HR, Payroll and Benefits News

Income Continuation Insurance Deferred Enrollment Period Through March 1, 2016
February 4, 2016

The Income Continuation Insurance (ICI) program is an “income replacement” benefit plan that replaces up to 75% of your gross salary if you are unable to work due to a short or long-term disability.

Standard ICI pays 75% of your salary up to a maximum of $4,000/month (based on a maximum salary of up to $64,000 per year of 2015 Wisconsin Retirement System (WRS) earnings). Supplemental ICI pays 75% of your salary up to a maximum of $7,500/month (based on a maximum salary of up to $120,000 per year of 2015 WRS earnings).

ICI Deferred Enrollment Opportunity Currently Available for Eligible Employees

If you are not currently enrolled in ICI, you may be able to enroll during the ICI Deferred Enrollment Period through March 1, 2016. Eligible employees were sent an email on January 22. Employees who receive a hard copy earnings statement received a letter the week of January 25 mailed to their home address. You must complete an Income Continuation Insurance Application (ET-2307) and return it to your payroll/personnel office on or before March 1, 2016 to enroll during the deferred enrollment period. ICI coverage elected through deferred enrollment will be effective April 1, 2016.

Deferred enrollment is offered in the following situations:

• You are University Staff, and your prior year-end sick leave balance exceeds 520 or 728 hours for the first time.
• You are University Staff and have accumulated and retained at least 80 hours of sick leave (prorated for part-time employment) for the first time in the prior calendar year.
• Your prior year-end sick leave balance exceeds 1040 hours.
• If enrolled in ICI, and your 2015 WRS earnings were at least $64,000, you are eligible to enroll in Supplemental ICI coverage (if not already enrolled).

Source: UW Service Center
Categories: Insurance