Employees hired PRIOR to 06/28/2011 are required to pay 1.5% of base salary or the percentage of premium based on the tables. WHICHEVER IS GREATER Employees.

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Presentation transcript:

Employees hired PRIOR to 06/28/2011 are required to pay 1.5% of base salary or the percentage of premium based on the tables. WHICHEVER IS GREATER Employees hired AFTER 06/28/2011 go directly against the year 4 percentage of premium tables. Note: There is no change to employee’s dental benefits.

There are three percentage of premium charts: Single Family Employee/Partner or Parent/Child Each coverage level has a different percentage of premium that the employee would have to pay based on their base salary. Note: The percentage of premium tables can be found on the Pensions web site. The percentage increases each year in July.

HEALTH BENEFITS CONTRIBUTION FOR SINGLE COVERAGE (PERCENTAGE OF PREMIUM) Salary RangeYear 1Year 2Year 3Year 4 less than 20, %2.25%3.38%4.50% 20,000-24, %2.75%4.13%5.50% 25,000-29, %3.75%5.63%7.50% 30,000-34, %5.00%7.50%10.00% 35,000-39, %5.50%8.25%11.00% 40,000-44, %6.00%9.00%12.00% 45,000-49, %7.00%10.50%14.00% 50,000-54, %10.00%15.00%20.00% 55,000-59, %11.50%17.25%23.00% 60,000-64, %13.50%20.25%27.00% 65,000-69, %14.50%21.75%29.00% 70,000-74, %16.00%24.00%32.00% 75,000-79, %16.50%24.75%33.00% 80,000-94, %17.00%25.50%34.00% 95,000 and over8.75%17.50%26.25%35.00%

HEALTH BENEFITS CONTRIBUTION FOR FAMILY COVERAGE (PERCENTAGE OF PREMIUM) Salary RangeYear 1Year 2Year 3Year 4 less than 25, %1.50%2.25%3.00% 25,000-29, %2.00%3.00%4.00% 30,000-34, %2.50%3.75%5.00% 35,000-39, %3.00%4.50%6.00% 40,000-44, %3.50%5.25%7.00% 45,000-49, %4.50%6.75%9.00% 50,000-54, %6.00%9.00%12.00% 55,000-59, %7.00%10.50%14.00% 60,000-64, %8.50%12.75%17.00% 65,000-69, %9.50%14.25%19.00% 70,000-74, %11.00%16.50%22.00% 75,000-79, %11.50%17.25%23.00% 80,000-84, %12.00%18.00%24.00% 85,000-89, %13.00%19.50%26.00% 90,000-94, %14.00%21.00%28.00% 95,000-99, %14.50%21.75%29.00% 100, , %16.00%24.00%32.00% 110,000 and over8.75%17.50%26.25%35.00%

When the 1.5% of base salary method is used to determine the deduction, it includes both Health & Prescription Drug coverage’s. Note: The percentage of premium tables can be found on the Pensions web site. When the percentage of premium method is used to determine the deduction, Health Benefit & Prescription Drug coverage are separate components and must be added together if employee has both coverage's.

Employee Hired PRIOR to 6/28/2011 making $100, with NJDirect15 and Prescription Drug SINGLE Coverage (YEAR 1) 1.5% Method of Calculation: $100, /26.1 = $3, biweekly gross * 1.5% = $57.94 deduction for health & prescription drug. Percentage of Premium Method of Calculation: NJ Direct15 - $ RX - $ Percentage % $ x 8.75% = $20.11 $ x 8.75% = $ 5.46 Total = $25.57 Since the percentage of premium method is less then the 1.5% method, the employees HB deduction will remain $57.94

Employee Hired PRIOR to 6/28/2011 making $100, with NJDirect15 and Prescription Drug FAMILY Coverage (YEAR 1) 1.5% Method of Calculation: $100, /26.1 = $3, biweekly gross * 1.5% = $57.94 deduction for health & prescription drug. Percentage of Premium Method of Calculation: NJ Direct15 - $ RX - $ Percentage - 8% $ x 8% = $45.98 $ x 8% = $12.49 Total = $58.47 Since the percentage of premium method is greater then the 1.5% method, the employees new HB deduction will be $58.47

Employee Hired AFTER to 6/28/2011 making $100, with NJDirect15 and Prescription Drug FAMILY Coverage (YEAR 4) 1.5% Method of Calculation: $100, /26.1 = $3, biweekly gross * 1.5% = $57.94 deduction for health & prescription drug. Percentage of Premium Method of Calculation: NJ Direct15 - $ RX - $ Percentage - 32% $ x 32% = $ $ x 32% = $ Total = $ Since the percentage of premium method is greater then the 1.5% method, the employees HB deduction will be $233.91

Employee with a $72,500 annual salary with a domestic partner – Aetna and Prescription Drug Coverage. Premium (HB&RX)1 st Year Amount 1.5% $41.67 Single$ % $23.90 Member/Spouse$ %$43.69 Pre-TaxPost-Tax Deduction if Single Coverage$41.67 $41.67$0.00 Deduction if Member/Spouse$43.69 $41.67$2.02 ($43.69-$41.67) Imputed income is the cost of single coverage, less the difference in the amount the employee pays for picking up Member/Spouse coverage. $ Single Coverage - $ 2.02 Difference ($43.69-$41.67) $ = Taxable Imputed Income

Employee with a $72,500 annual salary with a domestic partner – Aetna and Prescription Drug Coverage. Premium (HB&RX)4th Year Amount 1.5% $ Single$ % $ Member/Spouse$ %$ Pre-TaxPost-Tax Deduction if Single Coverage$ $95.61$ 0.00 Deduction if Member/Spouse$ $95.61$79.18 ($ $95.61) Imputed income is the cost of single coverage, less the difference in the amount the employee pays for picking up Member/Spouse coverage. $ Single Coverage - $ Difference ($43.69-$41.67) $ = Taxable Imputed Income