Update on Changes to Income Continuation Insurance Program

Effective February 1, 2024, the Income Continuation Insurance (ICI) Program will undergo significant changes, consolidating standard and supplemental coverage levels into a single coverage level for earnings up to $120,000. New hires from January 2, 2024, onwards will be impacted by these updates, with agencies seeing revised options. Central benefits and resources will be updated accordingly to reflect these changes.

• Insurance Update
• Income Continuation
• Program Changes
• Employee Benefits
• New Hire

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1. Income Continuation Insurance 2024 Redesign December 7, 2023

2. What changes are being made to ICI Effective 2/1/2024 the ICI Program will consolidate its standard and supplemental coverage levels into a single level of coverage for WRS earnings up to $120,000. There will be only one level of coverage- no supplemental coverage ETF will no longer use the terms standard and supplemental to describe coverage Employers will now pay contributions for insured employees annual earnings up to the $120,000 limit

3. New Hire Job data changes New hires dated 01/02/2024 or later with ICI coverage effective 2/1/24 or later will have the updated values for Elig Field 2 Agencies will see Categories 1-6 only as options The supplemental values will no longer be an option on the dropdown for Elig Field 2

5. Central Benefits Update New Employee Orientation material Update DPM website Update ICI resources Will post ICI Premiums once they ve been finialized Next Steps Agency Update any forms used between Payroll & Benefit Specialists and HR staff regarding new hires and Elig Field values Update any material you have referencing ICI Supplemental coverage

6. Resources ETF Employer News (December 4, 2023)-State Income Continuation Insurance Annual Review and Premium Adjustments Income Continuation Insurance Brochure Income Continuation Insurance Administration Manual ICI ABBR rules 12/07 ICI Presentation slides