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Basic Term Life Insurance

Regular or fixed-term employees scheduled to work 20 hours or more per week are automatically covered as of their date of hire by term life insurance equal to 2.25 times their July 1 rate of pay or prior calendar-year Rensselaer earnings. This coverage includes an equal amount of accidental death and dismemberment insurance.

Coverage begins on your date of hire. The amount of your insurance benefit will change on July 1 of each year to reflect your pay rate on this date.

At the time of hire, employees may limit life insurance coverage to $50,000, the maximum nontaxable amount of employer provided coverage.

Otherwise, setting or rescinding a limit may occur during the open enrollment period to be effective January 1 of the next year.

Rensselaer pays the full cost of this benefit. However, Rensselaer is required by law to tax you on the imputed value of life insurance coverage that exceeds $50,000. This cost is generally minimal.

More detailed information regarding this benefit is contained in the Summary Plan Description.

We also encourage all Rensselaer employees to make sure that they have an up-to-date Beneficiary Designation Form on file in Human Resources.

 
Last modified: October 13, 2016
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