The Division of Budget has approved, published and sent agency indices for the FY98 GHI Composite Rates
which are different from those included in Informational Circular number 97-P-037. Since the first
four paychecks in FY98 were charged at the lower rate included in 97-P-037, a recalculation has been done
for the remaining 22 pay cycles of FY98 - resulting in yet a different rate from those published by Division
of Budget. The net effect of the recalculation for your agency should be the same as if the new rate had
been charged for all 26 cycles.
To illustrate how the recalculation for the new rates, an example is provided below.
Full Time Employee with Employee Dental:
| New Budget Rate: $84.53 x 26 cycles: |
2197.78 |
(amt for year) |
| Charged per 97-P-037: $79.56 x 4 cycles: |
318.24 |
|
| Yet to be collected: |
1879.54 |
|
| Amt to be collected each of next 22 cycles: |
85.43 |
|
The following new composite rates will be in effect for the pay period beginning August 10, 1997 and ending
August 23, paid September 5, 1997:
| Group Health Insurance |
Employer Medical |
Employer Dental |
Total |
Object Code |
| Full-Time Single Employee |
$79.64 |
$5.79 |
$85.43 |
1950 |
| Part-Time Single Employee |
$63.64 |
$4.62 |
$43.59 |
1950 |
Full-Time Employee,
Dependent Coverage |
$41.14 |
$2.45 |
$43.59 |
1750 |
Part-Time Employee,
Dependent Coverage |
$33.05 |
$2.31 |
$35.36 |
1750 |
SAM:JM:kb
