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98-P-002 Revised Fiscal Year 1998 GHI Composite Rates
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INFORMATIONAL CIRCULAR NO. 98-P-002 |
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DATE: |
August 6, 1997 |
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SUBJECT: |
Revised Fiscal Year 1998 GHI Composite Rates |
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EFFECTIVE DATE: |
Pay Period Beginning August 10, 1997 |
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CONTACT: |
Payroll Services |
(785) 296-3146 |
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APPROVAL: |
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SUMMARY: |
Revised FY98 GHI Composite Rates |
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The Division of Budget has approved, published and sent agency indices for the FY98 GHI Composite Rates which are different from those included in Informational Circular number 97-P-037. Since the first four paychecks in FY98 were charged at the lower rate included in 97-P-037, a recalculation has been done for the remaining 22 pay cycles of FY98 - resulting in yet a different rate from those published by Division of Budget. The net effect of the recalculation for your agency should be the same as if the new rate had been charged for all 26 cycles.
To illustrate how the recalculation for the new rates, an example is provided below.
Full Time Employee with Employee Dental:
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New Budget Rate: $84.53 x 26 cycles: |
2197.78 |
(amt for year) |
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Charged per 97-P-037: $79.56 x 4 cycles: |
318.24 |
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Yet to be collected: |
1879.54 |
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Amt to be collected each of next 22 cycles: |
85.43 |
The following new composite rates will be in effect for the pay period beginning August 10, 1997 and ending August 23, paid September 5, 1997:
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Group Health Insurance |
Employer Medical |
Employer Dental |
Total |
Object Code |
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Full-Time Single Employee |
$79.64 |
$5.79 |
$85.43 |
1950 |
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Part-Time Single Employee |
$63.64 |
$4.62 |
$43.59 |
1950 |
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Full-Time Employee,
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$41.14 |
$2.45 |
$43.59 |
1750 |
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Part-Time Employee,
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$33.05 |
$2.31 |
$35.36 |
1750 |
SAM:JM:kb
