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Employers

Employer Bulletin

Local Life Insurance Employers
Vol. 20, Local D
April 1, 2003

2003 Employee Life Insurance Rates for Local Employees

The claims experience for local government employees insured under the Wisconsin Public Employers Group Life Insurance Program has continued to be favorable, with funding for future benefits remaining at a strong level. Therefore the Group Insurance Board (GIB) has approved maintaining the employee and employer premium contribution rates for employees under the age of 70 at the same level as the 2002 rates.

The spouse and dependent plan premium will also remain the same at $2.00 per unit per month. The coverage for each unit of spouse and dependent coverage will remain at $10,000 for a spouse and $5,000 for each dependent. Employees may elect up to two units of coverage.

The Age 70 and Over Additional insurance has continued to experience stable experience enabling the rates to decrease at all age levels. Effective July 1, 2003, the rates for local government employees will be as follows:

Age 70 and Over Additional Insurance

Monthly Premium Rate
Per $1,000 of Insurance

Age

Current

New

Percent
Reduction

70

$1.25

$1.05

16%

71

1.50

1.20

20

72

1.75

1.35

23

73

2.00

1.55

23

74

2.25

1.75

22

75

2.50

1.95

22

76

2.75

2.15

22

77

3.05

2.35

23

78

3.40

2.65

22

79

3.75

2.95

21

80

4.15

3.25

22

81

4.60

3.55

23

82

5.10

3.85

25

83

5.60

4.30

23

84

6.15

4.75

23

85

6.75

5.20

23

86

7.40

5.65

24

87

8.10

6.10

25

88

8.80

6.75

23

89

9.60

7.40

23

For more information on the rate structure of the Group Life Insurance program, contact Marcia Blumer at (608) 266-2640 or e-mail marcia.blumer@etf.state.wi.us. If you have questions about reporting life insurance premiums to the Department of Employee Trust Funds, contact Steven Berg at (608) 264-6637.

Employers with billing questions should call the plan administrator, Minnesota Life Insurance Company at (608) 277-8690 or toll free at 1-866-295-8690.

 

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