Total Compensation Statement
At Dartmouth, we recognize that our success is only possible through the hard work and dedication of our faculty and staff, and HR considers it a priority to foster a rewarding environment that emphasizes excellence. Your total compensation package is one way that Dartmouth recognizes you for your contributions.
About the Statement
In order to present a complete set of annual figures we use the complete data from the prior calendar year. It is our intent to provide these reports annually. The data used to compile this report was as of December 31, 2021, and therefore any changes made after that date are not reflected. Statements were produced for anyone in a regular, benefits-eligible role as of December 31, 2021.
The benefits that Dartmouth offers, are in addition to your compensation. These benefits are available to you as non-cash benefits and cannot be converted to pay.
This statement can be referred to as a Total Compensation Statement or a Total Rewards Statement.
Paid Time Off (PTO)
For employees paid hourly the amounts on the statement are based on the actual paid time off benefit hours paid in 2021. For salaried employees, the amount is calculated using the standard calculation where base salary (as of 12/31) is divided by 261 working days in a year to obtain a daily rate. That daily rate is then multiplied by the number of PTO days available. For example, if a salaried employee has a base salary of $30,000 and is eligible for 22 days of vacation the calculation would be ($30,000/261)*22 = $2,528.74.
Many of the benefit amounts on the statement can be found in the year-to-date totals on your last pay slip of 2021. This statement is intended to provide you with information about the value of all your benefits and highlight additional benefits for which you may be eligible. The pay slip is a record of actual payments, where the statement is a comprehensive review of all benefits. Not all benefits appear on your pay slip. Pay slips can be viewed in employee self-service, learn more information and login here.
Paycheck & W-2
The Total Compensation Statement is intended to provide you with information about the value of all your benefits and highlight additional benefits for which you may be eligible. The W-2 is a record of actual payments made in total for a given calendar year. The W-2 Box 1 totals are reflected in the Compensation Summary section of the statement.
The base salary amount is your annual rate of pay as of December 31, 2021, while the amount in W-2 Box 1 is the taxable amount of your wages for the year. Federal income taxes are not due on pretax deductions such as health insurance premiums, flexible spending accounts, and retirement plan contributions.
The W-2 wages are taken from the Box 1 amount of the 2021 W-2's. There are certain employees who qualify for tax exempt status and therefore do not have a Box 1 value on their W-2.
Health & Welfare
Some of the benefits, such as Life Insurance, may have had a pending change that did not take effect until after December 31, 2021. The information on the statement reflects the benefits that were in effect as of December 31 and would not reflect any pending elections at that time.
Many of the benefits on the statement are provided to you based on your employee category. Once you have made your benefits elections, whether as a new hire, or during the annual Open Enrollment, you may not make changes to most of your benefits until the following plan year, due to IRS regulations. Unless you have a qualifying life status change, you will not have another opportunity to change your benefits coverage selection until the next Open Enrollment period held each fall. A qualifying life status change can be a marriage, divorce, birth or adoption of a child, or any time you or a dependent loses or gains coverage. A spouse's open enrollment period may also be considered a qualifying life status change. It is important to know that you must submit a qualifying life status change through the FlexOnline system no more than 31 days after the date of the event. Changes to Health Savings Account (HSA) and retirement plan elections may be made at any time throughout the year. All changeable elections can be accessed through the benefits system.
The Basic Life and matching AD&D coverage is not something you can change and Dartmouth pays the full cost of the coverage for most employees. You can change your supplemental life insurance during the open enrollment period or if you experience a mid-year qualifying life event, but will be required to complete a statement of health with Lincoln Financial.
HR does not know if someone uses or has used F/EAP services. The amount shown on the statement is a general amount allocated to all those eligible to receive the services and is intended to show the value of the benefit, not related to actual usage.
Amounts reflected under Supplemental Retirement Account are voluntary contributions for calendar year 2021. The amount Dartmouth contributes to your retirement plan is calculated on your base pay plus any additional retirement-eligible compensation you may have received during 2021. Contributions to the 401(a) and 403(b) Defined Contribution plans are based on the following ages:
Age 21 through 29 – 3%
Age 30 through 34 – 5%
Age 35 through 39 – 7%
Age 40 and older – 9%
Defined Benefit (DB) participants, please refer to your Annual Pension Summary.
The amount within your account(s) at TIAA or Fidelity, reflect actual contributions that you and/or Dartmouth made towards your retirement and may include gains or losses. The amount on the Total Compensation Statement are contributions that were made by you and/or Dartmouth during calendar year 2021.
Only current contributions to the Defined Benefit Plan are reflected in this statement. Employees who are now in the Defined Contribution Plan, and no longer receiving contributions into the Defined Benefit Plan, will only see their Defined Contribution Plan represented on their statement. Pension Summary statements are distributed annually showing the value of the Defined Benefit Plan for those not currently active in that plan.
You should contact the Human Resources Benefits Office at Human.Resources.Benefits@Dartmouth.edu or 603-646-3588 with questions.