PEBA awarded the contract for long term disability insurance to The Standard Insurance Company. The contract begins September 1, 2020, and the initial contract period goes through December 31, 2022. There are two one-year extensions available for a maximum contract period through December 31, 2024.
As part of the new contract, the Supplemental Long Term Disability (SLTD) monthly premium factors will be lower. These new factors below are effective September 1, 2020, and the rates are in effect through December 31, 2022.
Employers will provide updated salary information to PEBA this October for the 2021 plan year. Premiums for the new plan year, and any long term disability benefits that may be paid, are based on the most recent salary that employers submit to PEBA; therefore some employees may have a new premium beginning in January 2021.
| Age preceding January 1 | 90-day waiting period | 180-day waiting period |
|---|---|---|
| Under 31 | 0.00062 | 0.00049 |
| 31-40 | 0.00086 | 0.00067 |
| 41-50 | 0.00170 | 0.00129 |
| 51-60 | 0.00343 | 0.00263 |
| 61-65 | 0.00412 | 0.00316 |
| 66 and older | 0.00504 | 0.00387 |