Optional Coverage. Pays 70% of salary with a $7,000 monthly maximum. Employees pay the difference between the cost of this option and their cost for basic coverage. Compensation under these plans may be reduced by payments from other sources such as Workers’ Compensation and Social Security. The total amount of compensation from all sources under these plans will be 60-70% of monthly income depending on the plan selected. The total monthly benefit will not exceed $6,000 or $7,000 if the optional coverage is in effect. Payments begin on the first of the month after the employee has been totally disabled for six months. After 42 months of continuous disability, monthly payments will be increased 3% annually or by the Consumer Price Index if lower.
Appears in 4 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Optional Coverage. Pays 70% of salary with a $7,000 monthly maximum. Employees pay the difference between this option and the cost of this option and their cost for basic coverage. Compensation under these plans may be reduced by payments from other sources such as Workers’ Compensation and Social Security. The total amount of compensation from all sources under these plans will be 60-60 or 70% of monthly income depending on the plan selected. The total monthly benefit will not exceed $6,000 or $7,000 if depending on whether the optional coverage is in effect. Payments begin on the first of the month after the employee has been had become totally disabled for six months. After 42 months of continuous disability, monthly payments will be increased 3% annually or by the Consumer Price Index if lower.
Appears in 2 contracts
Sources: Employment Agreement, Employment Agreement