When calculating employer insurance or employer annuity contributions, there are different requirements for single job accruals and multiple job accruals.
To calculate contributions for a single job:
1. Determine number of accrual periods
If the Pay Frequency = 6, then the Accrual Period = the Number of Months in Contract
If the Pay Frequency = 5, then the Accrual Period = the Number of Months in Contract x 2
If the Pay Frequency = 4, then the Accrual Period = (26 x Number of Months in Contract/12), rounded
For all Pay Frequencies, if Accrual Periods > Number of Annual Payments, then Accrual Periods = Number of Annual Payments
2. If Accrual Periods < Number Annual Payments - Number Remaining Payments, perform accrual payback
Else:
Earned Amount = (Employer Ins Contribution x Number Annual Payments)/Accrued Periods
Accrued Amount = Earn Amount - Employer Ins Contribution
YTD Accrue Amount = Accrued Amount x (Number Annual Payments - Number Remaining Payments)
Note: For nonstandard employees, the system checks contract dates to help establish the beginning school YTD (e.g., if the contract begin date is 7/1/2021, then the system knows the monies belong to school YTD for 2022).
Pay History Accrued Employer Ins Contribution = YTD Accrue Amount - School YTD Job Accrue Employer Ins Contribution
To calculate contributions for multiple jobs:
The following steps must be performed for each accruing job:
1. Determine the percentage of total accrued pay that is applied to each job:
Accrual Adjusted Percent = Job Standard Pay/Total Standard Pay of Jobs with Employer Contribution Selection
2. Determine number of accrual periods.
If multiple jobs are accruing, use the number of annual payments of the job with the highest percent assigned.
If the Pay Frequency = 6, the Accrual Period = the Number of Months in Contract
If the Pay Frequency = 5, the Accrual Period = the Number of Months in Contract x 2
If the Pay Frequency = 4, the Accrual Period = (26 x Number of Months in Contract/12), rounded
For all Pay Frequencies, if Accrual Periods > Number of Annual Payments, Accrual Periods = Number of Annual Payments
3. If the Accrual Periods < Number Annual Payments - Number Remaining Payments, perform accrual payback.
Else:
Earned Amount = ((Employer Ins Contribution x Accrual Adjusted Percent) x Number Annual Payments)/Accrued Periods
Accrued Amount = Earn Amount - (Employer Ins Contribution x Accrual Adjusted Percent)
YTD Accrue Amount = Accrued Amount x (Number Annual Payments - Number Remaining Payments)
Note: For nonstandard employees, the system looks at contract dates to help establish the beginning school YTD (e.g., if the contract begin date is 7/1/2021, the system knows the monies belong to school YTD for 2022).
Pay History Accrued Employer Ins Contribution = YTD Accrue Amount - (School YTD Job Accrue Employer Ins Contribution x Accrual Adjusted Percent)