[Msoadm] Fiscal Year 2024-25 ALL APPROVED RATES

[Candice P Gomez]

MEMORANDUM

TO:                  Campus Financial Staff

FROM:            Stephanie Flores, Executive Director
                        Financial Planning and Analysis

DATE:            June 13, 2024

RE:                  Fiscal Year 2024-25 ALL APPROVED RATES


As you are aware, UCR transitioned to Composite Benefits Rates (CBR) in January 2018. Composite Benefits Rates are based on a percentage of an employee's salary according to Employee Groups that do not vary by individual employee benefit selections.


  *   The following Composite Benefits Rates (CBR) have been established for UCR effective July 1, 2024:

CBR Groups
CBR Rate
Faculty/Police
36.0%
Faculty Summer
7.9%
Food-Custodian-Grounds
58.4%
HSCP Faculty
30.0%
Students/No Benefit Eligibility /Partial Benefit Eligibility
2.1%
Staff Exempt/ Other Academic
43.7%
Post Doc
22.3%
Staff Non-Exempt
49.9%

Please also note that certain costs will continue to be assessed outside of the CBRs such as Accrued Vacation Leave, Tuition Remissions, Graduate Student Health Insurance (GSHIP), and General, Automobile, Employment Liability (GAEL) insurance.


  *   The following Vacation Leave Accrual have been established for UCR effective July 1, 2024:

Vacation Leave Accrual Groups
Assessment Rate
VLA Employee Group 2
8.50%
VLA Employee Group 3
9.00%

Charges will continue to be based on an assessment against actual payroll activity and will be reflected in account number 516840 for VLA Employee Group 2 and 506840 for VLA Employee Group 3 in the same Activity-Fund-Function combination in which payroll activity occurred.


  *   The following General Liability (GL) and Employment Practice (EP) Insurance Programs have been established for both the General Campus (Location 5) and Location N effective July 1, 2024:

General Liability & Employment Practice Insurance Programs
Assessment Rate
GL Assessment
0.0116
EP Assessment
0.0064

General Liability and Employment Practices

With the implementation of UC Path, UCR was no longer permitted to have two separate GL & EP rates for the General Campus and for Location N. Both locations will now be charged the rates above. Additionally, UC Path only allows for 2 decimal places so the rates were rounded to accommodate that new requirement.

Charges will continue to be based upon an assessment against actual payroll activity and will be reflected in account number 755210 for General Liability and 755200 for Employment Practices in the same Activity-Fund-Function combination in which payroll activity occurred.  These charges may not be moved to a different Activity-Fund-Function.

Please note that actual charges are calculated by applying the applicable assessment rate against salaries and wages associated with eligible Earn codes. See this table<https://bfs.ucr.edu/sites/default/files/2020-05/earn_codes_list_expanded.pdf> for details: https://bfs.ucr.edu/sites/default/files/2020-05/earn_codes_list_expanded.pdf.

Assessments related to Federal Government, State Government, Local Government, and Private Contracts and Grants will continue to be charged against centrally held indirect cost recovery funds.


  *   The following assessment rate has been established by the Office of the President to cover UCRP Interest effective July 1, 2024:

UCRP Interest
Assessment Rate
Interest Assessment as % of All Non-Federal Sources of Covered Compensation
0.66%

Please note that the interest component is in addition to the Composite Benefit Rate. However, the principal (base) retirement cost is embedded in the existing Composite Benefit Rates.

If you have any questions, please contact budgetoffice at ucr.edu<mailto:budgetoffice at ucr.edu>.

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