920 Group Basic Life Insurance

Deduction Type:
Group Life
Applicable Pay Group(s):
01, 06, 20
Action/Form:
Employer Ded
Contact Information:
Group Insurance 208-332-1860
Options and Rates:
0.00721 (.721%) * Certified Monthly Rate
 
 
Basic Life Insurance is an employer provided benefit paid on all eligib​le, active employees (pay status 'A' only) on the last payroll each month.

  • ​For enrollment, beneficiary designation, and change forms, contact your agency's human resource office.
    • Note:  Basic Life insurance enrollment forms are not a​vailable online and must be submitted in a hard copy.
  • The benefit includes not only employee ben​​​efits but also $10,000 in spousal life coverage and $5,000 in dependent life coverage.
  • ​For questions relating to coverage, contact the Office of Group Insurance.​​

​​​The basic life insurance premium is calculated based on the employee's life insurance plan code.  See below:

·        Plan Code - LC - Regular Employees
Life Insurance premium (deduction code 9​20) is calculated using the employee's regular rate of pay
·         Plan Code - LP - Applies only to employees whose rate of pay is pro-rated (PS change reason)
Life Insurance premium (deduction code 920) is calculated using the employee's override rate of pay
·        Plan Code - LB and LM - Applies to participating legislators, under age 70 (LB), over age 70 (LM)
Life Insurance premium (deduction code 921) is a fixed dollar amount based on plan code Legislators Insurance Premium
 
Life Insurance Premium Calculation
 
 
1.  Determine the Annual Equivalent Salary
 
2. Multiply the FTE by 12.  Result is th​e percentage of a month or the number of months the employee is expected to work.  (Round to two decimal places.)
 
3. Divide the AES (#1) by result from (#2).  (Truncate at two decimal places.  Do not round up.)  Result is the Certified Monthly Rate (CMR).
 
4. Multiply the CMR (#3) by the Life Insurance Premium Rate of .00675.  (Truncate at two decimal places.  Do not round up.)
 
 
Examples
 
Hourly Employee in Pay Group 01 with Rate of $22.10, 80.0 Pay Period Hours, and 1.0 FTE:
1.  22.10 x 2080 = 45,968.00
2.  45,968.00 x 1.0 = 45,968.00
3.  80.0 ÷ 80.0 = 1.0000
4.  45,968.00 x 1.0000 = 45,968.00
5.  1.0 x 12 = 12.00
6.  45,968.00 ÷ 12 = 3,830.66 (truncated from 3,830.6667)
7.  3,830.67 x .00721 = 27.62 (truncated from 27.6191307)
 
Hourly Employee in Pay Group 01 with Rate of $19.50, 42.0 Pay Period Hours, and 0.67 FTE:
1.  19.5 x 2080 = 40,560.00
2.  40,560.00 x 0.67 = 27,175.20
3.  42.0 / 80.0 = 0.5250
4.  27,175.20 x 0.5250 = 14,266.98
5.  0.67 x 12 = 8.04
6.  14,266.98 ÷ 8.04 = 1,774.50
7.  1,774.50 x .00721 = 12.79 (truncated from 12.794145)
 
Annual Employee in Pay Group 20 with Rate of $45,000.00, 173.3 Pay Period Hours, and 1.0 FTE:
1.  45,000.00 x 1 = 45,000.00
2.  45,000.00 x 1.0 = 45,000.00
3.  173.3 ÷ 173.3 = 1.0000
4.  45,000.00 x 1.0000 = 45,000.00
5.  1.0 x 12 = 12.00
6.  45,000.00 ÷ 12 = 3,750.00
7.  3,750.00 x .00721 = 27.04 (truncated from 27.0375