Supplemental Compensation Plan Procedures: Difference between revisions

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Please see:  UNMC Policy No. 3039, [[Supplemental Compensation Plan]]
Please see:  UNMC Policy No. 3039, [[Supplemental Compensation Plan]]
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It shall be the responsibility of the dean or director of each department or institute to develop, implement and monitor supplemental compensation plans, in accordance with:
* UNMC Policy No. 3039, [[Supplemental Compensation Plan]]
* Faculty Handbook , Supplemental Compensation Plan, Sections 6 – 7
Each supplemental compensation plan shall include billing and accounting procedures which provide thorough accountability for receipt and disbursement of plan funds, including proper set up in SAP as explained below. Each plan shall use a separate University account which may receive funds from any one or more of the sources permitted under Regental Addendum VIII-A-4, §5.3 (dated June 20, 1987).
At the time supplemental compensation is committed to a participant, a Terms of Employment Agreement will be signed, a Personnel Action Form will be processed, and funds will be transferred to the designated University account.
An annual report of the activities of each supplemental compensation plan shall be made to the Chancellor. The Vice Chancellor for Business and Finance or his/her designee will review all supplemental compensation plan activity on an annual basis and the responsible dean or director shall respond to any recommendations.
This report should include the participant’s name, academic rank, supplemental compensation, and base University salary for each participant. The yearly report will also include both an explanation of performed review procedures and recommendations if problems are discovered.
== Entry of supplemental compensation in SAP: ==
Effective immediately, all departments, colleges, and institutes at UNMC must enter supplemental compensation (wage code type 1410) in SAP:
* on the IT9027 screen (also called the cost distribution screen for payroll funding)
* and on the IT0014 (recurring payments) with wage code type 1410 '''BUT with NO cost object distribution on it'''.
If you have questions on how to enter this data in SAP, contact Payroll Dept. at 559-4391
== Basis for this change of procedure: ==
Federal regulations require that basic university benefits (health, retirement, FICA, etc.) be allocated in proportion to payroll expense.  Entering supplemental compensation (wage code 1410) in SAP on IT9027 satisfies this requirement.
The "Supplemental Compensation Plan" chapter of the faculty handbook states that only incremental benefits (those calculated as a percent of salary) are to be considered in determining whether supplemental compensation plans are adequately funded (see sections 6.4 and 7.2 of "Supplemental Compensation Plan" chapter of the faculty handbook).
Should it be necessary to determine funding adequacy, health and life insurance charged to supplemental compensation centers should be excluded.  Consult the Office of Financial Controls and Compliance for assistance with these calculations.


[[Supplemental Compensation Plan]] Policy
[[Supplemental Compensation Plan]] Policy


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Please see update at [https://info.unmc.edu/management/finance/fincompliance/policies/SuppCompProcedureUpdate.pdf Supplemental Compensation Plan Procedures]<br />
 
This page updated on 07/10/08, by [mailto:dpanowicz@unmc.edu dkp].<br />


Last Review by Policy Owner: July 10, 2008
This page updated on 02/25/21, by [mailto:dpanowicz@unmc.edu dkp].<br />

Latest revision as of 11:39, February 25, 2021

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Effective Date: 02/01/07

Supplemental Compensation Plan Procedures

Please see: UNMC Policy No. 3039, Supplemental Compensation Plan

Supplemental Compensation Plan Policy

Please see update at Supplemental Compensation Plan Procedures

This page updated on 02/25/21, by dkp.

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