Long-Term Disability Benefit Coverage
|
Benefit Percentages
|
60% of Covered Pay |
|
Maximum Annual Covered Pay |
Up to $400,000 |
|
Maximum Monthly Benefit Payable |
Up to $20,000 |
|
Elimination Period |
90 Days |
*For residual disability, the 90-days apply, even though you are working on a limited or Part-time basis. Reference the Summary Plan Description for further details.
- The plan provides monthly income combined with other income sources equal to 60% of your covered pay up to the specified limit.
- The cost of the LTD plan is based on your covered pay and your age.
- When you enroll in the plan using the My Info enrollment panel, your cost per pay period will be automatically calculated.
- The cost will be deducted from each paycheck.
Example of Calculating the Benefit Payable for Long-Term Disability
|
The monthly benefit payable for an Associate making $24,000 annually is calculated as follows: |
|
Benefit Percentage |
60% |
| Annual Covered Pay |
$24,000 |
|
Annual Covered Pay Divided by 12 months |
$2,000 |
|
Monthly Covered Pay Times Benefit Percentage |
$1,200 |
|
Monthly Benefit Payable |
$1,200 |
|
