Overall Rating | Silver - expired |
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Overall Score | 55.88 |
Liaison | Jim Walker |
Submission Date | April 30, 2014 |
Executive Letter | Download |
University of Texas at Austin
PA-9: Employee Compensation
Status | Score | Responsible Party |
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3.00 / 3.00 |
Number of employees:
Number of staff and faculty covered by sustainable compensation standards, guidelines, or policies; and/or collective bargaining agreements:
Does the institution have employees of contractors working on-site as part of regular and ongoing campus operations?:
Number of employees of contractors working on campus:
Number of employees of contractors covered by sustainable compensation standards, guidelines, or policies and/or collective bargaining agreements:
A brief description of the sustainable compensation standards, guidelines, or policies; and/or collective bargaining agreements covering staff, faculty and/or employees of contractors:
Does the institution wish to pursue Part 2 of this credit (assessing employee compensation)?:
Number of staff and faculty that receive sustainable compensation:
Number of employees of contractors that receive sustainable compensation:
A brief description of the standard(s) against which compensation was assessed:
A brief description of the compensation (wages and benefits) provided to the institution’s lowest paid regular, full-time employees:
A brief description of the compensation (wages and benefits) provided to the institution’s lowest paid regular, part-time employees:
A brief description of the compensation (wages and benefits) provided to the institution’s lowest paid temporary (non-regular) staff:
A brief description of the compensation (wages and benefits) provided to the institution’s lowest paid temporary (non-regular, adjunct or contingent) faculty:
A brief description of the compensation (wages and benefits) provided to the institution’s lowest paid student employees (graduate and/or undergraduate, as applicable):
The local legal minimum hourly wage for regular employees:
Does the institution have an on-site child care facility, partner with a local facility, and/or provide subsidies or financial support to help meet the child care needs of faculty and staff?:
Does the institution offer a socially responsible investment option for retirement plans?:
The website URL where information about the institution’s sustainable compensation policies and practices is available:
Data source(s) and notes about the submission:
The university offers 2 options for mandatory retirement programs for employees, Teacher Retirement System of Texas (TRS) and Optional Retirement Program (ORP). TRS is a defined benefit retirement plan governed by Internal Revenue Code Section 401(a). All eligible employees of The University of Texas at Austin are automatically enrolled in TRS on their first day of employment. Employee and employer contributions go into a large trust fund that's managed by knowledgeable professionals. Retirement benefits are based on legislatively determined formulas. You are vested after attaining five years of service credit with a right to a retirement benefit. There are also disability, death and survivor benefits available to TRS members.
ORP is a defined contribution plan governed by Internal Revenue Code Section 403(b). You choose the investments made and the benefits are based on their performance. You're vested after one year and one day of participation with a right to both your and your employer's contributions. ORP is more portable than TRS. But, federal tax law prohibits 403(b) plans from providing disability benefits like those provided by TRS.
The university is required to notify ORP participants of their responsibilities. An ORP participant is responsible for the selection and monitoring of ORP companies and investments. The university has no fiduciary responsibility for the market value of a participant’s ORP investments or for the financial stability of the ORP companies chosen by the participant.
There are also voluntary retirement programs employees may choose to participate in at their own discretion.
The information presented here is self-reported. While AASHE staff review portions of all STARS reports and institutions are welcome to seek additional forms of review, the data in STARS reports are not verified by AASHE. If you believe any of this information is erroneous or inconsistent with credit criteria, please review the process for inquiring about the information reported by an institution or simply email your inquiry to stars@aashe.org.