[pps-news] Vacation Leave Assessment Rates

[Gabe Nwandu]

April 1, 2010

 

To:          All Departments
Fr:           Payroll Office

Re:         Vacation Leave Assessment Rates
________________________________

 

The monthly vacation leave assessment rates will be cut in half from the current monthly amounts starting with March 2010 earnings until further notice. The current factors are available through the Benefit Rates Table section A7 (http://accounting.ucr.edu/ben2010.htm).  





A7

Vacation Assessment  (Gross salary times rate below)

Effective 07/2004  (old factors in parenthesis effective 01/2003) 

LEAVE CODE

CASUAL/
STUDENTS

RETIREMENT WITHOUT FICA

RETIREMENT WITH FICA

SAFETY MEMBERS

A and G

.0612 (.0567)

.0704 (.0652) 

.0740 (.0685)

.0749 (.0693)

B and H

.0734 (.0679)

.0845 (.0781)

.0887 (.0820)

.0898 (.0831)

C and J

.0858 (.0793)

.0986 (.0912)

.1036 (.0958)

.1049 (.0969)

D and K

.0980 (.0906) 

.1127 (.1042)

.1183 (.1095)

.1198 (.1108)

E

.0980 (.0906)

.1127 (.1042)

.1183 (.1095)

.1198 (.1108)

F

.0000

.0000

.0000

.0000

 

The new factors will be posted soon on this site.  The reduction is assessment was necessary because the furlough plan implemented in September 2009 caused employees to take less vacation.  As you may know, vacation assessments are used to fund vacation usages and terminal vacation payments.  More people are now taking furlough in lieu of vacation.

If you have any questions/concerns, please contact gabe.nwandu at ucr.edu

 

Thank you 

 

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