JC - 2024 Employee Benefits Guide - (FINAL 11.28.2023) SPR

BENEFIT

Who’s Eligible?

All regular full-time employees working at least 30 hours per week

Life Benefit Amount

Flat $50,000

AD&D Benefit Amount

Flat $50,000

Reduction of Benefits Schedule*

Reduces by 35% of original amount at age 65 Reduces by 50% of original amount at age 70

Retirement

Benefits terminate at retirement

*Note: Automatic reduction of benefit occurs at end of year after attained age

ONLY AVAILABLE IF EMPLOYEE COVERAGE IS ELECTED

BENEFIT

EMPLOYEE

BENEFIT

SPOUSE

Benefit Amount

5 times (5x) annual salary

Benefit Amount

2.5 times (2.5x) annual salary

Minimum Benefit Amount

Increments of $10,000

Maximum Benefit Amount

Minimum Benefit Amount

$300,000

Increments of $5,000

Guaranteed Coverage Amount* Reduction of Benefits Schedule**

Maximum Benefit Amount

The lesser of 50% of the Employee amount or $150,000

$150,000

Guaranteed Coverage Amount*

$30,000

Reduces by 35% of original amount at age 65 Reduces by 50% of original amount at age 70

Reduction of Benefits Schedule**

Spouse Benefits are reduced when employees’ spouse attains age 65 and terminate when employee is no longer eligible or at retirement, whichever come first

Portability

Available

Retirement

Benefits terminate at retirement

Portability

Available

BENEFIT

DEPENDENT CHILDREN

Benefit Amount

Flat $10,000

Portability

Available

For additional information, please refer to your detailed plan summary. In the event of a discrepancy, the carrier Plan Document shall prevail.

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