What does the "Employer Paid Benefits" line on my pay stub mean?

What does the "Employer Paid Benefits" line on my pay stub mean?

The "Employer Paid Benefits" line on your pay stub represents the dollar amount contributed by your department to a central benefits fund for your position. This number does not reflect your leave balance.

The central benefits fund is used to pay out vacation balances when an employee leaves the University. All departments contribute to the fund at .7% of salary per vacation eligible employee. When an employee terminates unexpectedly, balances are paid from the central fund, instead of the department budget.

This prevents unexpected department budgetary impacts if, for example, Jane Doe works 15 years in Budget (and her vacation balance is 450 hours) and then transfers to the Natural Science & Mathematics (NS&M) Dean’s office. The central benefits fund, instead of NS&M, would supply her vacation payout.

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Topic Information
  • Topic #: 30075-954
  • Date Created: 01/05/2015
  • Last Modified Since: 08/21/2015
  • Viewed: 3499