Common use of Long-Term Disability Plan for Full-Time Employees Clause in Contracts

Long-Term Disability Plan for Full-Time Employees. The Board will contribute 100% of the premium cost for eligible employees who work thirty-five (35) hours per week. Insurability and eligibility to receive this benefit will be determined by the carrier. The parties agree that the Board is not responsible in the event that the insurer determines an employee is ineligible for Long-Term Disability. The plan includes the following: - Benefit amount of 75% of monthly earnings with a maximum monthly benefit of $3000 - Board owned and administered plan - mandatory for new employees - availability of benefit subject to insurance carrier approval and not the responsibility of the Board - elimination period for LTD benefits of one hundred and eighty (180) calendar days - benefit termination age 65 - definition of disability: 12 month review - COLA 0%