KI0063 - Reminder to update Faculty benefits rates for August payroll

Posted: Jul 28, 2006

Number: KI0063      Status: info only

Please distribute the following as needed. Action is required. KI0063 – Reminder to update Faculty benefits rates for August payroll SUBJECT: The flat rate tables for faculty benefits must be updated before processing the August faculty payroll. PURPOSE: The benefit rates must be changed in order to reflect 1/12 of the annual premium. FUNCTIONAL IMPACT: If the benefit rates are not changed, the deductions taken in the August payroll will be at 7/5 of the annual premium. ADDITIONAL INFORMATION: To assist in this making the benefit rate changes, the 'Spreadsheet to Calculate Faculty Rates - 07/28/2006' is available and located on the HRMS web site under Documentation> Foundation Table Changes. The amounts in the 5/5 Rate columns are the rates in effect for August through December, 2006.

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