Benefits Book 2018

201 8 Benefits Book

L ife insurance provides peace of mind for you and those that depend on you for support. Life Insurance

The City offers three types of life insurance: • Basic Term Accidental Death and Dismemberment, • Supplemental Term Life, and • The option of buying additional coverage for you and your family.

Basic Term and AD&D is provided by The Standard Insurance. Coverage Coverage over $50,000 1. Each benefit eligible employee will have coverage equal to two times their base annual salary. 2. If death is a result of an accident, the life benefit will be doubled. 3. Each dependent covered under the medical plan will have $2,500 of coverage. 1. For coverage over $50,000, the cost of the premiumis subject toFederal IncomeTax. 2. Imputed income for tax purposes for coverage over $50,000 (including the death benefit from the Retirement System notlessthan$25,000anduptoamaximum of $50,000) is based on the charts below.

Age Group Taxable Monthly Income per $1,000 of Coverage 50 - 54 $ 0.23 55 - 59 $ 0.43 60 - 64 $ 0.66 65 - 69 $ 1.27 70 andAbove $ 2.06

Age Group Taxable Monthly Income per $1,000 of Coverage Under 25 $ 0.05 25 - 29 $ 0.06 30 - 34 $ 0.08 35 - 39 $ 0.09 40 - 44 $ 0.10 45 - 49 $ 0.15

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