Benefit Calculations
Adjusted Rate
| Calculation | Additional Information |
|---|---|
| 1. Apply "Merit Percentage" to "Current Rate" and round to 2 decimal places. | Compounded the same as in Workday |
| 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". |
Benefit Earning
| Calculation | Additional Information | |
|---|---|---|
| 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 Earnings
| Calculation | Additional Information |
|---|---|
| $20 / month for each 24 months of lifetime service credit with a maximum of $420 |
Benefits Earnings with Longevity Earnings
| Calculation | Additional Information |
|---|---|
| Sum of "Benefits Earnings" and "Longevity Earnings" |
Pre-Tax Earnings
| Calculation | Additional Information |
|---|---|
| "Benefits Earnings With Longevity" minus "Employee Benefits Contributions" |
Retirement Amount
| Calculation | Additional Information |
|---|---|
| "Retirement Rate" * "Benefits Earnings With Longevity" |
Unemployment Compensation Insurance (UCI Amount)
| Calculation | Additional Information |
|---|---|
| Member-specific UCI Rate * "Benefits Earnings With Longevity" |
Worker Compensation Insurance (WCI Amount)
| Calculation | Additional Information |
|---|---|
| Member-specific WCI Rate * "Benefits Earnings With Longevity" |
Group Insurance Premiums (GIP Amount)
| Calculation | Additional Information |
|---|---|
| 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. | |
| If Employee % effort is greater than or equal to 75, the Full Time rate is used. | |
| If Employee % effort is between 50 and 75, the Part Time rate is used. | |
| If Employee % effort is less than 50, GIP is not calculated. |
Old Age and Survivors Insurance (OASI Amount)
| Calculation | Additional Information |
|---|---|
| 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 based on a calendar year, and the budget is based on a fiscal year that spans the calendar year. | |
| The Estimated Rate is the current Federal Rate with an estimate for the upcoming calendar year rate added to it. |
Old Age Health Insurance (OAHI Amount)
| Calculation | Additional Information |
|---|---|
| Rate * "Pre Tax Earnings" |
Accrued Compensable Absences Payable (ACAP Tax Amount)
| Calculation | Additional Information |
|---|---|
| Member-specific Leave Rate * "Benefits Earnings" |