03-P-036 Optional Group Life Insurance Rate Changes (Supersedes 00-P-032)
|DATE:||March 11, 2003|
|SUBJECT:||Optional Group Life Insurance Rate Changes|
|EFFECTIVE DATE:||July 1, 2003|
|CONTACT:||Roger Basinger||(785) firstname.lastname@example.org|
|SUMMARY:||Optional Group Life Insurance Rate Changes|
Please be advised that effective with coverage for the month of July, 2003, the Optional Group Life Insurance rates are changing as follows:
|Age at the Beginning
of the Calendar Year
|75 and Older||$3.31|
An administrative fee of $0.20 per month will continue to be added to the premium each month. Maximum coverage available will continue to be $200,000.00.
The new rates are effective with coverage for the month of July. Therefore, the July 18, 2003 paycheck (paycheck issued for the payroll period ending July 5, 2003) will be the first check issued with the new rates, since Optional Group Life Insurance premiums are collected on the second biweekly paycheck of the month for that month's coverage.
Along with the premium rate change, there is also a change to the age calculation for purposes of optional group life insurance. Currently, age is calculated based on the employee's attained age as of the payroll period. Effective with the new premium rates, age will be calculated based on the employee's attained age as of January 1st of the current calendar year.
The Division of Accounts and Reports, Payroll Services Team will make the necessary updates to the SHARP payroll system to effect this change for all employees from whom SHARP calculates pay. Regent's institutions are responsible for ensuring that this change is made in their respective systems prior to July 1, 2003.