Faculty and Staff Benefits at The University of North Carolina at Chapel Hill
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- Bryan Norman Tucker
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1 Faculty and Staff Benefits at The University of North Carolina at Chapel Hill A Comparison to Benefits Offered by Peer Institutions
2 People used to come to work at Carolina FOR the benefits. Now they leave BECAUSE OF the benefits.
3 What do we mean by benefits? For purposes of this presentation, we will include: Health Insurance Retirement Dental Insurance Long-Term Disability Insurance Life Insurance
4 UNC-Chapel Hill Peer Institutions Univ. of California Berkeley Los Angeles Univ. of Florida Univ. of Illinois Univ. of Michigan Univ. of Texas Univ. of Virginia Univ. of Washington Univ. of Wisconsin Univ. of Chicago Duke University Emory University Johns Hopkins Univ. Ohio State University Vanderbilt University Institutions selected by the Office of the President, UNC System, as official peers for UNC-Chapel Hill.
5 UNC-Chapel Hill Benefits The University does not control any employerpaid benefit plans (health, retirement, disability) The University does not have the statutory authority to use employer money to enhance benefits The State of North Carolina uses benefit programs in other southern states for peer comparison, rather than peer institutions of higher education.
6 Health Insurance Permanent faculty and staff working 3 hours a week or more* are eligible to participate in the State Health Plan State Health Plan includes all University and state agency employees, public school employees, legislative employees, etc. (44,457 members as of 8-9-3) Benefits and costs are determined by General Assembly University pays the full cost for employee coverage* Employees pay the full cost for dependent coverage Three categories of coverage: employee only, employee plus child/ren, or family (employee plus spouse or employee plus spouse and children) * Employees working 2 or more hours (but less than 3) can participate by paying the full cost for both employee and dependent coverage
7 HEALTH INSURANCE COMPARISON WITH PEERS Number of Plans Offered to Employees University California Wisconsin Illinois Washington Michigan Ohio State Chicago Vanderbilt Duke Emory John Hopkins Texas Florida Virginia North Carolina Average Number of Plans Offered UNC-Chapel Hill Ranking Number of Health Plans / 8
8 5 45 Health Plan Comparison Employee-Only Coverage, Ranked by Monthly Employee Cost MEDICAL INSURANCE COMPARISON WITH PEERS North Carolina Texas Michigan Wisconsin California Chicago Virginia Illinois Emory Washington Vanderbilt Duke Florida Ohio State Employee Contribution University Contribution
9 1,2 Health Plan Comparison Family Coverage, Ranked by Monthly Employee Cost 1, Wisconsin California Chicago Washington Illinois Florida Ohio State Michigan Vanderbilt Texas Emory Virginia Duke North Carolina Employee Contribution Employer Contribution
10 RATES University Duke Emory Ohio State California Chicago Florida Illinois Michigan North Carolina Texas Virginia Washington Wisconsin Vanderbilt Average University of North Carolina UNC Compared to Average UNC-Chapel Hill Ranking HEALTH INSURANCE COMPARISON WITH PEERS Monthly Contributions and Total Annual Cost per Employee Employee $41.12 $35. $49.63 $2. $13. $41.96 $27. $. $. $. $17. $36. $. $41. $21.69 $..% 1 / 14 EMPLOYEE-ONLY University $ $265. $ $21.27 $219. $ $ $31.38 $ $ $274. $414. $346. $28.5 $ $ % 5 / 14 Annual $3, $3,6. $3,97.4 $2, $2,784. $3, $3, $3, $3,431.4 $3, $3,492. $5,4. $4,152. $3,858. $3,638.6 $3, / % 14 / / 14 John Hopkins was not included because they have a full cafeteria plan and could not provide actual cost figures University of California Berkeley and Los Angeles were combined since their benefit packages are identical *Plan selected most: HMO (Health Maintenance Organization); EPO (Exclusive Provider Organization); PPO The University (Preferred of Provider North Carolina Organization) at Chapel Hill 94.3% Employee $ $194. $155.9 $5.8 $34. $15.98 $113. $ $ $ $26. $19. $. $171. $ $ FAMILY University $ $416. $ $69.21 $577. $58.88 $ $537. $ $781. $557. $ $857.7 $ $6.52 $ % Annual $8, $7,32. $12,47.2 $7,38.12 $7,332. $7, $9,593.4 $8,35.32 $8,56.8 $11,69.52 $9,156. $6,51.48 $1,292.4 $12, $9,56.93 $8, % 7 / 14 Type of Plan* HMO HMO EPO HMO HMO HMO HMO HMO PPO PPO PPO HMO HMO PPO
11 University Ohio State HEALTH INSURANCE COMPARISON WITH PEERS Out of Pocket Expenses Out of Pocket Expenses $ 157 Wisconsin Chicago Florida Illinois Michigan Virginia Washington Vanderbilt California Duke Emory John Hopkins Texas $ 16 $ 21 $ 233 $ 26 $ 278 $ 282 $ 32 $ 32 $ 33 $ 375 $ 395 $ 64 $ 74 North Carolina Average Out of Pocket Expenses UNC-Chapel Hill Ranking $ 74 $ / 13 (Assumes family of four, four office visits at $75/visit, one emergency room visit at $2, and 24 generic prescriptions at $25/prescription.)
12 Retirement Faculty may choose to participate in the Teachers and State Employees Retirement System (defined benefit plan) or the Optional Retirement Plan (defined contribution plan) Staff must participate in the Teachers and State Employees Retirement System Faculty and Staff must contribute 6% of gross pay on a pre-tax basis Employer Contribution level set by General Assembly for both plans Employees may participate in voluntary 43(b), 41(k), and 457 plans (no employer match).
13 Retirement Plans Defined Benefit plans Benefits based on salary, years of service and retirement factor. Benefit does not depend on amount of contribution. Defined contribution plan Benefits based on amount of money contributed to the plan and the interest or income earned on that investment
14 RETIREMENT PLAN COMPARISON TO PEERS Defined Contribution Plans (Contribution as a percentage of salary) University Employee University Total Vesting Duke immediate Emory years Johns Hopkins immediate Ohio State days Chicago immediate Illinois years Michigan immediate North Carolina years Texas yr + 1 day Virginia immediate Washington immediate Vanderbilt immediate Average UNC-Chapel Hill Compared to Average 123.8% 78.3% 94.6% UNC-Chapel Hill Ranking 5 / 12 6 / 12 9 / 12 4 / 4
15 3. RETIREMENT PLAN COMPARISON - Optional Retirement Plan University and Employee Contributions (Contributions as a percentage of salary) Vanderbilt Virginia Emory Johns Hopkins Michigan Texas North Carolina Duke Illinois Chicago Washington Ohio State Employee University
16 RETIREMENT PLAN (TSERS) COMPARISON TO PEERS University Duke Johns Hopkins California Chicago Florida Illinois North Carolina Texas Virginia Washington Wisconsin Benefit Formula Calculator on web (Assumes retirement at 25 years of service, age 65 in 23, final salary of $25,/$75,, having received 3% salary increases each year of employment) 1.25% of average final compensation, best 5 consecutive years out of 1, times years of credible service up to 2 years % of same for years of service in excess of 2 2% of average earnings times credible service 1% of Final Average Pay, last 5 consecutive years times years of service 1.68% of Final Average Pay, last 5 consecutive years times years of service 2.2% of final salary times years of service 1.82% times average of 4 highest years 2% of highest three years of salary times years of service 1.7% of average last 36 months of salary times years of service 2% times average last 6 months of salary times years of service 1.765% times average last 36 months of salary times years of service prior to 2 plus 1.6% times same average salary times years of service 2 and after Average UNC-Chapel Hill Compared to Average UNC-Chapel Hill Ranking Retirement Amount $25K $7,853 $8,967 $14,172 $5,896 $9,95 $13,75 $1,887 $13,353 $1,318 $11,792 $1,592 $1,68 12% 5 / 11 Retirement Amount $75K $23,561 $26,93 $44,52 n/a $29,717 $41,25 $32,662 $4,6 $3,955 $35,378 $31,778 $33,678 97% 5 / 11 Employee Contribution as Percent of Gross Pay. %. %. %. %. % 8. % 6. % 6.4 %. % 6. %. % 3.2 % 22.6% 8 / 12
17 Retirement Plan Comparison, Defined Benefit, Annual Benefit, Final Salary is 25K $16, $14, $14,172 $13,75 $13,353 $12, $1, $11,792 $1,887 $1,592 $1,318 $9,95 $8,967 $8, $7,853 $6, $5,896 $4, $2, $ California Illinois Texas Washington UNC-Chapel Hill Wisconsin Virginia Florida Johns Hopkins Duke Chicago (Assumes retirement at 25 years of service, age 65 in 23, final salary of $75,, having received 3% salary increases each year of employment)
18 Retirement Plan Comparison (TSERS) Defined Benefit, Annual Benefit, Final Salary of 75K $5, $45, $4, $35, $3, $44,52 $41,25 $4,6 $35,378 $32,662 $31,778 $3,955 $29,717 $26,93 $25, $23,561 $2, $15, $1, $5, $ California Illinois Texas Washington North Carolina Wisconsin Virginia Florida Johns Hopkins Duke (Assumes retirement at 25 years of service, age 65 in 23, final salary of $75,, having received 3% salary increases each year of employment)
19 Dental Plan Comparison to Peers No employer contribution Faculty and staff may participate in a dental plan offered as part of NC Flex on a pre-tax basis University sponsors a dental plan, but does not have authority to offer it on a pre-tax basis
20 Monthly Employee Cost for Family Dental on a Pre-Tax Basis $16. $14. $ $12. $13.64 $1. $8. $76.7 $8.5 $6. $58. $64.92 $4. $2. $24.6 $4.38 $. $. $. $. $. $. California Illinois Michigan Virginia Washington Ohio State Wisconsin Emory Florida Duke Vanderbilt North Carolina Chicago
21 DENTAL PLAN COMPARISON TO PEERS University California Illinois Michigan Virginia Washington Ohio State Wisconsin Emory Florida Duke Vanderbilt North Carolina (NC Flex) Chicago Average Employee Cost Monthly Employee Cost For Family Dental on a Pre-Tax Basis $. $. $. $. $. $24.6 $4.38 $58. $64.92 $76.7 $8.5 $13.64 $ $45.18 UNC-Chapel Hill Employee Cost Compared to Average UNC-Chapel Hill Ranking 229.4% 12 / 13
22 Long-Term Disability State provides long-term disability benefits for employees with five or more years of service Optional additional long-term disability benefits may be purchased by employees
23 Life Insurance State provides no life insurance for employees Participants in the Teachers and State Employees Retirement System receive a death benefit of not less than $25, and not more than $5, if they die while in service University sponsors an employee-paid term insurance plan Employees may purchase up to five times salary
24 Employee Cost of Benefits Package For the following comparisons, benefit package and costs include: Health Insurance Retirement Dental Insurance Life Insurance Long-Term Disability Parking Federal Income Taxes Social Security Taxes For the following comparisons, assume the following employee status: Age 4 Salary of $25,/$75, Family Coverage State and Local Taxes were not calculated
25 Employee Cost of Benefits Package Employee Earning $25, Peer Average monthly take-home: $1,622 UNC-Chapel Hill take home: $1,28 UNC-Chapel Hill compared to Average: 78.9% UNC-Chapel Hill ranking: 13 th out of 13 Employee Earning $75, Peer Average monthly take-home: $4,72 UNC-Chapel Hill take home: $4,376 UNC-Chapel Hill compared to Average: 92.4% UNC-Chapel Hill ranking: 13 th out of 13
26 Employee Cost of Benefit Package as a Percentage of Gross Pay Employee Earning $25, Peer Average employee cost: 13.5% of gross pay UNC-Chapel Hill employee cost: 33.% of gross pay UNC-Chapel Hill ranking: 13 th out of 13 Employee Earning $75, Peer Average employee cost: 7.6% of gross pay UNC-Chapel Hill employee cost: 15.3% of gross pay UNC-Chapel Hill ranking: 13 th out of 13
27 Comparison of Annual Amount After Benefit Costs, FICA and Federal Taxes Salary of $25, 97 2,21 1,179 2,172 2,844 3,95 3,25 3,589 3,675 3,795 3,861 4,464 4,464 4,747 1,87 1,851 1,867 1,834 1,853 1,745 1,872 1,639 1,681 1,712 8,245 1,398 21,829 21,649 2,286 2,54 19,883 19,576 19,472 19,46 19,267 18,897 18,855 18,541 15,356 California Wisconsin Virginia Florida Chicago Michigan Washington Emory Illinois Duke Vanderbilt Ohio State North Carolina Take Home Pay Taxes Benefits
28 Comparison of Employee Cost of Benefit Package Employee Earning $25, ($2,83.33 per month)* University Medical Life Dental Disability Retirement Parking Net Pay Employee Cost Percent of Gross California , % Wisconsin , % Emory , % Virginia , % Ohio State , % Florida , % Chicago , % Michigan , % Washington , % Illinois , % Duke , % Vanderbilt , % North Carolina , % Average , % UNC Ranking 13 / 13 9 / / 13 1 / 13 Assumes age 4, salary of $25,. State and Local Taxes were not calculated. Benefits considered were medical, life, parking (as pre-tax), retirement, life, and long-term disability. 1 / 13 5 / / / / 13
29 Comparison of Annual Amount After Benefit Costs, FICA and Federal Taxes Salary of $75, 97 13,4 1,246 13,25 2,844 12,737 3,382 12,77 4,849 12,358 6,119 12,337 6,519 12,26 7,179 12,1 7,332 12,74 8,181 12,83 8,48 12,25 1,122 11,75 11,31 11,176 6,63 6,54 59,419 58,911 57,793 56,544 56,22 55,811 55,594 54,736 54,72 53,173 52,514 California Wisconsin Virginia Florida Emory Michigan Chicago Vanderbilt Duke Illinois Washington Ohio State North Carolina Take Home Taxes Benefit Cost
30 Comparison of Employee Cost of Benefit Package Employee Earning $75, ($6,25 per month)* University Medical Life Dental Disability Retirement Parking Net Pay Employee Cost Percent of Gross California , % Wisconsin , % Emory , % Virginia , % Florida , % Michigan , % Chicago , % Vanderbilt , % Duke , % Washington , % Illinois , % Ohio State , % North Carolina , % Average , % UNC Ranking 13 / 13 1 / / 13 1 / 13 Assumes age 4, salary of $75,. State and Local Taxes were not calculated. Benefits considered were medical, life, parking (as pre-tax), retirement, life, and long-term disability. 1 / 13 7 / / / / 13
31 Erosion of Take Home Pay Take Home Pay has eroded over time due to: Increased cost of dependent medical insurance Increased cost of dental insurance Increased cost of parking
32 Erosion of Take Home Pay Employee Earning $25, In 1998, benefit costs were 21.% of gross pay In 23, benefit costs are 33.% of gross pay Employee Earning $75, In 1998, benefit costs were 11.3% of gross pay In 23, benefit costs are 15.3% of gross pay
33 Erosion of Take Home Pay - $25, Take Home $16,386 Take Home $15,356 FICA and Federal Tax $3,268 Benefit Costs $5,345 FICA and Federal Tax $1,398 Benefit Costs $8, Benefit Costs FICA and Federal Tax Take Home
34 Erosion of Take Home Pay - $75, Take Home $52,8 Take Home $52,336 FICA & Federal Tax $14,45 Benefit Costs $8,471 FICA & Federal Tax $11,176 Benefit Costs $11, Benefit Costs FICA and Federal Tax Take Home
35 Key Findings Employees take home a significantly smaller share of their pay checks than employees at peer institutions Family health insurance coverage is the biggest driver of high employee benefit costs Employees also pay the highest out-ofpocket medical expenses of employees at peer institutions Employees pay a higher than average share of retirement contribution
36 Moving Toward our Peers Items for Consideration Health How can we increase University contribution for dependent coverage? Should we implement sliding scale for premiums based on salary? Can we increase number of plan options offered? Retirement How can we decrease employee contribution to retirement plans? How can we increase University contribution to defined contribution plan? Should we decrease vesting period for defined contribution plan? Other Should we subsidize dental insurance? Should we provide employer-paid life insurance? Should we consider a cafeteria style benefit plan? Benefits Structure Should our benefits be comparable to programs offered to government employees in southern states or should they be comparable to universities with whom we compete for faculty and staff?
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