OSPS E-News ~ PEBB Message: Short Term Disability Premium

[Announcements from OSPS to the users of the Oregon State Payroll Application]

Forwarded on behalf of PEBB:


Good evening,

PEBB would like to inform payrolls that a .0005 rate buy-down on Short-term Disability (STD) premiums did not occur in 2014 as intended. Standard set the STD rate at .0069.

The rate should have been paid as follows: .0064 paid by the member and .0005 to be drawn from a Trust Account held by The Standard which retains funds to stabilize or "buy-down" premium rate increases for PEBB Members.

Unfortunately the .0005 buy-down did not occur at the appropriate time. Therefore, effective immediately (3/1/15), that portion (.0005) of the premium total will now be paid out of the premium deposit account held by Standard leaving the employee rate at .0064 for the remainder of 2015.

The PDA Account has been funded over many years by PEBB Members. As a dedicated Trust Account there are very specific purposes you may expend funds on. Therefore rather than issue $2-$3 refunds on average, the PDA account will supplement the STD premiums as it was created to do for a longer period of time. We apologize for this error and look forward to providing reduced cost STD coverage to members for the foreseeable future.

Regards,

Ali Hassoun, Director of Operations
Public Employees' Benefit Board
1225 Ferry St SE Ste B
Salem OR 97301
PH: 503-378-2798
FX: 503-378-6388

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