Approved Benefit Rates
for
Fiscal Years 2005-2006
Effective as of July 1, 2005
Object and Description
1810
Social Security
2003-2004
Budget
2004-2005
2005-2006
7.65%
7.65%
7.65%
Notes
Paid at 7.65% on first $87,900 for calendar year 2004, then 1.45% on all
wages in excess of $87,900
The components of this are:
1820
1830
State Retirement
Health Insurance
3.42%
$3348
5.815%
$3432
6.82%
*$3784
Pension
Health Insurance
Disability
Death Benefit
TOTAL
FY03
Budgt
0.0
2.35
0.52
0.16
3.03
FY04
Budgt
0.22
3.20
0.00
0.00
3.42
FY05
Budgt
2.170
3.200
0.445
0.000
5.815
FY06
Budgt
2.34
3.80
0.52
0.16
6.82
*FY 2005-2006 a blended rate will be paid as follows:
2 Months @ $3432 per year ($285.92 month)
10 Months @ $3854 per year ($321.14 month)
Total Paid = $3784 per year
All new positions, .75 FTE or greater, must be budgeted at $3784.
The components of this are:
1870
Optional
Retirement
1880
Law
Enforcement
Retirement
10.04%
10.485%
8.42%
10.815%
Pension
Health Insurance
Disability
Death Benefit
TOTAL
11.16%
10.815%
FY03
Budgt
6.84
2.35
0.52
N/A
9.71
FY04
Budgt
6.84
3.20
0.00
N/A
10.04
For Law Enforcement Employees ONLY
2/12/2016
FY05
Budgt
6.840
3.200
0.445
N/A
10.485
FY06
Budgt
6.84
3.80
0.52
N/A
11.16
2/12/2016