes in Fringe Benefit expenses from FY09 to FY10 identifies significant dollar changes for benefit categories by employment class. Many of the benefit categories are tied directly to salary and result in commensurate increases when salary increases. Table 1 -- Actual $ changes (in millions) from FY09 to FY10
Health, Dental, and Life Insurance (HLD) - The overall HLD category increased from the previous fiscal year. Health and Dental Insurance are both elective driven; Life Insurance is automatic. For health insurance, the employer contribution amount grew (see table 2 below), as did the overall premium total, which increased between 4.95% and 14.83% (depending on plan and level of coverage). Dental insurance premiums remained the same for Faculty and Professional employees, and increased slightly for Classified employees; overall dental insurance costs increased very slightly. Life insurance premiums remained the same for Faculty and Professional employees and increased slightly for Classified employees, and overall life insurance expenditures decreased slightly.
Retirement (FICA, ORP & PERA) - All retirement categories are salary driven and increased due to higher salary expense. The overall category went up 6.1%, with PERA increasing the greatest amount. FICA costs are salary driven up to a dollar limit of $106,800 per employee for FY10; this amount is the same as it was the previous fiscal year. Costs for Other Retirement Plans (ORP), covering faculty and professional employees, went up 5.3%. PERA expenses increased 8.0% above the FY09 amount.
Annuitants, Term Leave, Medicare - This category total had a modest increase, spread among the three components. Annuitants includes health, life, and dental insurance for retired faculty and staff. It is elective driven and saw an increase of 17.0% or $782,842. Term Leave includes expenses associated with leave payouts for employees who separate from the University. The amounts can vary from year to year based on retirements and other separations. Term Leave increased 16.3% from the previous fiscal year by an amount of $300,526. Medicare is salary driven with no limits and was a 5.2% increase or $290,192.
Disability Insurance - Overall disability insurance costs increased 12.4%, representing a cost increase of $110,561.
Unemployment Compensation Claims - This cost is driven by claims and increased $347,564 (14.0%) from the previous fiscal year.
Workers' Compensation Insurance - This cost is the annual total for the premium paid by Risk Management for all Boulder campus employees This premium increased 9.3% from the previous fiscal year.
Graduate Student Health Insurance - This is health insurance for graduate students on academic appointment and the cost is elective driven; 70% of the premium cost is covered by the campus. This expense item accounts for nearly all of the Student Faculty fringe benefit costs. In FY10, the premium increased by $192.50/semester from $860/semester to $1,052.50/semester. Overall, graduate student faculty insurance increased 24.3%, or $518,868, from the previous year.Employer contribution comparison for health insurance
Table 2 - % Increase from previous fiscal years for health insurance and specifically identifies fiscal year comparison amounts by employee category and elective coverage.Table 2 -- % Increase in employer contribution for health insurance
from previous fiscal year (pfy)
Last revision 08/16/13
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