Benefit Calculations
The table below explains how calculations for benefits are figured.
| Benefit | Calculation | Additional Information |
|---|---|---|
| Adjusted Rate | 1. Apply 'Merit Percentage to 'Current Rate' and round to 2 decimal places 2. Apply 'Additional Percentage to 'Adjusted Rate' and round to 2 decimal places 3. Apply 'Promotion Percentage to 'Adjusted Rate' and round to 2 decimal places 4. Apply 'Percent Effort' to 'Adjusted Rate' | Compounded like it is done in Workday |
| Benefit Earnings | Apply 'Adjusted Rate' to Annual Work Period | Hourly workers - Earnings are determined by the actual number of working days in the Annual Work Period Monthly workers- Earnings are determined by the number of full months in the Annual Work Period and then summed with any partial months determined by “Days to Pay / Total Working Days in Month” |
| Longevity Earning | $20 / month for each 24 months of lifetime service credit with a max of $420 | |
| Benefits Earnings with Longevity Earnings | Sum of 'Benefits Earnings' and 'Longevity Earnings' | |
| Pre Tax Earnings | 'Benefits Earnings With Longevity' minus 'Employee Benefits Contributions' | |
| Retirement Amount | 'Retirement Rate' * 'Benefits Earnings With Longevity' | |
| Unemployment Compensation Insurance (UCI Amount) | Member specific UCI Rate * 'Benefits Earnings With Longevity' | |
| Worker Compensation Insurance (WCI Amount) | Member specific WCI Rate * 'Benefits Earnings With Longevity' | |
| Group Insurance Premiums (GIP Amount) | Employee GIP Rate * Annual Budgeted Salary | Vacant positions are calculated at Employee-Family Full Time Rate An Employee must be identified as Benefits Eligible for GIP to be calculated Employee % effort is greater than or equal to 75 - Full Time rate is used Employee % effort is between 50 and 75 - Part Time rate is used Employee % effort is less than 50 -GIP is not calculated |
| Old Age and Survivors Insurance (OASI Amount) | Rate * Lessor of 'Pre Tax Earnings' or OASI Rate Cap | The Rate used is an estimated rate supplied by the Budget Officers. The Federal Rate is on a calendar year and the budget is on a fiscal year that spans the calendar year. The Estimated Rate is the current Federal Rate with an estimate for the up-coming calendar year rate added to it. |
| Old Age Health Insurance (OAHI Amount) | Rate * 'Pre Tax Earnings' | |
| Accrued Compensable Absences Payable (ACAP Tax Amount) | Member specific Leave Rate * 'Benefits Earnings' |