Long-term Disability Insurance (LTD). Faculty Members may purchase on an after-tax basis either of two (2) Long-term Disability Insurance Plans: Option 1 provides a benefit after four (4) months of 65% of base salary, up to a maximum monthly benefit of $4,000. Option 2 provides a benefit after six (6) months of 60% of base salary, up to a maximum monthly benefit of $4,000, and retirement annuity coverage if the Faculty Member becomes totally disabled. Participants in the Expanded “grandfathered” retirement plan receive retirement annuity coverage regardless of the LTD option chosen. Faculty Members whose annual base pay is $80,000 or more will be able to enroll in the same Supplemental Long Term Disability Plan which is available to unrepresented employees. Faculty Members who elect to enroll in the Supplemental LTD Plan will pay the full cost of the supplemental coverage on an after-tax basis.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
