Total Compensation Statements
You know how much you get in your paycheck every week or month. But do you really know the value of your total compensation from the University? Penn provides you with valuable benefits such as a competitive retirement program and comprehensive healthcare options, as well as many benefits that you might not even be aware of, including discount programs and health promotion and wellness services.
And while you know that you contribute a certain amount towards the cost of your health and retirement benefits, you may not be aware that the University contributes a significant amount towards these benefits as well.
That’s why in early March, many of you will receive a Total Compensation Statement, providing you with a summary of your calendar year 2004 benefits and compensation—showing both your contributions and the University’s cost for its contributions. You should be able to match your salary and your contributions to your final December 2004 paycheck. This personalized, confidential statement will be sent to full-time faculty and staff who were employed for a significant period of time in 2004.
Penn has developed these statements at the request of faculty and staff, and they demonstrate the value of the University’s total rewards to you. Your total compensation is a combination of your salary, the benefits you take advantage of based on your personal needs and other University-provided benefits that you may not even realize are there (e.g., Medicare, unemployment). Many factors go into your total compensation, and while not all of them can be addressed in a statement such as this, the most significant pieces will be included.
We know that the faculty and staff commitment to Penn is much more than just a job, and Penn offers you much more than just a paycheck. We hope that your total compensation statement will provide you with a better understanding of the value of working at Penn.
—Division of Human Resources
Almanac, Vol. 51, No. 22, February 22, 2005
February 22, 2005
Volume 51 Number 22