UPDATING FRINGE RATES IN KC FOR RESTORED RETIREMENT CONTRIBUTION
As some of you may know, the temporary retirement reduction for executive management, and non-unionized faculty and academic staff is ending 12/31/2021. To account for this change, the rates in KC have been updated. You can update the rates in a budget by taking the following steps:
- Click the “Sync Rates” button in the Fringe Benefits panel and in the Flat Rate Inflation panel on the Rates tab. If you have not changed any rates on the Rates tab you could also click the Sync All Rates button at the bottom of the tab.
Note: If OSP has already approved your budget and you’d like to revise it to pull in the new rates, you must change the status back to Not Approved in order for the Sync Rates buttons to appear. If you take this action please let your Proposal Team know so they can re-approve the budget. On the contrary, if you are close to finalizing your budget and do not want to pull in the updated rates do NOT click the Sync Rates buttons on the Rates tab.
How does this change impact budgets?
- This change only impacts budgets with a start date before 7/1/2022. The temporary reduction was initially only budgeted in KC through the end of FY22 (or 6/30/22), so if the start date of your budget is 7/1/22 or beyond, then your budget should not be impacted by this change.
- The temporary retirement reduction only impacted the Faculty (Salaries & Wages) object code in KC. All other object codes did not include a temporary reduction, therefore, this change will not impact other object codes.
- The description of the Rate Type for the Faculty (Salaries & Wages) object code will continue to display Reduced Retirement Contribution, even after you Sync Rates and the calculation changes back to 10%. It will update to Retirement Contribution if the faculty are deleted and added back to the budget, however, this step is unnecessary.
- This change does not impact Summary budgets in KC.
If you have any questions on the revised rates, please contact the KC Helpdesk or your OSP Proposal Team.
