Impact of Retroactive Assessments for OPEB

The University Budget Office has informed the campuses that the Other Post-Employment Benefits (OPEB) portion of the interim FY 24 Fringe Rates was not being assessed on non-general funds from the start of FY 24.  Assessment of OPEB will begin with the January 19 payroll and retro assessments for the start of the fiscal year will also be forthcoming.  According to the current FY 2024 Composite Fringe Rates notice on the ORS website, the OPEB rate is 11.69% for faculty and staff.  These adjustments will impact all non-general funds accounts (this includes TFSF, RTRF, other special/revolving and extramural accounts).

ORS has also put out a memo regarding the impact of the OPEB retroactive assessments on extramural accounts.  A copy of the memo can be found here.