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PIP Membership Meeting March 19, 2003 Agenda Approval of 1/31/03 meeting minutes Brief review of PIP allocation formula issue Brief review of PIP fringe costs issue Discussion of PIP policy committee plan School negotiated Member negotiated Elections PIP Allocation Formula Issue school negotiated contracts Current Administration of PIP 20% of extramural contract salary and fringe benefits are allocated to the PIP member’s account Problem Inconsistent with TT accounting practices and perceived as “double-dipping” (PIP member receives 100% of fringe benefits from TT and 20% of contracted fringe as a salary augmentation) Inconsistent with the research incentive program. PIP Fringe Costs Issue school & member negotiated contracts Current Administration of PIP When a PIP member elects to take money from his/her PIP account as salary augmentation, federally mandated fringe costs are absorbed by TT rather than deducted from the augmentation. Problem Inconsistent with PIP bylaws and TT accounting practices. PIP Policy Committee Plan If approved, to be implemented 8/1/03 School negotiated contracts Change allocation formula from 20% of salary and benefits to 25% of salary Deduct fringe costs from PIP member’s salary augmentations Member negotiated contracts Increase the allocation of money into the PIP member’s account by 5% across all income intervals Deduct fringe costs from PIP member’s salary augmentations School negotiated contract example $70,000 salary + 28% benefits, 25% FTE Current Proposed salary: $70,000 salary: $70,000 salary+benefits: $89,600 contracted salary: $17,500 Salary x 1.28 salary x 0.25 contract: $22,400 member funds: $4,375 $89,600 x 0.25 FTE $17,500 x 0.25 FTE member funds: $4,480 salary augmentation $22,400 x 0.20 $4,375 – fringe – taxes salary augmentation: $4,025 – taxes* $4,480 – taxes* *A difference of $296 annually after taxes Member negotiated contract example Contract for services earning $6,000 per year Current Proposed contract amount: $6,000 Contract amount: $6,000 member funds: $5,100 Member funds: $5,400 $6,000 x 0.85 $6,000 x 0.90 salary augmentation: Salary augmentation: $5,100 – taxes* $5,400 – fringe – taxes $4,968 – taxes* *A difference of $86 annually after taxes Elections PIP president elect Member at large
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