Life insurance update

The university’s life insurance vendor, The Standard, agreed to increase the amount of coverage in which new hires can enroll without providing proof of good health. They also agreed to provide a one-time opportunity to allow current employees to elect up to those same amounts.

Through the month of March, employees will have the opportunity to enroll in or increase their voluntary life insurance for themselves and their eligible family members. Changes will be effective April 1, 2023, and applicable premiums will be reflected on the April 21 paycheck. Coverage rates can be found on the HR website. Employees who wish to continue all their current elections do not need to take any action.

In addition to the coverage currently provided by the university for employees in benefit-eligible positions (equal to a salary up to $25,000), the following coverage is available:

• Employee Basic Life equal to a salary of up to $25,000
• Family Basic Life in the amount of $2,000 per eligible dependent
• Employee Additional Life up to $500,000
• Spouse or Domestic Partner Additional Life up to $50,000
• Child Additional Life in the amount of either $5,000 or $10,000

Employees who wish to change their current coverage should complete the special enrollment web form here with their new elections and click submit. Changes made during this special enrollment event will take the place of existing elections. Employees who are unsure of their current enrollment can check UBenefits and click “View My Benefits.”

Employees who would like to enroll in coverage over these guaranteed issue amounts should complete The Standard’s application here.

New compensation structure

We are excited to announce that a new compensation structure and grading system will be released by the end of this calendar year. To bridge the current and new structures, we are extending the salary of Quartile 3 and Quartile 4 of each grade range (Quartile 1 and Quartile 2 will remain unchanged). The effective date of this change will be March 15, 2023.

Please note that no additional funds will accompany the range changes. We encourage the departments to steadily continue with their existing compensation strategies.

More information will be released throughout the year about the new compensation structure. If you have any questions, please reach out to your HR contact.