Long Term Disability Coverage Increase
TO: ALL EMPLOYEES
FROM: DEBORAH STONER, EMPLOYEE BENEFITS SPECIALIST
RE: Group Long Term Disability Insurance
DATE: February 19, 2007
Effective 01/01/2007 - The University has increased the maximum payout limit for Group Long Term Disability from $5,000 to $7,000. As a benefit to our employees, this coverage is paid in full by Washington and Lee University.
Below is a description of Washington and Lee’s Group Long Term Disability program.
- Upon completion of your first year of service at Washington and Lee University you are automatically enrolled in the University's Long Term Disability Insurance program. The University pays the entire premium.
- Should you become disabled, the plan would provide you with an income payment (normally to age 65) of 60% of your former monthly wage, (maximum of $7,000) less the sum of benefits from governmental sources such as social security. This income payment would begin following six months of continuous total disability.
- Upon completion of your second year of service, you will automatically be enrolled in the portion of the long term disability plan that will continue to make annual contributions to the TIAA/CREF Retirement Annuity if you are participating in that program at the time of your disability. The contribution will be 15% of your salary at the time of disability. Therefore, when the income benefit ends (normally at age 65) you can begin to receive an annuity payment. This assures you of a lifetime income.
- Benefits start as of the month after the end of the Elimination Period. The Elimination Period is the period you must be continuously disabled before benefits become payable. The elimination period is the longer of:
- 6 months
- any period you are eligible to receive payments in each calendar month equal to you full Monthly Wage Base under Washington and Lee's Short Term Disability plan.
Please pass this information along to those people within your department that do not have access to email.
