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Employment Opportunities
Example Benefit Program
Since the value of the IDOT program can vary, each employee’s individual
situation is different. The following example might be helpful in assessing your
own personal situation.
Profile of Jane Example
Jane Example has just begun working with IDOT as a Civil Engineer Trainee. She
is contributing $4,000 per year into Deferred Compensation. Jane works average
overtime (180 hours per year). Jane also contributes $500 to the Flexible
Spending Account plan annually. Jane’s annual salary is $42,900 ($3,575 per
month). Jane is taking classes working toward her master’s degree. The maximum
dollar figure allowed per fiscal year is $1,000. Jane Example is in the 25%
federal incremental tax bracket with 3% in state taxes and 7.65% in Social
Security and Medicare taxes.
Jane Example's annual IDOT benefits summary
|
| (Example Compensation) |
|---|
| Annual Base Salary | $42,900 |
| Overtime (180 hours @ time and a half rate of $27.93/hour) |
$ 5,027 |
| TOTAL COMPENSATION: |
$47,927 |
| (Example Benefit Program) |
|---|
Savings for Retirement
State Employee Retirement System -
Employer Pick-Up ($43,907 X 7.792%) | $ 3,421 |
Employer Share -
Social Security & Medicare ($43,907 - $500) x 7.65% | $
3,321 |
Deferred Compensation -
Tax Savings on Deferral ($4,000 x 25%) | $ 1000 |
| Subtotal | $ 7,742 |
 | |
Medical Care For Single Person
QCHP Health Insurance ($556.82 x 12 mo.) |
$ 6,682 |
| Life Insurance ($14.77 x 12 mo.) | $ 177 |
| Employee Portion Medical Premium ($51/mo. x 12 mo. x 25%) |
$ 153 |
| Employee Portion Dental Premium ($10/mo. x 12 mo. x 25%) |
$ 30 |
Flexible Spending Account - Tax Savings:
Medical Costs ($500/yr. x 35.65%) | $
178 |
| Subtotal | $ 7,220 |
| |
Paid Time Off
Vacation (80 hrs. @ $18.62/hr.) | $ 1,490 |
| Holidays (12 days/yr. = 96 hrs. @ $18.62/hr) | $
1,788 |
| Personal Business Days (3 days/yr. = 24 hrs. @ $18.62/hr.) |
$ 447 |
| Sick Leave (12 days/yr = 96hrs @ $18.62/hr.) | $
1,788 |
| Subtotal | $ 5,513 |
| |
Professional Development
Master's Degree Coursework | $ 1,000 |
| Subtotal | $ 1,000 |
| |
| TOTAL BENEFITS PACKAGE |
$21,475 |
| |
| BENEFITS PERCENTAGE: $21,475/$47,927=44.8% |
|---|
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TOTAL EXAMPLE COMPENSATION & BENEFITS PACKAGE
*Based on FY06 rates | $69,402 |
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