How to Calculate Your Monthly Rate

Step One
Subtract the amount of coverage that the University pays ($14,000 for full-time employees and $7,000 for part-time employees) from your annual salary.

How
Jane Doe, a full-time employee, is 34 years old and earns $25,840 per year. Here is how she calculates her contribution rate if she is choosing the:

Base Plan
$25,840 - $14,000 = $11,840

Optional Plan
$25,840 - $14,000 = $11,840

Step Two
Multiply the result by the appropriate factor:

• 0.00339 if you have elected coverage under the Base Plan

• 0.00496 if you have elected coverage under the Optional Plan

Base Plan
$11,840 x 0.00339 = $40.1376

Optional Plan
$11,840 x 0.00496 = $58.7264

Step Three
Divide the result by 12. This gives you your monthly LTD contribution rate.

Base Plan
$40.1376 ÷ 12 = $3.34
Jane will pay $3.34 per month for the Base Plan.

Optional Plan
$58.7264 ÷ 12 = $4.89
Jane will pay $4.89 per month for the Optional Plan.