Substantially all full-time classified salaried employees of the University participate in the defined benefit retirement plan administered by the Virginia Retirement System (VRS). VRS is an agent multiple-employer public employee retirement system (PERS) that acts as a common investment and administrative agency for the Commonwealth of Virginia and its political subdivisions.
The University's payroll costs for employees covered by VRS were $167.7 million and $164.3 million for the years ended June 30, 1995 and 1994, respectively. The University's total payroll costs were $451.3 million and $436.9 million for the years ended June 30, 1995 and 1994, respectively. Information regarding types of employees covered, benefit provisions, employee eligibility requirements including eligibility for vesting, and the authority under which benefit provisions as well as employer and employee obligations to contribute are established can be found in the Commonwealth's Comprehensive Annual Financial Report (CAFR).
The University's total VRS contributions were $15.4 million and $14.7 million for the years ended June 30, 1995 and 1994, respectively, which included the 5 percent employee contribution assumed by the employer. These contributions represent 9.2 percent and 8.9 percent of covered payroll for the respective years.
The VRS does not measure assets and pension benefit obligations separately for individual State institutions. The CAFR provides disclosure of the Commonwealth's unfunded pension benefit obligation at June 30, 1994. The same report contains historical trend information showing VRS's progress in accumulating sufficient assets to pay benefits when due.
Substantially all full-time faculty, certain administrative staff, and Health Care Professionals participate in Faculty Optional Retirement Plans. These are fixed-contribution plans where the retirement benefits received are based upon the employer and employee contributions (all of which are paid by the University), and the interest and dividends. Individual contracts issued under the plans for full-time faculty and certain administrative staff provide for full and immediate vesting of both the University's and the participant's contributions. Health Care Professional's employer contributions fully vest after one year of employment. Total pension costs under the plans were approximately $20.7 million and $19.5 million for the years ended June 30, 1995 and 1994, respectively. Contributions to the Optional Retirement Plans were calculated using base salaries of $197 million and $189.6 million for the years ended June 30, 1995 and 1994, respectively. The contribution percentage amounted to 11.2 percent in 1995 and 10.3 percent in 1994.
|Market value of funds held by trustees for the benefit of the University||$98,546||$86,721|
|Income received from funds held by trustees for the benefit of the University||$ 3,695||$ 3,461|
It is not practicable to estimate the net realizable value of such pledges and, therefore, they are not reflected in the accompanying financial statements.
The total rental expense for all property and equipment was approximately $6.2 million and $5.3 million for the years ended June 30, 1995 and 1994, respectively.
The Board of Visitors authorized the Medical Center to participate with the University of Virginia Health Services Foundation in establishing Healthcare Partners, Inc., a non-profit joint venture designed to provide clinical and related services, as well as to support and promote medical, educational, scientific, and research purposes. The Board authorized the Medical Center to invest $4 million to capitalize the corporation.
The Board of Visitors also authorized the Medical Center to establish an acute rehabilitation facility through a joint venture with HEALTHSOUTH Corporation. The Board authorized a capital contribution of $2 million upon approval of the Certificate of Public Need. .
|Leonard W. Sandridge||Executive Vice President and Chief Financial Officer|
|Colette Capone||Vice President for Management and Budget|
|Charles T. Gillet||Assistant Vice President for Finance and University Comptroller|
|Alice W. Handy||University Treasurer|
|Peter L. Munger||Chief Financial Officer, University of Virginia Medical Center|
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