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Insurance Benefits Related Areas
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Group Term Life Insurance Group term life insurance is provided to all regular, full-time employees. No coverage is provided to regular, part-time or seasonal employees. Premiums are paid by the City. The waiting period for eligible employees is 30 days and coverage terminates on the date the employee's employment with the City terminates. Regular, full-time employees are covered for loss of life with a benefit equal to four (4) times their base annual pay (known as the principal sum) up to a maximum of $400,000. Benefits reduce at age 70 to 50% of the principal sum and again, at age 75 to 25% of the principal sum. Once the principal sum is reduced, it remains at the reduced amount until termination or death. Retirees, with 10 years of service with the City, are covered for loss of life with a benefit equal to $15,000 (known as the principal sum). This plan offers protection on a worldwide basis, 24 hours a day, 365 days a year against any loss of life in the course of business or pleasure, including accidents on or off the job, in or away from the home, commuting, traveling by train, airplane, automobile, or other public and private conveyances, etc. Additional benefits include an Accelerated Death Benefit and Conversion Privilege. Disclaimer: The information provided herein is not meant to create a warranty or right, expressed or implied, to benefits and is provided for informational purposes only. The master contracts and/or plan documents are controlling in the event of errors or discrepancies. |
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