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Compensation calculator footnotes

1 - This calculator is intended for general comparison purposes only. It may not necessarily or completely reflect your total UM System compensation package if hired. The calculator estimates benefits based on a fully benefit-eligible faculty or staff member who is employed at 100% FTE. Calculations are based on current options available to employees and are subject to change. Read the UM System Human Resources Manual, Section HR-101, Employee Status, for definitions of benefit eligibility. Benefits are subject to change over time.
2 - The university's HSA contributions are prorated by quarter. This calculator assumes that you are enrolling in your HSA in the first quarter of the calendar year, meaning you are earning the full year's university contribution. See our HSA webpage for further details.
3 - New employees typically fall under the UM Employee Retirement Investment Plan (ERIP), and receive both a defined benefit and defined contribution as part of their retirement plan. For the defined benefit portion of this calculation, it is assumed that the university will be contributing 4.5% to an employee's pension. Please be aware this is an estimate only and will vary by age and years of service (i.e., years working for the university). To learn more about the defined benefit formula, visit the retirement plans webpage. For the defined contribution portion of this calculation, it is assumed that the employee is contributing a minimum of 3% of their salary to their retirement plan, which ensures a 3% match from the university, over and above the university's mandatory 2% contribution. Employees are immediately 100% vested in any contributions they make; employees are vested in the UM-paid defined contribution after 3 years of service. The defined contribution amount shown in this calculator is an estimate of what would be deposited into an employee's account. Of course, accounts can earn interest, and the account value will depend on investment selections and market fluctuations, just like any 401(k)-type plan. 
4 - The amount of coverage you receive under the university's Life Insurance Plan is age graded. This calculator assumes you are younger than 55, and therefore receiving 100% of 1x or 2x your salary, depending on whether you choose Basic Life A or Basic Life B, respectively. Supplemental and dependent life insurance is not estimated in this calculator, since it is 100% employee-paid.
5 - UM offers educational/tuition assistance to eligible employees and their dependents. Only employee assistance is included in the calculator. That's because it is available after six months of employment while dependent tuition assistance is not available until you have accrued five years of employment, generally speaking. Get details on the webpage for the educational assistance and tuition reduction programs. Furthermore, the calculator does not capture supplemental fees paid for an employee's education. You can assume that the university will pay an additional $600 to $1,200 more than what the calculator states if you take advantage of the maximum educational assistance for a year.

Reviewed August 11, 2015.