FY 2018-19 Annual Compensation Report
In accordance with C.R.S. 24-50-104(4), the Department of Personnel & Administration submitted the FY 2018-19 Annual Compensation Report for state employee total compensation, covering salaries, salary structure, State benefits, and State Patrol Trooper pay, to the Governor and the Joint Budget Committee of the general assembly. The report is available online.
Overall, the State’s total compensation package is competitive with the market. Findings show the State’s total compensation package is 5.5% below prevailing market. While the value of the State’s total compensation package varies only slightly from market, maintenance is required to sustain that acceptable variance. Other findings include:
- Salary Structure: The projected salary structure increase in 2017-18 is 2%. It is recommended that the State consider two separate adjustments, including both a salary base increase and salary structure increase. The salary structure percentage of 2% ensures the structure is moving in alignment with the market.
- Actual Base Salary: Overall, actual base salary for State employees is approximately 6.3% below market median. Base Salary makes up the majority of a State employee’s package at 76.1% of the total.
- Benefits: Benefits (medical, dental, life, disability, and retirement) account for 23.9% of the State’s total compensation, as compared to 22.6% for the prevailing market. State medical benefits are 3% below market median while dental benefits are 1% above market median. Overall, the State’s benefits are in line with prevailing provisions and contributions. No specific changes are suggested.
- Retirement: Overall, the State’s retirement plan is 9.9% higher than market retirement plans, including Social Security.
Based on the findings of the annual compensation report, the Department will continue to work closely with the Governor’s Office of State Planning and Budgeting to develop recommendations for consideration in the Governor’s November 1, 2017 Budget Request for FY 2018-19.