DA Memo - May 15, 2003
Minnesota Life Insurance Premiums Effective July 1, 2003
As you are aware, July 1, 2003, Minnesota Life will be the Retirement System's new insurance provider. Within the next few weeks Minnesota Life will mail you a packet that will include:
- The carrier notice
- Brochures
- Administration manuals for distribution
New
Premium Rates
Enclosed please find a listing of your agency employees who currently
have Optional Group Life insurance coverage. This listing reflects
the new premium rates that will be effective July 1, 2003, due
to rate changes and age bracket assignments. Age bracket assignments
will now be determined by the member's age as of January 1 of
that year.
New
Payroll Deduction Procedure
The new procedure for payroll deduction is also effective July
1, 2003. Employers will deduct premiums in the same month as the
optional life insurance coverage. For example, the premiums for
July coverage should be deducted in July. Refer to the KPERS
memorandum dated April 9, 2003, for more information.
Questions
If you have any questions, please contact us.
- (785) 296-6166
- toll-free (888) 275-5737