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Employers

Employer Bulletin

Local ICI Employers
Vol. 20, Local C
February 17, 2003

Update on ICI Premiums

Update ICI Premiums on March Report

Local Employers offering ICI must update payroll records and calculate new ICI monthly premiums, which will be effective March 1, 2003. The premiums are based on calendar year 2002 Wisconsin Retirement System (WRS) earnings and the elimination period selected by each employee.

The updated premiums must be reported on your March 2003 Income Continuation Report (ET-1629), which is due at the Department of Employee Trust Funds on or before Wednesday, February 20, 2003. Note: If you have previously submitted your March 2003 ICI report (ET-1629), please make the necessary adjustments based on 2002 earnings on your April 2003 premium report due March 20, 2003.

Please write "Annual Review and Update Completed" on the bottom of your March 2003 report to indicate that you have completed this process. Use the following instructions to complete your review of ICI premiums. See also: Subchapter 608 of the Wisconsin Public Employers ICI Administration Manual (ET-1145).

  1. Determine each insured employee's WRS earnings for 2002. If an employee was newly hired or had an interruption in earnings of three consecutive months or more, the WRS earnings for 12 months will be an estimate.
  2. Verify that you are reporting employees by the correct elimination period.
  3. Use the guidelines listed in the Wisconsin Public Employers ICI Administration Manual to calculate the amount of the monthly premium for each employe (Chapter 4) and the employer contribution (Chapter 5). The premium rates are unchanged from last year and are attached to this Bulletin.
  4. The resulting total premiums will be the amount paid and reported beginning February 20, 2003 (for March 2003 coverage) and ending January 20, 2004 (for February 2004 coverage).

NOTE: When an employee has a permanent change in the percentage of appointment, such as a change from part-time to full-time employment, premiums must be adjusted at the time the change occurs.

If an adjustment was not made at the time the change in appointment occurred, payment of the additional premiums –or refund of overpaid premiums– should be made from the month of the change to he end of the calendar year on the report due February 20.

For more information, please contact the Employer Communication Center at (608) 264-7900.

 

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