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The standard FNN premium assumes the contract begins September 1 and is calculated by multiplying the monthly employee premium cost for the plan by 12, then dividing the product by 9. 

FNN Premium = (Monthly Premium Cost x 12) ¡Â 9 

When monthly employee premium costs change for a new plan year (January 1), the FNN premium cost for the plan will change depending on the plan and coverage options the employee selected during Annual Enrollment. 

For those whose contract begins on a date other than September 1, the premium calculation will adjust based on months remaining in the contract and the corresponding plan premiums for that same time frame (e.g., if the contract begins on March 1, refer to the January¨CMay rate).

Premiums will not automatically update to collect or refund the difference needed when changes are made to plan and/or coverage level. An adjustment must be manually entered to collect or refund any balances due to changes.

When an adjustment appears on the FNN's paycheck depends on the event that prompts the plan or coverage level change:

• Annual Enrollment: January
• Life Event: Future payroll(s) after enrollments have been processed
• Pay frequency changes: Future payroll(s) after the pay frequency has been changed in the system (e.g., transitioning from pay of 9 months to 12 months, or vice versa)
• Contract beginning date other than Sept. 1*: Future payroll(s) after enrollments have been processed
• Termination or retirement: Final paycheck after job status has been updated in system

*If your benefit eligibility begins during the summer months (June, July and August), refer to "Faculty hired in summer months."

Examples of the different types of adjustments are provided below. Overall numbers may differ slightly because of rounding. If the difference is less than or equal to $0.03, the adjustment is considered a rounding difference and not premiums due or refunded.

Premiums will not be deducted from summer pay. When benefit eligibility begins during the summer months, premiums for June, July and August are processed at the regular monthly premium cost. From September onward, premiums will be deducted through payroll at the FNN rate.

Premiums for summer months may be invoiced or collected from a later payroll (e.g September). The method is dependent on when benefit eligibility begins and when benefit elections are made.

Note: When completing the benefit enrollment through myHR, FNNs receiving summer pay who become benefit eligible during the summer months will see premiums listed as $0.00. This is because the system shows the current premium amount at the time of enrollment, and the system does not deduct a premium for June, July and August. For questions, please contact the HR Service Center.

Contact your local HR Partner to discuss your options regarding a change from one pay frequency to another (ex: 9-month paid to 12-month paid). 

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