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Part I Section I: Salary and Benefit Provisions for Active Faculty

A-6 Group Life Insurance

  1. All faculty participate in a Group Life Insurance Policy.
  2. The University's Group Life Insurance policy provides life insurance and accidental death and dismemberment (AD&D) insurance. The AD&D benefit is equal to the amount of life insurance. Accidental Death and Dismemberment insurance ends upon termination of employment and cannot be converted to an individual policy.
  3. Life insurance coverage is based upon a faculty member's base salary and age as follows. The amount of life insurance is raised to the next multiple of $1,000 if not already at such a multiple. In no event will the amount of life insurance exceed $500,000.
    • If age is less than 45, multiple of annual wage is 3.00
    • If age is 45 but less than 50, multiple of annual wage is 2.50
    • If age is 50 but less than 55, multiple of annual wage is 2.00
    • If age is 55 but less than 60, multiple of annual wage is 1.50
    • If age is 60 but less than 65, multiple of annual wage is 1.00
    • If age is 65 or older, multiple of annual wage is 0.70
  4. A faculty member who retires at age 62 or older, has completed ten (10) years of service, and was insured as an active employee immediately prior to retirement, shall be entitled to life insurance. The retiree shall be entitled to receive one times base pay up to $50,000 from age 62 to 64. At age 65, the life insurance benefit shall reduce to 70% of the benefit at age 62. At age 70, the benefit shall reduce to $6,000 and remain at that level until death.
  5. There is no accidental death and dismemberment insurance during retirement.
  6. Faculty are responsible for 25% of the annual premium for Group Life/Accidental Death and Dismemberment Insurance. The faculty's share of the insurance premium is prorated over the pay period and deducted biweekly.