Fringe Benefit Rates
The University of Akron will use fringe benefit pooled rates to simplify the process of allocating and budgeting fringe benefits, as well as providing consistency across the campus. The new fringe benefit rate includes Life Insurance, Fee Remission (Employee Only), Medical, Medicare, Retirement, SERS Surcharge, Unemployment, Vacation/Sick Leave Payoffs & Worker's Compensation. The new fringe benefit rate does not include expenses for Parking Permit and Dependent Fee Remission.
| Description | Ledger |
Fringe Benefit Rate | |
| 7/1/23-6/30/24 |
7/1/24-6/30/25 |
||
| Full-Time Faculty | 5000 | 34% of payroll | 36.5% of payroll |
| Full-Time Professional Staff | 5100 | 34% of payroll | 36.5% of payroll |
| Full-Time Staff | 5200 | 34% of payroll | 36.5% of payroll |
| Part-Time Faculty | 5030 | 16.4% of payroll | 17% of payroll |
| Summer Faculty | 5040 | 16.4% of payroll | 17% of payroll |
| Part-Time Professional Staff | 5150 | 16.4% of payroll | 17% of payroll |
| Part-Time Staff | 5220 | 16.4% of payroll | 17% of payroll |
| Graduate Assistant | 5300 | 2.3% of payroll | 3.3% of payroll |
| Student Assistant | 5400 | 2.3% of payroll | 3.3% of payroll |