Nov. 15, 2007
By Katie Quaranta
University Human Resources, hoping to provide comprehensive information on benefits offered by the university and encourage conversations about how best to take advantage of them, has created individualized total compensation statements for all full-time, benefits-eligible employees.
Created in collaboration with the Health Benefits Committee, the total compensation statements were mailed late last week to employees' homes. They outline each employee's 2007-08 benefits enrollment choices and include a summary of costs to both the employee and the university for the individual's medical, prescription, vision and dental coverage; life insurance costs; retirement contributions; and long-term disability, Medicare and worker's compensation costs.
"The goal is to make sure people understand total compensation at the university," said Greg Fialko, director of benefits and compensation. "Most people just think about compensation as salary, and compensation is much more than salary."
Additionally, since trends indicate that health-related costs will increase 8 to 9 percent per year for the next several years, Fialko hopes the information will help to clarify how employees and the university share these expenses.
The statements, which the university expects to provide annually, also include information about university benefit programs as well as a brief survey seeking recipients' feedback on the information provided. Fialko said Human Resources and the Health Benefits Committee will use the feedback to enhance future statements.
Human Resources hopes to provide more information in future years, including figures related to educational benefits.
All full-time, benefits-eligible employees hired before June 30 should receive a statement at their home address this week. Part-time employees will not receive statements, although they should be part of the mailing next year.
Employees who do not receive a statement or have questions or comments about the information provided should contact Human Resources at 740-593-1636.