Life Insurance

Each employee of the Fund is covered by a term life insurance policy in an amount equal to three times his/her annual salary, up to $400,000, with an accidental death and dismemberment benefit applying to the full amount of the insurance. Coverage under this policy is automatically adjusted when an employee receives a salary increase. The specific benefits, restrictions and limitations of the life insurance and accidental death and dismemberment coverage are outlined in the life insurance certificate/plan document that is issued to each employee.

The cost of the premium for life insurance coverage over $50,000 per year is taxable (F.I.C.A. only) to the employee as wages in the tax year in which the premiums are paid.

There is a waiting period of one month before coverage becomes effective. Note: Details of plan benefits are provided for descriptive purposes only.