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Employers

Employer Bulletin

Local Life Insurance Employers
Vol. 21, Local B
February 3, 2004

2004 Life Insurance Rates for Local Government Employees

The claims experience for local government employees insured under the Wisconsin Public Employers Group Life Insurance Program has continued to be stable, with funding for future benefits remaining at a strong level. Therefore, the Group Insurance Board (GIB) has approved reducing the employee premium rates at ages 40 through 59. Effective July 1, 2004, the rates for local government employees will be as follows:

Employee Basic, Supplemental, and Additional Insurance
Monthly Premium Rate
Per $1,000 of Insurance

Age
Current
2004
Under 30
$.05
$.05
30-34
.06
.06
35-39
.07
.07
40-44
.10
.09
45-49
.16
.15
50-54
.30
.29
55-59
.48
.47
60-64
.53
.53
65-69
.60
.60

The GIB also approved a reduction of the employer premium contribution rate for employers that elect the 50% post-retirement benefit. Effective July 1, 2004, the employer contribution for the 50% post-retirement benefit will reduce from 50% to 40% of employee premium.

The spouse and dependent plan premiums will remain the same at $2.00 per unit per month. The benefit 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 claims experience has continued to be favorable enabling the rates to decrease at all age levels. Effective July 1, 2004, the rates for Age 70 and Over Additional coverage will be as follows:

Over-Age-70 Additional Insurance
Monthly Premium Rate
Per $1,000 of Insurance

Age
Current
2004
70
$1.05
$1.00
71
1.20
1.15
72
1.35
1.25
73
1.55
1.45
74
1.75
1.60
75
1.95
1.80
76
2.15
1.95
77
2.35
2.15
78
2.65
2.45
79
2.95
2.75
80
3.25
3.10
81
3.55
3.40
82
3.85
3.70
83
4.30
4.10
84
4.75
4.50
85
5.20
4.90
86
5.65
5.30
87
6.10
5.70
88
6.75
6.35
89
7.40
7.00

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 Steve Berg at (608) 264-6637 or e-mail steven.berg@etf.state.wi.us.

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.