Kansas Department of Administration

15-P-031 Optional Group Life Insurance and Spousal Life Insurance Rate Changes (April 27, 2015)

Informational Circular No.: 15-p-031

Supersedes Informational Circular No: 11-P-014

Effective Date: June 1, 2015

Contact Name: Earl Brynds

Ph: (785) 296-5376

Email: Earl.brynds@da.ks.gov

Approval:    Nancy Ruoff (Original Signature on File)
Summary: Optional Group Life Insurance and Optional Spousal Life Insurance Rate Changes.

 

Please note that effective June 1, 2015 the Optional Group Life Insurance rates are changing as follows:

        Age at the Beginning                             Monthly Premium
        of June 2015                                                    per $1,000       

           Under 25                                                         $0.04
             25-29                                                            $0.04
             30-34                                                            $0.06
             35-39                                                            $0.07
             40-44                                                            $0.08
             45-49                                                            $0.12
             50-54                                                            $0.17
             55-59                                                            $0.32
             60-64                                                            $0.51
             65-69                                                            $0.95
             70-74                                                            $1.54
             75 and Older                                                 $1.67

An administrative fee of $0.20 per month will continue to be added to the premium each month.  Maximum coverage available is $300,000.00.  The age calculation will continue to be based on the employee’s attained age as of January 1st of the current calendar year.

Effective June 1, 2015 the Spousal Group Life Insurance rates are changing as follows:

 

            Age at the Beginning                            Monthly Premium
‚Äč            of June 2015                                               per $1,000

              Under 25                                                        $0.09 
               25-29                                                            $0.09
               30-34                                                            $0.13
               35-39                                                            $0.14
               40-44                                                            $0.16
               45-49                                                            $0.23
               50-54                                                            $0.34
               55-59                                                            $0.65
               60-64                                                            $0.99
               65-69                                                            $1.91
               70-74                                                            $3.08
               75 and Older                                                 $3.33

The new rates are effective with coverage for the month of June 2015.  Therefore, the June 19, 2015 paycheck (paycheck issued for the payroll period ending June 6, 2015) 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 Department of Administration, 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 June 1, 2015.



Printable version of 15-P-031

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