Vacation and Sick Leave: Accrual is based on the employee’s accrual rate prior to the commencement of the ERIT Program.
UCRP Service Credit: Service credit accrual is based on the reduced percentage of appointment. The effect of the ERIT Program on UCRP service credit is the same as a regular reduction in percentage of appointment.
UCRP: Highest Average Plan Compensation (HAPC), which is used to calculate UCRP Monthly Retirement Income or Lump Sum Cashout, is based on monthly Full-Time Equivalent Compensation and does not change as a result of participation in the ERIT Program.
Employee Pre-Tax Contributions to UCRP: Based on the reduced salary.
UCRP Pre-Retirement Survivor Income, Death Benefits for Members who became active before October 1, 1990, and Disability Income: Based on the final salary, which is adjusted to reflect the average percent of time on pay status during the preceding 36 months if an employee dies or becomes disabled while, or within 12 months of, participating in the ERIT program.
Defined Contribution Plan, Tax-Deferred 403(b) Plan, and 457(b) Plan Deferred Compensation Plan: If a participant’s contributions are based on a percentage of compensation, the contributions during ERIT will be lower. Participants may adjust their contribution amount or the percentage contributed to these plans at any time.
Health & Welfare Plans: Eligibility for health and welfare benefits will not be affected by ERIT because an employee’s percentage of time on pay status under ERIT cannot be reduced below 50% time.
Medical Contribution Base: An employee’s full-time salary rate on January 1 of the previous year or on the hire date (whichever is later) is used to determine the Medical Contribution Base (MCB) for the current year. The MCB will not be impacted by an ERIT reduction.
Short-Term and Supplemental Disability Benefit Payments: Disability benefit payments for both the Short-Term Disability Plan and the Supplemental Disability Plan will be based on an ERIT participant’s pre-ERIT salary. Premiums for the Supplemental Disability Plan will continue to be calculated on the full-time rate.
Workers Compensation Payments: Disability benefit payments received from Workers Compensation coverage will be based on an ERIT participant’s ERIT salary. If an employee elects to supplement his or her Workers Compensation disability benefit payments with sick and/or vacation leave accruals, upon exhaustion of sick leave, extended sick leave benefit payments will become available. Departments will supplement these payments so that the aggregate benefit is equivalent to what would have been received if the payment were based on the pre-ERIT salary.
Life Insurance: Supplemental and Dependent Life Insurance will not be impacted by participation in ERIT — premiums and coverage will continue to be based on your full-time salary rate. Basic Life insurance will be calculated using your full-time salary rate and your pre-ERIT appointment percentage.
Dependent Care and Health Flexible Spending Accounts: Dependent Care Flexible Spending Account (DepCare FSA) and/or Health Flexible Spending Account (Health FSA) contributions will continue at the same level unless the ERIT participant changes his or her election during a Period of Initial Eligibility (PIE) or an open enrollment period.
Social Security and Unemployment Benefits: Since Social Security and Unemployment Insurance benefits are calculated based on earnings, these benefits may be lower.