|
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Coverage | Employee & Family | Employee Only |
| $27,500 | $1.50 | $1.00 |
| $55,000 | $3.00 | $2.00 |
| $82,500 | $4.50 | $3.00 |
| $110,000 | $6.00 | $4.00 |
| $165,000 | $9.00 | $6.00 |
| $220,000 | $12.00 | $8.00 |
| $275,000 | $15.00 | $10.00 |
| $300,000 | $16.36 | $10.90 |
Dependent Life Insurance Program
Employees who participate in either the basic or supplemental life insurance programs are eligible to participate in the dependent life insurance offered as a part of the State Employee's Group Benefits Program.
Rates for dependent life are a flat rate, regardless of the number of dependents covered by the employee.
Employee is responsible for entire premium.
Eligible dependent children are those who have never been married, up to but not including 21 years of age, or full-time students up to but not including 24 years of age.
Employees with Basic Life Insurance:
| Option 1 | Dependent Life face amount of $1,000 on the spouse and $500 on each eligible dependent child. | |
| Cost: $.90 per month | ||
| Option 2 | Dependent Life face amount of $2,000 on the spouse and $1,000 on each eligible dependent child. | |
| Cost: $1.80 per month | ||
| Employees with Supplemental Life Insurance: | ||
| Option 1 | Dependent Life face amount of $2,000 on the spouse and $1,000 on each eligible dependent child. | |
| Cost: $1.80 per month | ||
| Option 2 | Dependent Life face amount of $4,000 on the spouse and $2,000 on each eligible dependent child. | |
| Cost: $3.60 per month | ||
State of Louisiana Life Insurance Program
All employees appointed at 75% effort and
above are eligible to participate in the Group Life Insurance
Plan. The plan is underwritten by the Prudential Insurance
Company. The State pays for half of the life insurance premium
for the employee and/or retiree, and coverage is granted on a
guaranteed basis to employees who enroll during their first 30
days of eligibility. Late enrollees are subject to underwriting
approval, and coverage is effective the first of the month
following 30 days of employment. The premiums are collected one
month in advance, and premiums for the employee life coverage
can be deducted on a before-tax basis by enrolling in the
Cafeteria Plan.
Accidental Death and Dismemberment benefits
are included for all active employees under age 65, and if your
employment ends, you may receive similar term life insurance
under the portability provision, provided you are under age 70.
Accidental Death and Dismemberment coverage ends upon
termination of employment or retirement at age 70.
Coverage Reductions:
On July 1st of the year you attain age 65, the amount of insurance is reduced by 25%.
On July 1st of the year you attain age 70, the amount of insurance is reduced by 50% from the original amount.
Accidental Death and Dismemberment will end at age 70 or upon termination of employment/retirement.
Two Options:
Basic Plus Supplemental Term Life - Monthly Premiums
Active and Retired employees under age 65
| Annual Salary | Maximum Insurance | Total Premium | Employee Portion | ||
| 10,000.01 | - | 10,666.66 | 18,000.00 | 16.56 | 8.28 |
| 10,666.67 | - | 11,333.33 | 19,000.00 | 17.48 | 8.74 |
| 11,333.34 | - | 13,333.33 | 20,000.00 | 18.40 | 9.20 |
| 13,333.34 | - | 14,000.00 | 21,000.00 | 19.32 | 9.66 |
| 14,000.01 | - | 14,666.66 | 22,000.00 | 20.24 | 10.12 |
| 14,666.67 | - | 15,333.33 | 23,000.00 | 21.16 | 10.58 |
| 15,333.34 | - | 16,000.00 | 24,000.00 | 22.08 | 11.04 |
| 16,000.01 | - | 16,666.66 | 25,000.00 | 23.00 | 11.50 |
| 16,666.67 | - | 17,333.33 | 26,000.00 | 23.92 | 11.96 |
| 17,333.34 | - | 18,000.00 | 27,000.00 | 24.84 | 12.42 |
| 18,000.01 | - | 18,666.66 | 28,000.00 | 25.76 | 12.88 |
| 18,666.67 | - | 19,333.33 | 29,000.00 | 26.68 | 13.34 |
| 19,333.34 | - | 20,000.00 | 30,000.00 | 27.60 | 13.80 |
| 20,000.01 | - | 20,666.66 | 31,000.00 | 28.52 | 14.26 |
| 20,666.67 | - | 21,333.33 | 32,000.00 | 29.44 | 14.72 |
| 21,333.34 | - | 22,000.00 | 33,000.00 | 30.36 | 15.18 |
| 22,000.01 | - | 22,666.66 | 34,000.00 | 31.28 | 15.64 |
| 22,666.67 | - | 23,333.33 | 35,000.00 | 32.20 | 16.10 |
| 23,333.34 | - | 24,000.00 | 36,000.00 | 33.12 | 16.56 |
| 24,000.01 | - | 24,666.66 | 37,000.00 | 34.04 | 17.02 |
| 24,666.67 | - | 25,333.33 | 38,000.00 | 34.96 | 17.48 |
| 25,333.34 | - | 26,000.00 | 39,000.00 | 35.88 | 17.94 |
| 26,000.01 | - | 26,666.00 | 40,000.00 | 36.80 | 18.40 |
| 26,666.01 | - | 27,333.33 | 41,000.00 | 37.72 | 18.86 |
| 27,333.34 | - | 28,000.00 | 42,000.00 | 38.64 | 19.32 |
| 28,000.01 | - | 28,666.66 | 43,000.00 | 39.56 | 19.78 |
| 28,666.67 | - | 29,333.33 | 44,000.00 | 40.48 | 20.24 |
| 29,333.34 | - | 30,000.00 | 45,000.00 | 41.40 | 20.70 |
| 30,000.01 | - | 30,666.66 | 46,000.00 | 42.32 | 21.16 |
| 30,666.67 | - | 31,333.33 | 47,000.00 | 43.24 | 21.62 |
| 31,333.34 | - | 32,000.00 | 48,000.00 | 44.16 | 22.08 |
| 32,000.01 | - | 32,666.66 | 49,000.00 | 45.08 | 22.54 |
| 32,666.67 | - | And Over | 50,000.00 | 46.00 | 23.00 |
Disability Plan Coverage
Mass Mutual Disability - Individual Long Term Disability Policy
This policy is an individual disability income insurance available at group rates. Individual disability insurance is designed to replace a significant portion of your income should you become disabled. The policy is fully portable and remains in effect even if you leave the university.
Unisex rates, which are based on age, are locked in and guaranteed to age 65. The policy offers "own occupation" protection; you cannot be forced to work outside your occupation.
60% of your income protection (not just base pay) with no reduction of benefits due to other income sources.
Benefits are non-taxable and a waiver of premiums while drawing a disability benefit. The plan is extremely flexible with optional benefit riders for expanded coverage.
This policy can supplement benefits received through the CNA group disability plan and together may protect you at a greater percentage of income during your disability period.
Two months of premiums are required at time of contract with payroll deduction available subsequent premiums. Interested employees should contact Greg Corrente (504) 838-0016 who is authorized to represent this product.
The Hartford - Group Long Term Disability Policy
Eligibility
Employees working 30 hours or more per week
(75% effort). Coverage is granted on a guaranteed basis to new
employees who enroll during their first 30 days of employment.
Coverage is effective the first of the month following the
effective date of hire.
Income Protection
Disability coverage provides income
protection in the event of a total or partial disability. This
program will replace a portion of your income based on the Total
Disability Benefit formula. Sun Life will pay a monthly LTD
benefit after the end of the elimination period.
Plan Highlights
The benefit is payable up to social security defined retirement age. (Benefits go beyond retirement if you become disabled at age 60 or beyond).
There is an "elimination period", meaning benefits become payable after you have been totally disabled for 90 consecutive days and all sick leave is exhausted.
You will receive payment for a disability resulting from a "pre-existing condition" if the disability begins after the first year of coverage.
Benefits received from LTD are tax free; the income is not subject to state or federal income taxes.
Coordination with Other Income Benefits
Other Income Benefits are those benefits
provided or available to you while your monthly LTD benefit is
payable. These Other Income Benefits must be provided as a
result of the same disability and include (but are not limited
to) Social Security Disability and Retirement, Workers'
Compensation, State Disability, sick leave and salary
continuation programs.
Premiums
The cost of long term disability insurance is paid for entirely by the employee. The amount of your premium is subject to change if there is a change in salary.
LTD rates are $.553 per $100 of base salary.
Premium Calculation
(Annual Salary) X (Benefit Cost)/100 = premium per year
Premium per year/26 = bi-weekly payroll premiums
Example:
Bi-weekly payroll premium = ($22,000 annual salary) X (.553 benefit cost)/100 = 121.66/26 = $4.68
Monthly payroll premium = ($22,000 annual salary) X (.553 benefit cost)/100 = 121.66/12 = $10.14
Examples of Premiums at Various Salary Levels
|
Annual Salary |
Monthly Salary |
60% Monthly |
60% Bi-Weekly |
|
$ 12,000 |
$ 1,000 |
$ 5.53 |
$ 2.55 |
|
$ 15,000 |
$ 1,250 |
$ 6.91 |
$ 3.19 |
|
$ 18,000 |
$ 1,500 |
$ 8.30 |
$ 3.83 |
|
$ 20,000 |
$ 1,667 |
$ 9.22 |
$ 4.25 |
|
$ 25,000 |
$ 2,083 |
$ 11.52 |
$ 5.32 |
|
$ 30,000 |
$ 2,500 |
$ 13.83 |
$ 6.38 |
|
$ 35,000 |
$ 2,917 |
$ 16.13 |
$ 7.44 |
|
$ 40,000 |
$ 3,333 |
$ 18.43 |
$ 8.51 |
|
$ 45,000 |
$ 3,750 |
$ 20.74 |
$ 9.57 |
|
$ 50,000 |
$ 4,167 |
