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Long Term Disability Benefits
|
Insurance Carrier |
Principal Life Insurance Company (Effective 6/1/06) |
|
Monthly Income Benefit |
60% of monthly base salary |
|
Maximum Monthly Benefit |
$10,000 |
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Elimination Period |
90 Calendar Days |
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Benefit Periods |
Social Security Normal Retirement Age (SSNRA) before age 62 (varies for 62 or older). Includes maternity. Two year limitation on benefits for mental health disorders and substance abuse, unless hospital confined at the end of the 24 month period. |
|
Benefit Offsets |
Primary Social Security benefits; disability or retirement (under 70). Workers' Compensation. |
|
Annual Cost of Living Adjustment |
3% |
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Minimum Benefits for Total Disability |
Greater of 10% of benefit or $100 |
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Total Disability |
|
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Class I |
Own occupation to SSNRA |
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Class II |
Own occupation for 24 months. Unable to perform material and substantial duties of own occupation or unable to earn more than 80% of pre-disability earnings. |
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Pre-Existing Conditions |
Preexisting condition if care sought or treatment provided within 6 months before effective date. Benefits are payable after participant has gone treatment free for 12 months or been insured on the plan for 24 months, whichever occurs first. |
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Monthly Annuity Premium Benefit |
8% of indexed earnings credited to TIAA-CREF annuities, if eligible, and participating in the Deferred Contribution Plan. |
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Partial / Rehabilitative Disability Benefit |
Return to work on part-time basis, when earning more than 20% of indexed pre-disability earnings. First 12 months, no offset unless earnings combined with benefits exceed 100% indexed pre-disability earnings. Thereafter, proportionate replacement based on formula that includes "return to work" compensation. Proportionate loss formula also applies to annuity benefit. |
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Survivor Benefit |
Equal to 3 months of the gross monthly benefit. |
|
Conversion |
Not Available |
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