Life Insurance
If you are scheduled to work 1450 hours or more during the fiscal year you are eligible for life insurance and accidental death and dismemberment insurance beginning the first of the month following your date of hire.
The value of the life insurance is two times your annual salary rounded to the next $1,000 to a maximum of $200,000. WPI assumes the entire cost of this benefit.
On the July 1st following your attainment of age 65, if you are still employed full time, the amount of your Life Insurance and Accidental Death and Dismemberment Insurance will be reduced by 35%, or if you become insured after attaining age 65, rounded to the next higher multiple of $1,000, but in no event will the reduced amount be less than $15,000. After retirement you are covered for a limited amount of life insurance.
Employees retiring on or before age 65: An amount equal to the amount of life insurance in force immediately prior to retirement in accordance with this policy, up to a maximum of $15,000 and reduced by 50% on each anniversary of the Employees retirement but to not less than: 1) $500 for Employees who retired prior to July 1, 1978 or 2) $2,000 for Employees retiring on or after July 1, 1978. For those who retire on or after July 1, 2004 the benefit will be $5,000.
Employees retiring after age 65: The scheduled amount of Life Insurance will be reduced to the amount the Employee would have, had he/she retired on his/her normal retirement date. Subsequent reductions will then be made in accordance with the schedule referred to in the previous paragraph.
The premium cost of group-term life insurance in excess of $50,000 must be included in gross income and that premium cost must be reported on the W-2. If you would like to know your personal tax liability please contact Human Resources (ext. 5737).
Upon termination you are given the opportunity to convert to a non-group plan.
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