University of Colorado Boulder
|Totals||Faculty FT||Prof FT/Class Perm||Prof PT/Class Temp||Student Fac||Hourly|
|Health, Life and Dental Insurance||$7.70||$1.85||$5.01||($0.01)||$0.85||$0.00|
|Annuitants, Medicare ||$1.06||$0.18||$0.86||$0.01||$0.00||$0.01|
|Unemployment Compensation Claims||($0.04)||($0.02)||$0.01||($0.02)||$0.00||($0.01)|
|Workers' Compensation Insurance||($0.08)||($0.03)||($0.07)||$0.02||$0.00||$0.00|
Health, Dental, and Life Insurance (HLD) - The overall HLD category increased from FY12 (see HLD Charts at http://www.colorado.edu/pba/budget/misctopics/HLD.html). Health and Dental Insurance are both elective driven; basic Life Insurance is automatic. ForHealth Insurance, the employer contribution amount grew (see table 3 below), as did the health premium total, which increased between .21% and 10.85% (depending on plan and level of coverage). Dental Insurance premiums remained the same for Faculty and Professional employees and Classified Staff 50% or greater and increased slightly for Classified employees less than 50% appointment in the State Dental Plan; overall dental insurance costs increased 1.2%. Life Insurance premiums increased only for the Faculty/OEP category and overall life insurance expenditures increased 12.7%.
Retirement (FICA, ORP & PERA) – All retirement categories are salary driven, and FICA, ORP and PERA increased due to higher salary expense. The 2.5% shift in contribution from employer to employee in effect since July 2010 reverted back to the employer in Jan 2013, contributing to the 27% increase in PERA costs. FICAcosts are salary driven up to a dollar limit of $113,700 per employee for CY13; this amount increased from $110,100 the previous calendar year. Costs for Other Retirement Plans (ORP), covering faculty and professional employees, went up 5.0%. PERA expenses increased 27% from the FY12 amount.
Below, Table 2 --PERA Contributions starting in January 2006, SB04-257 required an increase in the employer contribution for PERA for Classified employees. The Amortization Equalization Disbursement (AED) was put in place to reduce PERA's unfunded liability, caused by previous State decisions to reduce the employer contribution, as well as the downturn in the economy. In January 2008, a new Supplemental AED (SAED) component increase was added.Table 2 -- PERA Contributions From CY2006 to CY2013
Annuitants, Term Leave, Medicare - This category increased 6.9%, 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 7.3% or $468,169. 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 10.1% from the previous fiscal year by an amount of $275,941. Medicare is salary driven with no limits and was a 5.0% increase or $315,013.
Disability Insurance - Overall disability insurance costs increased 3.7%, representing a cost increase of $41,356.
Unemployment Compensation Claims - This cost is driven by claims and decreased $33,150 (5.6%) from the previous fiscal year.
Workers' Compensation Insurance - This cost is the annual total for the premium paid by University Risk Management for all Boulder campus employees. This premium decreased $91,898 (2.5%) 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; the campus covers a fixed portion of the premium amount. This expense item accounts for nearly all of the Student Faculty fringe benefit costs. In FY13, the premium increased by $258/semester from $1,105/semester to $1,363/semester, and the campus covered $1,100/semester. Overall, graduate student faculty insurance increased 27.5%, or $848,689, from the previous year.Employer contribution comparison for health insurance
Table 3 - % Increase from previous fiscal years for health insurance and specifically identifies fiscal year comparison amounts by employee category and elective coverage.Table 3 -- % Increase in employer contribution for health insurance
(Medical, Dental, Life)
|FY12 employer |
|Faculty & Prof Exempt||total||% pfy||total||% pfy|
|Employee + Spouse/SGDP||$770.74||12.51%||$685.07||0.96%|
|Employee + Child(ren)||$770.74||12.51%||$685.07||0.96%|
|Classified staff - CU plans|
|Employee + Spouse/SGDP||$780.73||16.21%||$671.82||0.60%|
|Employee + Child(ren)||$753.73||6.12%||$710.24||0.60%|
|Classified Staff - State Plans|
|Employee + Spouse/SGDP||$778.47||16.30%||$669.35||0.81%|
|Employee + Child(ren)||$751.47||6.17%||$707.77||0.80%|
Last revision 03/18/14