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

531510

Social Security Contributions

Universities

531511

Appropriated 

531512

Receipts 

531513

Undesignated

 

Retirement Contributions

Regular Retirement

531520

Regular Retirement

Universities

531521

Appropriated 

531522

Receipts

531523

Undesignated

LEO Retirement

531530

LEO Retirement

Universities

531531

Appropriated 

531532

Receipts

531533

Undesignated

 

Optional Retirement

531540

Optional Retirement

Universities

531541

Appropriated 

531542

Receipts 

531543

Undesignated 

 

Pension Spike Payments

531550

Pension Spike Payments

Universities

531551

Appropriated

531552

Receipts 

531553

Undesignated 

 

Medical Insurance Contributions

531560

Medical Insurance Contributions

Universities

531561

Appropriated

531562

Receipts 

531563

Undesignated 

 

Other Employer Contributions

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

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