- Effective 11/4/19, a new version of the Life Insurance plan is available and labeled Group Life. This new version of Group Life insurance supports age-banded employee rates.
- Older version of Life Insurance:
- Age-banded rates are not supports
- Any Employee cost associated with dependent Basic Group Life coverage will be reflected in the employee's per pay cost on their Benefit Summary. We have added an information icon to the employee's Benefit Summary under the Dependents enrollment indicating this.
- Older version of Life Insurance: Employee Benefit Age Reductions will occur on the employee's birthday.
- New version of Group Life: Users have the option to choose when Age Reductions occur
- Birthday, First of following month, or Policy Anniversary
- Dependent Benefits: Dependent benefits are only supported on the older version Life plans. Dependent benefit support is coming to the new Group Life plans in the future.
- Both old and new Life plans: When the Group Life benefit structure is set to Multiple of earnings, updates made to the employee's earnings will recalculate the employee's enrolled benefit as of the salary change effective date