Basic, Voluntary, & Optional Benefits
The University's
benefits package is varied and is designed to provide the best possible coverage
with the funding available. Participation in Basic Life Insurance, Basic Long Term
Disability Insurance and Retirement is mandatory. Basic benefits premiums are paid
by the University.
In order to
access these benefits, employees must adhere to certain University policies regarding
Eligibility, Enrollment and Effective dates.
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Basic Life Insurance
Basic Life Insurance is provided for you at no cost. Eligible employees are automatically
covered. This plan pays your beneficiary a benefit of one times your annual salary,
up to a maximum benefit of $50,000. When your pay increases, your coverage is automatically
adjusted. Coverage reduces at age 70 to 65% of the amount of life insurance you
had prior to age 70 and then at age 75 reduces to 50%. The minimum Basic Life Coverage
iss $10,000 regardless of salary level or age.
Optional Life Insurance
You have the option to buy additional life insurance through the Optional Life Insurance
plan. You may choose additional coverage of one time, two times, three times, or
four times annual salary. The maximum benefit is $500,000. Coverage reduces at age
70 to 65% of the amount of life insurance you had prior to age 70 and then at age
75 reduces to 50%.
Optional Life Premiums
Dependent Life Insurance
You may buy life insurance for your spouse and eligible dependent children under
this plan. If you enroll for this coverage, you have the option of choosing $10,000,
$15,000 or $20,000 coverage on your spouse. Each eligible dependent (age six months
to 19 or age 25 if enrolled full time in school) is covered for 50% of the available
spousal coverage (children older than 14 days but less than six months of age are
covered for $100). You must be enrolled in Optional Life Insurance in order to enroll
in Dependent Life Insurance.
Dependent Life Premiums
Accidental Death and Dismemberment Insurance (AD&D)
What is AD&D?
AD&D will help protect you and your family against losses that occur in the
event of an accident which results in death or the loss of sight or limb.
Who is eligible?
This insurance is available to employees who:
are currently employed in a non-student status position
Work part/full time (at least 20 hours per week)
How much AD&D protection can I have?
Employees may purchase units of $25,000, but not more than $300,000. If you choose
more than $150,000 of coverage, your benefit amount must not be more than 15 times
your annual salary.
Can I insure members of my family?
Spouses are covered for up to 60% of the amount chosen by the employee and children
are covered at 20% of employee amount.
How does AD&D pay?
If an injury results in death or dismemberment - loss of member (hand, foot or sight)
- within one year of the date of the accident, the plan will pay as follows:
AD&D Premiums
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Accident |
Benefit |
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Loss of life |
100% |
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Loss of Both Hands or Both Feet |
100% |
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Loss of Entire Sight of Both Eyes |
100% |
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Loss of One Hand or One Foot |
50% |
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Loss of Entire Sight of One Eye |
50% |
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Loss of Speech |
50% |
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Loss of Hearing in Both Ears |
50% |
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Loss of Thumb and Index Finger of Same Hand |
25% |
Basic Long Term Disability
Basic Long Term Disability insurance is provided free of charge by the University
and covers the lesser of your regular annual salary or $20,000. After a 180-day
elimination period, the plan covers 60% of your basic monthly earnings ($1,000 maximum
monthly benefit). Participation is mandatory.
Optional Long Term Disability
Optional Long Term Disability provides coverage (after the 180-day elimination period)
equal to 60% of your basic monthly earnings for annual salaries in excess of $20,000
(maximum monthly benefit of $5,000). Your cost will be $.57 per $100 of covered
pay. To calculate your monthly cost use the formula provided on the Premiums page
linked below.
Optional LTD Premiums
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