Minnesota Life recently announced revised VRS Optional Group Life Insurance rates for five age brackets, effective July 1. It is expected that the VRS Board of Trustees will approve these rates at its June 26 meeting. ?_
To see these rates and learn more, please click on the title of this article . . . .?_
The rates awaiting approval are listed below for your planning purposes:
Age 30-34: Reduced from $0.06 to $0.05 per month per $1,000 of coverage
Age 35-39: Reduced from $0.07 to $0.06 per month per $1,000 of coverage
Age 55-59: Reduced from $0.34 to $0.33 per month per $1,000 of coverage
Age 60-64: Reduced from $0.66 to $0.65 per month per $1,000 of coverage
Age 65-69: Reduced from $1.27 to $1.15 per month per $1,000 of coverage
The maximum coverage amount also will increase effective July 1 to $750,000 for employees, and $275,000 for retirees. Rates for all other age brackets, and rates for dependent children coverage remain unchanged.
The updates to the VRS OLIP tables will be included in the 6/10/2014 programs release. In addition to running the Payroll update, you will also need to manually run Resource 51, 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 tables: After downloading new programs and running all updates on or after 6/10/2014, go to System Administration > Version Control. Click on Update Payroll (on the HR tab), and scroll down to find Resource 51: BuildSTDTBL (Create Standard Tax Tables). Click on that, and then click Select (not Select All). Once you do that, 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 _??07/01/2014 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 below:
How do I perform the setup that allows VRS Optional Life deductions to compute?
Please submit a cyber support request if you have any questions about updating these tables.