Total Compensation: The Surprising Value of UVM Benefits
UVM employment provides an impressive array of benefits that make wages and salaries only part of the total compensation picture. Depending on the choices we make, our benefits enhance compensation substantially.
The University offers these benefits and pays the lion’s share to attract and retain a fine faculty and staff. Many individuals chose to work at UVM because specific benefits are extremely important to them. Tuition remission, the retirement savings plan, and the health insurance plan are especially notable.
Fiscal Year 2018 Total Compensation Statement
To help communication the value of our generous benefits, The University has issued a total compensation statement for all full-time benefits eligible employees whom where active for all of fiscal year 2018 (July 1, 2017-June 30, 2018). Eligible requirements for receiving a customized statements are:
- Represents earnings and contributions paid in FY 18 (July 1, 2017-June 30, 2018).
- Must be full-time benefits eligible employee, and active for all of FY 18.
- Only includes employer paid contributions to benefits and taxes.
- Includes all represented and non-represented full-time benefit eligible employees.
- Excludes Post-doctoral Fellows, UVM MC dual employees, and anyone with an unpaid leave during FY 18.
- For employees with multiple jobs, earnings and contributions are combined.
Total Compensation Statements are a tool used by organizations to illustrate the wide array of benefits available to employees and the dollar value the university contributes on your behalf to those benefits. The statement includes:
- Regular earnings and any extra earnings for over time, on call work, awards or bonus etc, paid to you in FY 18.
- UVM contributions to your medical, dental, long-term disability, retirement account, retirement health savings account, and income taxes.
- Educational information on benefits available.
- Additional benefits and perks exclusively available to UVM employees.
Fiscal Year 2018 Total Compensation Statements will be mailed to eligible employee’s homes in November 2018. Take the time to review the information within the statement. If you need help to understand yours, see the Understanding Your Total Compensation Statement (pdf).
If you have any questions regarding your statement or the benefit information provided within, please contact Human Resource Services at firstname.lastname@example.org, or at 802.656.3150.
Depending on the benefit choices each person makes, additional costs are paid for by the University or shared with the individual:
- Social Security and Medicare taxes are shared 50-50 by law.
- State unemployment and workers’ compensation are paid for by UVM.
- Medical coverage is paid for largely by the University, and the premium paid by the employee is based on a percentage of salary.
- Dental, life, and long-term disability insurance are shared expenses depending on the choices made by the person.
- Tuition remission is paid for by UVM.
Take a closer look at benefits and the costs associated with them viewing three different illustrations of individuals’ total compensation packages.
Last modified October 31 2018 12:21 PM