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  Introduction to the Handbook
  Message from the President
  About Your College
  Ivy Tech Foundation
  Regional Administrative Centers
  Personnel Policies and Procedures
  Time Off
  Health and Dental Care Programs
  Other Core Benefit Programs
  Group Term Life Insurance
  Basic Life Insurance
  Optional Life Insurance
  Accidental Death and Dismemberment
  Benefits Reduction at age 70 and Age 75
  Beneficiary Designation
  Disability and Your Group Term Life Insurance
  When Coverage Ends-Portability and Conversion
  Claims for Survivor Benefits
  Other Survivor Benefits
  Group Long-Term Disability Insurance
  Worker's Compensation Disability Benefits
  Other Disability Information
  Tax Saver Program
  Flexible Spending Accounts
  Integrated Health Programs
  Employee Assistance Program
  Educational Support
  Service Awards Program
  Annual Employee Benefits Statement
  Credit Union Membership
  Voluntary Benefits
  Retirement Programs
   
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Full-Time Employee Handbook
Other Core Benefits Programs
   

As a full-time, benefits-eligible employee, you are eligible for group term life insurance coverage beginning on the date you start work. Your regional Human Resources Administrator will supply enrollment information and forms to you. For complete details of the Ivy Tech group term life insurance plans, see the certificate of coverage at, Ivy Tech Group Term Life Insurance Certificate.

As a benefits-eligible employee, you are eligible for term life insurance coverage beginning on the date you start work. The Human Resources Administrator will supply enrollment information to you. Please consult the applicable insurance booklet or certificate of coverage for more information.

Basic Life Insurance

 

Basic Life Insurance provides protection for your survivors if you die while you are covered under the plan. The College pays the premium for your Basic Life coverage. The College continues to pay your premium during an FMLA leave.  The benefit is 100% of your basic annual salary, rounded to the next higher multiple of $1,000, if it is not already a multiple of $1,000. There is a minimum benefit of $10,000 and a maximum of $500,000.

Optional Life Insurance

  Optional Life Insurance, also known as “supplemental” life insurance, is an opportunity for you to provide an additional benefit for your survivors up to a maximum benefit of $500,000 under guaranteed issue. Evidence of Insurability is required for coverage levels between $500,000 to $700,000. You are eligible to apply and become insured on your first day of employment in a full-time, benefits-eligible position. If you do not apply within 31 days of the date you are first eligible, you will need to submit a Statement of Health form for consideration and approval before your requested Optional Life Insurance becomes effective. The insurance carrier may decline to extend coverage to late enrollees. You pay 100% of the premium for this supplemental protection through payroll deduction on an after-tax basis. You can choose among the following benefit levels, in addition to your Basic Life benefit:
     
  100% of your basic annual salary
     
  200% of your basic annual salary
     
  300% of your basic annual salary
     
 

Your premium will vary depending on your choice of benefit level and your age. Please note that the premium expense for Optional Life Insurance increases at certain ages. Check with your regional Human Resources Administrator for more details.

   
 

Accidental Death and Dismemberment

 

Full-time, benefits-eligible employees are covered by the College’s Accidental Death and Dismemberment Policy on the date they begin employment in an eligible position. The College pays the premium for this protection. If your death is accidental, or if you suffer certain kinds of dismemberment or loss of sight, you or your beneficiary will be entitled to a benefit. Benefits are paid according to the schedule below. For a more detailed explanation of the benefits under this policy, please consult the Ivy Tech Group Term Life Insurance Certificate or contact your regional Human Resources Administrator.

Benefits will not be paid for losses resulting from disease, medical or surgical treatment for disease, infections, suicide or attempted suicide, mental or physical infirmity, acts of war, or attempted commission or commission of a felony.

   
 
For loss of: Benefit Amount
Life Equal to Basic Life Benefit, paid to your beneficiary
Both hands or both feet or sight of both eyes Equal to Basic Life Benefit, paid to you
Any combination of foot, hand, or sight of one eye Equal to Basic Life Benefit, paid to you
One hand, one foot, or sight of one eye 50% Basic Life Benefit, paid to you
 
 
 
 
   
 

* Other benefits are as provided in the policy.

   

Benefit Reduction at Age 70 and Age 75

  On the date you reach age 70, the coverage amounts through Basic Life, Optional Life, and Accidental Death and Dismemberment insurance for which you are enrolled are reduced to 65% of the original coverage amount. On the date you reach age 75, these benefits are reduced to 50% of the original coverage amount.

Beneficiary Designation

 

When you first become eligible for coverage, you must indicate the name of your beneficiary on your enrollment forms. You may change the name of your beneficiary at any time by completing and returning the required forms. These are available from your regional Human Resources Administrator.

It is important to keep your beneficiary designations current by reviewing them at least once each year.  Survivor benefits will only be paid to the most recent beneficiary indicated in writing by you.

Disability and Your Group Term Life Insurance

 

Should you become totally disabled prior to age 60, you may be able to maintain your Basic and Optional Life Insurance at no cost. If you qualify for this benefit, it can be maintained only as long as the life insurance carrier deems you disabled. A waiver of premium may be granted after you have received long-term disability benefits for nine months. The long-term disability and life insurance carrier coordinates the premium waiver process.

When Coverage Ends

 

Your coverage under the Ivy Tech Group Term Life Insurance plan ends when you terminate employment with the College or when you retire. Additionally, your Optional Life Insurance benefit terminates if you fail to make the required premium payments.

If you are terminating employment with the College, you may continue your life insurance coverage (Basic and/or Optional) for up to three years at the group rates for Optional Life Insurance.  After the three years of portability or instead of exercising the portability option, you may convert your group life insurance coverage to an individual life policy. If you wish to investigate this type of conversion, please check with your regional Human Resources Administrator.

Claims for Survivor Benefits

 

If you or your beneficiary has a claim for benefits, your regional Human Resources Administrator can provide the proper forms and guidance.

You may arrange to have all or part of the benefit paid in equal monthly installments, according to the terms stated in the insurance policy. If you have not elected installment payments, your beneficiary may do so at your death.

Other Survivor Benefits

 

There may be additional survivor benefits available for your family. Under the College retirement programs, a death benefit is sometimes payable. Eligibility for survivor benefits depends on the program and the length of time you have been a participant. Also, if you were participating in the voluntary Tax Deferred Annuity program, your accumulated benefit will be paid to your survivors. Finally, Social Security will pay a survivor benefit in certain situations.

For more details about these potential benefits, see the Retirement Programs chapter of this Handbook, or contact your regional Human Resources Administrator.

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