531510-531590 - Employee Benefit Costs

Employee Benefit Costs

Employer's share of social security, retirement, medical insurance, disability, unemployment and worker's compensation paid on behalf of state employees. This account is also used for retaining budgeted reserves for staff benefits which must be transferred to expenditure accounts prior to disbursement.

Social Security Contributions

Account	Title	Funded by
531510	Social Security Contributions	Universities
531511		Appropriated
531512		Receipts
531513		Undesignated

Retirement Contributions

Regular Retirement

Account	Title	Funded by
531520	Regular Retirement	Universities
531521		Appropriated
531522		Receipts
531523		Undesignated

LEO Retirement

Account	Title	Funded by
531530	LEO Retirement	Universities
531531		Appropriated
531532		Receipts
531533		Undesignated

Optional Retirement

Account	Title	Funded by
531540	Optional Retirement	Universities
531541		Appropriated
531542		Receipts
531543		Undesignated

Pension Spike Payments

Account	Title	Funded by
531550	Pension Spike Payments	Universities
531551		Appropriated
531552		Receipts
531553		Undesignated

Medical Insurance Contributions

Account	Title	Funded by
531560	Medical Insurance Contributions	Universities
531561		Appropriated
531562		Receipts
531563		Undesignated

Other Employer Contributions

Account	Title
531572	Unemployment Compensation Payments to Division of Employment Security (DES)
531573	Worker's Compensation Premiums
531574	Additional Employee Benefits
531575	Employee Assistance Program
531576	Flexible spending savings account This account is to record transfers of employer social security savings derived from employee participation in healthcare and dependant care flexible spending account programs. This account replaces the old account 538010 effective 7/1/2007.
531577	Unemployment Insurance 1% Payment to Division of Employment Security (DES) To record the required payments to comply with Session Law 2013-2 whereby all State agencies, departments, institutions, the University of North Carolina, as well as community colleges and public schools are required to make payments to the Unemployment Insurance Reserve with DES.
531580-531589	Open
531590	Reserves for Staff Benefits

Other Employee Benefit Costs

Account	Title
531595	Pension expense (13th Month (6/30) transactions only) This account reflects the change in net pension liability that is recognized immediately and the amortization of deferred inflows/ outflows of resources related to pensions over time. Proprietary Funds Only. No budgetary/monthly expense transactions will be posted to this account. The only transactions posted this account should be the year-end accrual entries for the allocated portion of total pension expense for that agency for cost-sharing plans (TSERS) and any pension expense associated with single-employer plans administered by the agency. [See GASB 68 Accounting and Financial Reporting for Pensions for more information.]

Account

Title

531595

Pension expense (13th Month (6/30) transactions only)
This account reflects the change in net pension liability that is recognized immediately and the amortization of deferred inflows/ outflows of resources related to pensions over time. Proprietary Funds Only. No budgetary/monthly expense transactions will be posted to this account. The only transactions posted this account should be the year-end accrual entries for the allocated portion of total pension expense for that agency for cost-sharing plans (TSERS) and any pension expense associated with single-employer plans administered by the agency. [See GASB 68 Accounting and Financial Reporting for Pensions for more information.]

531598 OPEB Expense (13th Month (6/30) transactions only)

This account reflects the change in net OPEB liability that is recognized immediately and the amortization of deferred inflows/ outflows of resources related to OPEB over time. Proprietary Funds Only. No budgetary/monthly expense transactions will be posted to this account. The only transactions posted to this account should be the year-end accrual entries for the allocated portion of total OPEB expense for that agency for cost-sharing plans and any OPEB expense associated with single-employer plans. [See GASB 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions for more information.]

Employee Educational and Other Expenses - These accounts are classified as Employee Benefits for year-end reporting.

532941 Educational Assistance Program Taxable
532942 Other Employee Training Expenses Non-Taxable
532950 Employee Moving Expenses
Beginning January 1, 2018, employee moving expenses are taxable benefits per IRS guidelines and should be processed through the agency’s/university’s payroll system as a taxable reimbursement.
532951 Staff Tuition Waiver - Resident/Nonresident