Don’t Forget to Make Payroll Updates for Life Insurance

A reminder to those cooperatives that utilize a payroll system to deduct premiums from employees’ paychecks for life insurance premiums: You may need to update those systems to reflect the plan changes for 2021. Depending on your cooperative’s elections and how it covers premiums for spouse and child life, updates may be needed to account for:

• A basic life benefit maximum of $1.5 million (if elected by the co-op)
• Additional spouse life coverage options of $150,000 and $200,000
• Additional child life coverage option of $20,000

To learn more about NRECA’s group term life insurance program, go to cooperative.com > My Benefits > BA Guide > Life Insurance & BTA.