The University Record, April 16, 1996
From the Benefits Office
Faculty and staff enrolled in the basic, enhanced and dependent life insurance plans offered by the University will note a drop in rates shown on their April pay stubs.
Basic Group Life Insurance and Enhanced Group Life Insurance participants will see a 38 percent decrease. Faculty and staff who have enrolled dependents in the dependent life insurance program will see a 50 percent decrease in cover age costs for spouses, same-sex domestic partners and children.
This premium adjustment, effective May 1, is caused by favorable experience in claims for all of the plans. Actuarial projections prepared last fall were based on normal claims experience.
All participants will continue in their current coverage for the remainder of 1996. However, during the October 1996 Open Enrollment, flex-eligible faculty and staff will have the opportunity to change coverage levels for 1997.