The New School provides life insurance and accidental death and dismemberment plans through The Standard Life Insurance Company of New York (The Standard).
Eligible employees receive Basic Term Life and AD and D insurance coverage. Each benefit amount equals 1.5 times base annual salary rounded up to the next $1,000, up to a maximum benefit of $500,000. This benefit is paid for entirely by the university. For more information, please refer to the Life Insurance Certificate and Summary Plan Description (PDF).
The life insurance and AD and D plan coverage amounts are subject to a reduction based on age. The reduction is determined by multiplying the amount of life insurance coverage in place by the percentages below
The IRS considers the value of life insurance amounts in excess of $50,000 of your employer-paid life insurance as income to you. This amount is called "imputed income" and is calculated in accordance with IRS rules based on your age and the amount of coverage in excess of $50,000. This amount is added to the first paycheck of each month and reflected annually on your Form W-2 as additional income for the calendar year. Current imputed income rates for amounts in excess of $50,000 are as follows:
Employees can purchase supplemental life insurance at a group rate for one, two, or three times their base annual salary, up to a maximum coverage amount of $250,000. Employees pay 100 percent of the cost of coverage through payroll deductions with after-tax dollars. This coverage can be elected at the time you are initially eligible for benefits or during the annual open enrollment period.
If you elect coverage at the time you are initially eligible for benefits, you may be approved for a maximum coverage amount up to $150,000 without completing a medical questionnaire. Any amount above $150,000 will require the completion of a medical questionnaire, subject to approval by The Standard, The New School's Life Insurance Plan carrier, before coverage becomes effective.
If you are enrolling for the first time or are increasing your election during the annual benefits open enrollment period, you will be required to complete and submit a medical questionnaire, subject to approval by The Standard, before any new or additional coverage will become effective. Once enrolled for supplemental life insurance coverage, you will be subject to the age bracket increase in January of the year you will enter the new age bracket.
Supplemental life insurance coverage is subject to the same reduction in coverage schedule as noted in the Basic Life Insurance section above.
Employees can purchase life insurance for their spouse or domestic partner (same sex or opposite sex) and/or dependent child(ren) up to age nineteen. Life insurance for a spouse or domestic partner is available in coverage amounts of either $10,000 or $25,000. Life insurance for a dependent child(ren) is available in a coverage amount of $4,000. Employees pay 100% of the cost of coverage through payroll deductions with after-tax dollars. This coverage can be elected at the time you are initially eligible for benefits or during the annual benefits open enrollment period.
If you elect dependent life coverage at the time you are initially eligible for benefits, your dependent(s) will automatically be approved for any amount of coverage elected. If you are enrolling for the first time or are increasing dependent life insurance coverage during the annual benefits open enrollment period, your dependent will be required to complete and submit a medical questionnaire, subject to approval by The Standard before any new or additional coverage becomes effective.
Please note: If your spouse or domestic partner is an employee of the New School and is also eligible for the Life Insurance Plan, you cannot elect Dependent Life Insurance coverage for him or her, and you and your spouse or domestic partner cannot both elect Dependent Life Insurance to cover your children.
Employees must designate a beneficiary for their own basic life and supplemental life coverage (if any) by completing a Life Insurance Beneficiary form (PDF) and submitting it to the Office of Human Resources. Beneficiaries may be changed at any time. Employees are automatically designated as beneficiaries for dependent life insurance coverage.
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