Memo Updates
100 Morrissey Boulevard
Boston, MA 02125-3393
617-287-5100
617-287-5110
FISCAL POLICY & GUIDANCE MEMORANDUM
TO: Finance & Administration Advisory Group & Business Managers
FROM: Ellen M. O’Connor, Vice Chancellor Administration & Finance
CC: Chancellor J. Keith Motley
Vice Chancellors, Deans, Directors, Department Heads
DATE: December 26, 2007
SUBJECT: FY 2008 Final Approved Fringe Benefit Rates—Update #3
The State Comptroller’s Office has officially notified the University of the final approved FY08 Fringe Benefit Rates. The final approved fringe benefit rate of 38.32% includes costs for health insurance, pension and terminal leave, consistent with rates for recent years. This rate is an 8.95 percentage point increase over the provisional rate set in August 07. A primary reason for this increase is the result of a new financial requirement for governments, the costs of “Other Post-Employment Benefits” (e.g. health insurance for retirees) that are now incorporated into the FY 2008 rate agreement.
The final approved FY08 fringe benefit and other payroll-related rates are as follows. Rates are retroactive to July 1, 2007. To view the official memorandum from the State Comptroller please visit www.mass.gov/osc and select Guidance for Agencies, Fiscal Updates.
|
FY 2008 Fringe Benefit Rates |
State Fringe Benefit Rate
|
38.32%
|
State Payroll Tax Rate
|
1.33%
|
Health & Welfare |
$24/bi-weekly per full time employee
|
Worker’s Compensation (Per UMB agreement with U.S. DHHS) |
0.32%
|
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