99-P-030 Optional Group Life Insurance Rate Changes
| DATE: | June 7, 1999 | ||
|---|---|---|---|
| SUBJECT: | Optional Group Life Insurance Rate Changes | ||
| EFFECTIVE DATE: | Pay Period Beginning June 27, 1999 | ||
| CONTACT: | Payroll Services | (785) 296-3146 | |
| APPROVAL: |  |
||
| SUMMARY: | Optional Group Life Insurance Rate Changes | ||
Please be advised that effective with the payroll period beginning June 27, 1999 and ending July 10, 1999, paid July 23, 1999, the Optional Group Life Insurance rates are changing as follows:
| Attained Age | Monthly Premium per $1,000 |
|---|---|
| Under 30 | $0.05 |
| 30-34 | $0.06 |
| 35-39 | $0.08 |
| 40-44 | $0.12 |
| 45-49 | $0.16 |
| 50-54 | $0.28 |
| 55-59 | $0.41 |
| 60-64 | $0.60 |
| 65-69 | $0.99 |
| 70-74 | $1.60 |
| 75 and above | $2.71 |
An administrative fee of $0.20 per month will continue to be added to the premium each month. Maximum coverage available will remain at $200,000.00.
Age is based on the employee's attained age during the payroll period. Optional Group Life Insurance deductions will continue to be taken the second biweekly period of the month.
Board of Regents' Institutions operating under the Regents' Payroll system are responsible for implementing the new rates and for updating age groups and premium deduction amounts in their Payroll Systems effective with deductions made for the pay period beginning June 27, 1999 and ending July 10, 1999.
SAM:JJM:eh
