LIFE INSURANCE

New employees are automatically enrolled in basic life insurance, but optional coverage is available.

Basic life insurance is equal to your annual base pay, rounded to the next higher $1,000, plus $2,000. Basic also provides an Extra Benefit to employees under age 45, at no additional cost. The Extra Benefit doubles the amount of Basic insurance payable if you die when you are age 35 or younger. The Extra Benefit decreases 10% each year until there is no Extra Benefit if you die at age 45 or older.

Life insurance premiums are withheld automatically from your pay. You pay two-thirds of basic life insurance coverage and one hundred percent of any optional coverage. Optional coverage includes the following:

  • Option A - Standard. Provides $10,000 in coverage.
  • Option B - Additional. Provides an amount from one to five times your annual basic pay (after rounding up to the next $1,000).
  • Option C - Family. Provides coverage for your spouse and eligible dependent children in an amount from one to five times $5,000 for your spouse and from one to five times $2,500 for children.

Rehired employees
Rehired employees with a break in service of 180 days or less are automatically enrolled with the level of coverage in effect at the time of separation from employment. If you do not wish this coverage, you may cancel all or a part of it at any time, but you may not elect to increase the coverage. If you had previously waived all coverage, you may not elect to be enrolled.

Rehired employees with a break in service over 180 days are enrolled with Basic only. You have 31 days from date of rehire to make a new life insurance election. If you don't make a new election, the coverage in effect on the date of your separation from employment will be reinstated.

Transferring employees
Transferring employees do not have an opportunity to elect additional life insurance coverage based on the transfer. Your current coverage remains in place.