Mo. Code Regs. Ann. tit. 16, § 30-2.310
Optional Life Insurance Annual Automatic Update of Premiums
Effective Jun 7, 1993sections 104.010, RSMo (Cum. Supp. 1992) and 104.500, RSMo (Supp. 1988).* Original rule filed Nov. 25, 1992, effective June 7, 1993. *Original authority: 104.010, RSMo (1955), amended 1965, 1969, 1972, 1981, 1982, 1983, 1987, 1988, 1989, 1992 and 104.500, RSMo (1957), amended 1981, 1984, 1988Missouri State Employees' Retirement System
PURPOSE: This rule establishes guidelines for the optional life insurance annual automatic update of premiums.
- (1) All participants in the optional life insurance program offered by the Missouri State Employee’s Retirement System will have their premiums updated each May 1 to reflect the rates in effect on that date. This update will also adjust premiums based on the participant’s current age or coverage amounts, or both. Rates will be based on the participant’s age on May 1 of the current year.
- (2) The coverage of eligible participants who elected a multiple of their salary will also be updated each May 1 using their projected annual salary based on the preceding January rate of pay. Annual salary includes deferred compensation and cafeteria plan reductions. It may also include shift differential pay or other pay when payment is normal, budgeted and reasonably assured to be made, but overtime should not be anticipated.
AUTHORITY: sections 104.010, RSMo (Cum. Supp. 1992) and 104.500, RSMo (Supp. 1988).* Original rule filed Nov. 25, 1992, effective June 7, 1993. *Original authority: 104.010, RSMo (1955), amended 1965, 1969, 1972, 1981, 1982, 1983, 1987, 1988, 1989, 1992 and 104.500, RSMo (1957), amended 1981, 1984, 1988.