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Future (Preliminary) Benefit Rates How Commitments Will Be Applied in eFECS CSM

Future (Preliminary) Benefit Rates How Commitments Will Be Applied in eFECS CSM. Michael Anthony, MAA May 9, 2013 MRAM. Benefit commitments in csm. Faculty Date driven ‘Current’ benefit rate will be applied to salaries for FEC periods that end in ‘current’ fiscal year

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Future (Preliminary) Benefit Rates How Commitments Will Be Applied in eFECS CSM

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  1. Future (Preliminary) Benefit Rates How Commitments Will Be Applied in eFECS CSM Michael Anthony, MAA May 9, 2013 MRAM

  2. Benefit commitments in csm • Faculty • Date driven • ‘Current’ benefit rate will be applied to salaries for FEC periods that end in ‘current’ fiscal year • ‘Future’ (preliminary) benefit rate will be applied to salaries for FEC periods that end in ‘future’ fiscal year • Non Faculty • Not date driven • Will always apply ‘future’ (preliminary) rate to salaries if available • If ‘future’ (preliminary) rate not available then ‘current’ rate will be applied to salaries

  3. How it Will All Work • Believe this is a best approach for both FEC and non-FEC salaries • Minimum amount of time benefit rates out of synch (future rates known around April/May so, at most, 2-3 months) • Guidance – Presently working on additional guidance for departments. • Will advise when completed through MRAM and eFECS list serves • Note, this applies to commitments only. Actual benefit rates will be applied to actual salaries

  4. Current:Faculty Commitments Historical benefits rates are available in the eFECS CSM Future rates are not in the system until July. (Typically around July 8) • Example: A future commitment set up today (4/22/13) would use the most recent rate available in the system (26.9%) • 1/1/13-6/30/13- 6/30/13 uses 26.9% benefit rate • 7/1/13-12/31/13 also uses 26.9% as the benefit rate

  5. New: Faculty Commitments Historical benefits rates are still available in the eFECS CSM Future rates are available in the system for commitments with a start date of 7/1/13 or greater • Example: • 1/1-6/30/13 uses 26.9% rate • 7/1/13-12/31/13 uses the new 25.3% rate

  6. CURRENT STATE: • Commitment set ups use the most current rate available in the system • Historical benefits rates available • Dates 7/1/13 and beyond use most current rate in system • NEW: • Commitment set ups continue to use the most current rate available in the system, but now this is the future rate • Installments with date 7/1/13 and beyond use future rate in system Commitment set up on 4/22/13 uses future rate of 35.7% Commitment set up on 4/22/13 uses 37.7% (current rate) All installments with date > 7/1/12 use future rate of 35.7 % All installments with date > 7/1/12 use 37.7% (current rate)

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