Life Insurance

Group Term Life Insurance

The Research Foundation pays the premium cost of this benefit. This benefit is provided by The Guardian insurance.

Benefited employees are eligible for Group Term Life insurance coverage on the first of the month following their start date. To initiate participation, an employee must complete an enrollment form and submit it to the Human Resources department.

Group term life insurance is paid to an employee’s beneficiary(ies) following their death. The coverage is equal to one time an employees’ annual salary, to a maximum of $200,000.

As part of IRS regulations, the first $50,000 of group term life coverage is excluded from an employee’s taxable income. However, any amount exceeding $50,000 must be included as income, and is subject to Social Security and Medicare taxes. In accordance with IRS regulations and for tax reporting purposes, employees whose life insurance coverage exceeds $50,000 will see a line item “Life Over 50K” under earnings on their pay stubs. This line item reflects the additional federal and state taxable income. While this additional amount is not subject to federal and state income tax withholding, it is subject to Medicare and FICA tax, as reflected on your paycheck. As this is a non-cash benefit, an equal amount under deductions “Life Over 50K” is needed to offset the earning amount, to facilitate the correct calculation of the net pay amount.

If you are interested in purchasing additional life insurance, please visit this link:

AFLAC Supplementary Insurance

 

Accidental Death & Disability (AD&D) Insurance

The Research Foundation pays the premium cost of this benefit, which is provided by The Guardian insurance.

Benefited employees are eligible for AD&D coverage on the first of the month following their start date. To initiate participation, an employee must complete an enrollment form and submit it to the Human Resources department.

AD&D Insurance covers an irreversible covered loss due to a non-industrial accident, e.g. loss of hand, or loss of sight. AD&D insurance is payable to same maximums as life insurance.