1 - This calculator is intended for general comparison purposes only. It may not necessarily or completely reflect your total UM System compensation package if hired. The calculator estimates benefits based on a fully benefit-eligible faculty or staff member who is employed at 100% FTE. Calculations are based on current options available to employees and are subject to change. Read the UM System Human Resources Manual, Section HR-101, Employee Status, for definitions of benefit eligibility. Benefits are subject to change over time.
2 - The university's HSA contributions are prorated by quarter. This calculator assumes that you are enrolling in your HSA in the first quarter of the calendar year, meaning you are earning the full year's university contribution. See our HSA webpage for further details.
3 - Eligible employees hired or rehired on or after October 1, 2019 participate in the UM Defined Contribution Plan. For more information about this plan and to review applicable plan information, visit umurl.us/retplans. This calculator assumes that the employee will contribute 8% of their eligible compensation to the 457(b) Plan to ensure the full University matching contribution (8% of their employer matching compensation). Employees are immediately 100% vested in any contributions they make to the 457(b) Plan; employees are vested in the employer matching contributions, made to their 401(a) ERIP account, after 3 years of service credit. The amounts provided in this calculator are only estimates of the value of the employee's retirement accounts based on contributions as described above. The final value of the accounts is dependent on many factors such as, but not limited to: vesting status, investment selection and investment gains and/or losses.
4 - The amount of coverage you receive under the university's Life Insurance Plan is age graded. This calculator assumes you are younger than 55, and therefore receiving 100% of 1x or 2x your salary, depending on whether you choose Basic Life A or Basic Life B, respectively. Supplemental and dependent life insurance is not estimated in this calculator, since it is 100% employee-paid.
5 - UM offers educational/tuition assistance to eligible employees and their dependents. Only employee assistance is included in the calculator. That's because it is available after six months of employment while dependent tuition assistance is not available until you have accrued one year of employment, generally speaking. Get details on the webpage for the educational assistance and tuition reduction programs. Furthermore, the calculator does not capture supplemental fees paid for an employee's education. You can assume that the university will pay an additional $600 to $1,200 more than what the calculator states if you take advantage of the maximum educational assistance for a year.
Reviewed 2020-03-12
