Compensation

What is a total compensation statement?

The total compensation statement is an overview of your total compensation package, which includes your pay and benefits provided by the university.

Why doesn't my statement doesn't match my W-2 or my paystub?

The total compensation statement is not a regulatory or tax document and should not be used for income tax preparation. Employees need to use information found in their W-2 to complete their tax returns. The total compensation statement is intended to be a summary of the benefits, options, and opportunities afforded to employees for informational purposes only.

What is included and not included?

The total compensation statement excludes taxes (federal, state, local, Social Security, and Medicare) and excludes certain deductions and pay, such as earnings from student jobs, parking fees, CVC deductions, child support, and garnishments.

The statement includes the following compensation items:

Regular Pay/Paid Time Off:
Regular pay from primary and secondary jobs
Worker's compensation, as needed
Annual leave
Community service leave
Family/Personal leave
Holiday leave
Parental leave
Public health emergency leave
Recognition leave
Sabbaticals, if eligible
Short-term disability leave
Sick leave: 64 to 120 hours, depending on years of service and leave plan

Additional Compensation:
Adjunct assignments
Awards
Bonuses
Car stipend
Cell phone stipend
Moving and relocation
Other hourly jobs
Overload teaching
Overtime/Compensatory time
Pre-major advising
PSA (Professional Service Agreement)
Summer research/teaching
Temporary/Acting assignments

Retirement Benefits:
VRS (Virginia Retirement System) Plan 1, 2, or Hybrid
ORP (Optional Retirement Plan) 1 or 2
401(a) Cash Match Plan: up to $480 per year
403(b) Tax Deferred Savings Plan
403(b) Roth Savings Plan
457 Deferred Compensation Plan
457 Roth Savings Plan

Health & Wellness:
Dental insurance
EAP (Employee Assistance Program)
Flexible dependent care spending
Flexible medical care spending
Group life insurance: 2x current salary
Health insurance: 5 available options
Optional life insurance: coverage for spouse and children
Retiree health insurance credit
Vision insurance

Disability Benefits:
Long-term disability

Additional W&M Benefits:

No Cost Benefits:
Bee McLeod Recreation Center: access to facilities and equipment
Colonial Williamsburg Collegiate Pass
LinkedIn Learning: access to free online training courses for work and leisure
McCormack-Nagelson Tennis Center: free membership for faculty and staff
Microsoft Office 365: 5 licenses for personal home use
Organizational memberships in disciplines and professional associations, subject to funding
Swem Libraries and subscriptions: Ancestry.com, Chronicle of Higher Education, Consumer Reports, The New York Times, Wall Street Journal, and many others

Voluntary Benefits:
AFLAC (American Family Life Assurance Company)
Long-term care (direct bill to employee)
Legal Resources

Great Deals and Discounts:
Beneplace (discounts.wm.edu): access to employee discounts and perks platform
Busch Gardens discounted ticket day
Campus Child Care: preferential application category
On-Campus Dining: $8.00 plus tax per meal for employees at the Sadler Center Dining Hall and the Commons
Membership discounts: CommonHealth Wellness Program and Weight Watchers
W&M Spirit Shop & Bookstore: 10% off purchase with Tribe Card

Who received a total compensation statement?

Employees who were in a benefit-eligible position as of December 31st received a statement.

How do I verify the compensation amounts?

1. Please visit Banner Self-Service and go to the Employee tab.
2. Click on Pay Information.
3. Click on Earnings History.
4. Change the From Date to January of the previous year and the To Date to December of the previous year. Click Display.
5. Add the amounts in the Total Gross Pay column for the included earnings. This represents how much the university paid.

How do I verify the benefits amounts?

1. Please visit Banner Self-Service and go to the Employee tab.
2. Click on Pay Information.
3. Click on Deduction History.
4. Change the From Date to January of the previous year and the To Date to December of the previous year. Click Display.
5. Add the amounts in the Employee Deduction column for the included benefits and deductions. This represents your contributions.
6. Add the amounts in the Employer Deduction column for the included benefits and deductions. This represents how much the university paid.

I had multiple jobs this past calendar year. Does the regular and potential additional pay show my most current job or both?

Both.

My salary changed last year or it's different from what I expected. Why does my regular pay not reflect this? Have I been paid incorrectly?

The regular pay is based on your earnings, not your salary, for the calendar year. As a reminder, the university may issue salary increases mid-year, which will impact your earnings statement.

How is the “University Paid Benefits as Percentage of Earnings” calculated?

This percentage is equal to the total Health & Wellness Benefits and Retirement Benefits divided by the total Regular Pay and Potential Additional Pay (both paid by the university).

I am not enrolled in health coverage, but I have amounts showing for Health & Wellness Benefits. What does this include?

Health & Wellness Benefits includes not just health coverage but also group life insurance (paid by the university), optional life insurance (paid by the employee), long-term disability (paid by the university and employee), and retiree health insurance credit (paid by the university).