|First Staff to View 2011 ‘Total Compensation’ Reports Score Starbucks Gift Cards|
|Sunday, March 18 2012|
Here at the University of Rochester, we take great pride in providing you with a comprehensive and competitive benefits program that includes health and wellness options, retirement program, tuition benefits and more. And this year, like last, we're pleased to again offer your annual Total Compensation Statement – an individualized, online report showing the dollar value of your annual income and University-paid benefits combined as of Dec. 31, 2011.
We strongly encourage you to take a few minutes to log into HRMS and review your 2011 Total Compensation Statement (simply log onto the HRMS website – be sure to have your NetID handy – and click on the link in the box labeled "Total Compensation Statement"). As an added incentive, effective immediately, we're rewarding the first 200 employees who view their reports with $10 Starbucks gift cards.
Understand the ‘Unseen’ Part of Your Paycheck
“Salary dollars alone only paint part of the picture,” said University Benefits manager Michele Hill. “A sizeable chunk of your compensation arrives in the form of employer-paid benefits.”
While employees now pay a larger part of their own health care premiums than they have in the past, the University’s cost-sharing with faculty and staff is still competitive with what other hospitals and national peers offer, according to Hill.
“And after two years of service, we also invest in faculty and staff’s retirement, putting an amount equal to 6.2 percent of their base salary– in some cases, more – to their portfolio without requiring any contribution on their part.”
When you total up the dollar value of the University-paid health and dental care benefits, retirement contributions, life insurance benefits, tuition waiver and home ownership program, and more, it can be eye-opening, Hill said.
“For instance, an hourly-paid employee bringing in about $25,000 a year also may be receiving nearly another $12,000 in benefit value (see sample chart below; for a larger version, click here).”
Ready for a full-picture view of your 2011 compensation? The Benefits Office encourages you to look at your latest Total Compensation Statement, which illustrates the full value of your wages and benefits together.
If you would like more information on any of the benefits described in your statement, visit the Benefits website at www.rochester.edu/benefits, or call the Benefits Office at (585) 275-2084.
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