The VRS Board of Trustees announced a reduction in VRS Optional Group Life premium rates for three age brackets, effective September 1, 2017:
Age 40-44: Reduced from $0.09 to $0.08 per month per $1,000 of coverage
Age 60-64: Reduced from $0.65 to $0.59 per month per $1,000 of coverage
Age 65-69: Reduced from $1.15 to $1.06 per month per $1,000 of coverage
The updates to the VRS OLIP table will be included in the 09/05/2017 program release. In addition to running the Payroll update, you will also need to manually run Resource 54, which is the specific
Payroll Resource that updates the Annual VRS OLIP COST table.
This is what you’ll need to do to update the table:
- After downloading new programs and running all updates on or after 9/6/2017, go to System Administration > Version Control
- Click on the HR tab and Update Payroll, and scroll down to find Resource 54: BuildSTDTBL (Create Standard Tax Tables) and click on this resource
- Click Select (not Select All) at the bottom and once done, the updates should be complete
- To verify, go to the Payroll module > Setup > Define Tables, click on the table in the list called ANNUAL VRS OLIP COST, and make sure that “09/01/2017 Annualized Rates” appears in the Title 2 field below.
Documentation on VRS OLIP deductions can be accessed from OpenRDA, under Help > OpenRDA Answers/Documentation > Payroll > Documentation > Other > “How do I perform the setup that allows VRS Optional Life deductions to compute?” You can also use the link to access this documentation.
Please submit a cyber support request if you have any questions about updating the table.
