blog posts UIS: FY 2024 Fringe Benefit Rates Jul 31, 2023 12:00 pmAccounting and BudgetingFY 24Paying People Images This announcement applies only to the University of Illinois at Springfield.Updated FY24 Fringe Benefit Rates take effect for pay periods BW16 and MN8.The FY 24 Final Facilities & Administrative (F&A) Rates and Fringe Benefit Rates document provides detailed rate application guidelines for F&A and fringe benefits.DeleteEdit embedded media in the Files Tab and re-insert as needed.align image leftalign image centeralign image right1. For employees who have elected the self-managed plan, the actual rate of 7.6% will be charged.2. IRS regulations require FICA (OASDI plus Medicare) withholding on assistantship salaries when a student is registered for fewer than six credit hours during the fall and spring semesters, and fewer than three hours in the summer, except if registering for this many credits would result in taking more credits than required for the degree.3. This chart includes a Medicare charge for employees hired after 4/1/86. There are no Medicare charges for employees hired before that date.Current and historical Springfield rates documents are available from the "Rate Schedules (F&A, Fringe Benefits, Tuition)" page of the OBFS System Government Costing website. The rate posting related to this specific communication is under the Springfield section.FRINGE BENEFIT RATESThe fringe benefit rates are updated annually. Unlike facilities and administrative cost rates, changes in fringe benefit rates are assessed immediately when they become effective, even if the budgeted rates differ. Fringe benefit rate changes for FY24 are effective July 1, 2023.ContactQuestions related to rate applications in proposals should be directed to the Office of Research & Sponsored Programs at email@example.com.Questions related to rate applications to project financial funds should be directed to Research and Sponsored Programs Post-Award, at firstname.lastname@example.org or by calling 217-206-7849 or 217-206-6558.