Total Compensation Statements are in the mail
When we think about what our jobs pay, the number that comes to mind is our hourly or annual salary. But thinking about compensation in that way leaves out some very significant numbers, including dollars paid on your behalf for medical care, dental care and life insurance.
To provide you with a more complete picture of your actual compensation, the City has once again mailed a Total Compensation Statement to each regular, full-time City employee. The statement you will receive in your mailbox is personalized to reflect the value of your actual benefit elections, including your 2011 health care selection and the amount that will be deposited in your health reimbursement (HRA/VEBA) accounts by the end of the year.
Creating these personalized statements is one of the results of the Employee Engagement Survey. In this case, the issue arose in the 2006 survey to address employees’ concern that they didn’t have a complete picture of the value of their benefits and pay in an easily accessible and understandable format. The statements are intentionally sent before open enrollment begins to boost awareness of the value of their benefits and ensure that employees don’t miss out on opportunities or benefits that may be useful to them and their families.
Open enrollment is the period when employees have the opportunity to make changes to their benefits. This year, open enrollment will be held November 1 - 18. Employees can use the information in the statements to help them determine if they want to make any changes.
Sept. 14, 2011
Published Sep 14, 2011