04-P-024 Optional Group Life Insurance Rate Changes (Supersedes 03-p-036)
| DATE: | December 22, 2003 | ||
|---|---|---|---|
| SUBJECT: | Optional Group Life Insurance Rate Changes | ||
| EFFECTIVE DATE: | January 1, 2004 | ||
| CONTACT: | Roger Basinger | (785) 296-5387 | Roger.Basinger@da.state.ks.us |
| APPROVAL: |  |
||
| SUMMARY: | Optional Group Life Insurance Rate Changes | ||
Please note that effective January 1, 2004 the Optional Group Life Insurance rates are changing as follows:
| Age at the Beginning of the Calendar Year |
Monthly Premium per $1,000 |
|---|---|
| Under 30 | $0.05 |
| 30-34 | $0.07 |
| 35-39 | $0.08 |
| 40-44 | $0.09 |
| 45-49 | $0.13 |
| 50-54 | $0.19 |
| 55-59 | $0.36 |
| 60-64 | $0.55 |
| 65-69 | $1.07 |
| 70-74 | $1.73 |
| 75 and Older | $2.06 |
An administrative fee of $0.20 per month will continue to be added to the premium each month. Maximum coverage available is $250,000.00. The age calculation will continue to be based on the employee's attained age as of January 1st of the current calendar year.
The new rates are effective with coverage for the month of January 2004. Therefore, the January 16, 2004 paycheck (paycheck issued for the payroll period ending January 3, 2004) 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.
The Division of Accounts and Reports, Payroll Services Team will ensure the updates are made 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 January 1, 2004.
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