Fringe Benefits Updates for FY 2015
The Budgeting Office has released fringe benefits rates for Fiscal Year 2015. The new rates by employee class are as follows and are also listed on the Basic Information page of the Sponsored Programs website for future reference. Please note that there are significant changes to the rates.
Nine-Month Faculty: 35%
Faculty with Extended Appointments: 36%
Faculty Summer Salary - June and July: 21%
Faculty Summer Salary - May 16-30 and August 1-15: 35%
Full-Time Exempt Staff (KTRS or ORP Participant): 36%
Full-Time Exempt Staff (KERS Participant): 63%
Full-Time Non-Exempt Staff: 63%
Former Retirees and Retirement Transition Employees: 21%
Part-Time Employees who are also benefitted employees of employers who participate in state retirement systems: 21%
Part-Time Staff (Benefits Eligible): 63%
Part-Time Faculty/Staff (Not Benefits Eligible): 8%
Graduate Assistants: 1.28%
Student Employees: 1.28%
Effective immediately, all proposed budgets should be developed using these new rates.
If you have already processed budgets through Sponsored Programs for FY 2015 contracts, you are not required to submit new budgets at this time. Since the budgeted rates are estimates, we will continue to process contracts awarded in response to proposed budgets that use the previously estimated rates. Upon award, project directors are responsible for reviewing the specific circumstances of each budget to determine whether a budget revision is needed, particularly in order to accommodate the increase to non-exempt employee benefits.
If you have an expiring sponsored project that you expect to be renewed in the upcoming fiscal year and have not already processed the proposed budget through Sponsored Programs, please do so as soon as possible and use these new rates in the budget. Please complete the Internal Review and Approval Form (IRAF) and submit it along with a detailed budget. Keep in mind that all budget requests must be routed with an IRAF through Sponsored Programs for approval prior to submission to sponsoring agencies.
If you need assistance or have questions, please feel free to contact our office.
Published on June 03, 2014