Eligibility

Full-time and regular part-time staff employees are eligible to enroll in this benefit on the first day of employment if that day falls within the first ten days of the month.  Otherwise, coverage begins on the first day of the month following the first day of employment. New employees must enroll within 31 days of date of hire if electing coverage.

Employees may elect 1X to 5X their annual salary, not to exceed $200,000.  Any amount over $100,000 requires the employee to submit an Evidence of Insurability form (EOI) which can be obtained from the Benefits Department.  Any amount over $100,000 will become effective on the first of the month following notification from Prudential that the requested amount of coverage has been approved.

If a new employee waives this coverage election, he/she will be eligible to enroll at any time outside of Open Enrollment; however, regardless of the amount of coverage requested, an EOI form must be submitted to Prudential.  Coverage would become effective on the first of the month following notification from Prudential that the requested amount of coverage has been approved.

Eligible employees can elect to enroll in Spouse Life Insurance in the amount of $10,000 to $50,000.  If the initial amount of coverage elected is over $10,000 an EOI must be submitted to Prudential.  Any amount over $10,000 will become effective on the first of the month following notification from Prudential that the requested amount of coverage has been approved.  If an employee elects $10,000 Spouse Life Insurance, this amount can be increased by a $10,000 increment during open enrollment, not to exceed $50,000, without providing an EOI.

Eligible employees may elect to enroll in Dependent Life Insurance in the amount of $5,000 or $10,000.

Benefit Cost

Employee pays 100% of the cost of this benefit.

Open Enrollment

Open enrollment is in April or May of each year for the following benefit plan year which is June 1 through May 31.  See above requirements if enrolling outside of open enrollment.

Termination

This benefit will cease on the last day of the month of termination.  This benefit has a conversion option to convert your covered amount of life insurance to a personal policy.  Documentation and instructions are provided to the employee upon termination.

Updated:  11/30/2009