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Supplemental Compensation Plan Procedures: Difference between revisions
Supplemental Compensation Plan Procedures (view source)
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* UNMC Policy No. 3039, [[Supplemental Compensation Plan]] | * UNMC Policy No. 3039, [[Supplemental Compensation Plan]] | ||
* Faculty Handbook , Supplemental Compensation Plan, Sections 6 – 7 | * 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). | 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. | 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. | 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. | 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. | ||
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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. | 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). | 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. | 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 | ||