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
For more information on the rate structure of the Group Life Insurance program, contact Marcia Blumer at (608) 266-2640 or e-mail firstname.lastname@example.org. 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 email@example.com.
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.