16-P-021 Optional Group Life Insurance Rate Changes, Spousal Life Insurance, and Child Life Insurance Changes (April 22, 2016)
Informational Circular No.: 16-P-021
Supersedes Informational Circular No: 15-P-031
Effective Date: July 1, 2016
Contact Name: Heather DeBusk
Ph: (785) 296-2434
Approval: Nancy Ruoff (Original Signature on File)
Summary: Optional Group Life Insurance Rate Changes, Optional Spousal Life Insurance and Child Life Insurance Changes
KPERS has approved a new Optional Group Life Insurance provider effective July 1, 2016. The Standard will replace Minnesota Life. Due to this change in provider the Employee Optional Group Life Insurance rates are changing effective July 1, 2016 as follows:
Age as of Monthly Premium
January 1, 2016 per $1,000
Under 25 $0.037
75 and Older $1.528
An administrative fee of $0.20 per month will continue to be added to the employee premium each month. Maximum employee 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.
At this time the Spousal Group Life Insurance and Child Life Insurance rates will remain the same. An administrative fee of $0.20 per month will continue to be added to the spousal premium each month. Effective, July 1, 2016, a new $.20 administrative fee will be added to the child premium each month. Maximum coverage is available up to $100,000 for Spousal Group Life Insurance and $20,000 for Child Life Insurance.
The new rates are effective with coverage for the month of July, 2016. Therefore, the July 15, 2016 paycheck (paycheck issued for the payroll period ending July 2, 2016) 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 Office of the Chief Financial Officer, 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 July 1, 2016.
Printable Version of 16-P-021