Benefits Initiative Update: February 18, 2020

Anonymous — Mon, 17 Feb 2020 20:37:29 +0000

Benefits Initiative Update: February 18, 2020 Anonymous (not verified) Mon, 02/17/2020 - 13:37

We are writing today with an update to the fringe benefits shared solution work we began with you earlier this fall. Campus constituents came together this past fall and formed small working groups to explore and make recommendations for a shared solution. The small working groups focused on specific benefits groupings based on source of funds and/or unique characteristics of each. Following receipt of those recommendations in November, we engaged in discussions with the lead working group and others to incorporate feedback into a draft proposal. We presented this proposal at a meeting Jan. 23 and received feedback from working group members and the Academic Affairs Budget Advisory Committee (AABAC). We incorporated this feedback into a final shared solution decision.

We committed to provide a final shared solution decision this month and are sharing that decision with you today. The Benefits Shared Solution document summarizes the recommendations that came from the working groups, as well as the responses that will guide our path forward.

We would like to reiterate a few points:

We have committed to cover any accumulated year-end benefits deficits at the end of this fiscal year.
Beginning in July 2020, benefits budgets and actual expenses will be localized in fund 10 and 12 speedtypes. These will no longer be held centrally as they were in the past.
The Office of Faculty Affairs has provided an updated offer letter template, so that effective January 15, 2020, all new offer letters that include start-up and retention packages clearly state that all salary expenses will need to cover corresponding benefits expenses.

This is a change for our campus, and we want to help answer all questions during this transition. The office of Budget and Fiscal Planning (BFP) created an FAQ on the BFP website /bfp/benefits. We will be conducting outreach to units in the spring, including twice-weekly, full-day office hours in Regent and ARCE, and offering follow-up support throughout the year. Questions or requests can be sent to BFP at bfp@colorado.edu.

Update (May 11, 2020): based on feedback from campus budget officers, the Petition Fund Request Process for FY21 will take place in Sept/Oct 2020 (first round) and spring 2021 (second round). For more information on the Petition Fund, please see the Benefits Shared Solution document (link above).

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Benefits Initiative Update: Jan. 15, 2020

Anonymous — Wed, 15 Jan 2020 19:33:40 +0000

Benefits Initiative Update: Jan. 15, 2020 Anonymous (not verified) Wed, 01/15/2020 - 12:33

This fall, campus constituents participated in small working groups to develop recommendations for what a shared solution could look like for the campus. These recommendations were delivered in November. Since that time, campus leadership has had discussions with the lead working group that was formed in summer 2019 and others to incorporate these recommendations into a final proposal. Campus leadership will be reconvening the small working groups, along with the Academic Affairs Budget Advisory Committee (AABAC) and the lead working group, to review this proposal. We expect to have a final, shared solution decision to share with you in February 2020.

In the meantime, leadership has some additional updates and clarifications to share with you.

Leadership’s commitment to covering the year-end benefits deficit this year still stands. Units will not be subject to a “b-roll” of any year-end deficits that originate from their speedtypes.
As communicated in the Benefits Shared Solution Planning document from September 2019, benefits budgets and actuals will be localized in funds 10 and 12 speedtypes beginning in July 2020. These will no longer be held centrally as they were in the past.
Units should expect a shared solution (budget) decision in February 2020 so we can prepare for the upcoming fiscal year.
Faculty Affairs has updated the offer letter template such that, effective January 15, 2020, all new start-up and retention accounts that have salary expenses will have corresponding benefits expenses. The template is available now. The solution for existing start-ups and retentions will be addressed in the shared solution decision released in February 2020.
Units can reach out to Budget and Fiscal Planning (bfp@colorado.edu) with questions. Budget and Fiscal Planning staff will be conducting outreach with units in the spring to prepare for the transition and offer follow-up support after the start of the fiscal year. This outreach will include trainings and open office hours on main and east campus and significant website updates. BFP will also be available to attend unit meetings as requested.

Campus leadership updates on the Benefits Initiative, including working group and shared solution information.

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Benefits Initiative Update: February 18, 2020

Benefits Initiative Update: Jan. 15, 2020