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Policy 605 - Life Insurance

Section: Benefits
Policy Number: 605
Responsible Office: HR/Benefits
Effective Date: 04/01/98
Revised: 01/01/02; 05/01/05

Scope

All full-time administrators and staff are covered by this benefit.

Summary

The University provides eligible employees with term life insurance at no cost to employees. Full-time staff and administrators are covered for an amount equal to one-time their annual salary at no cost, subject to a maximum. The IRS taxes life insurance amounts over $50,000. Taxes are calculated based on age and amount over $50,000.

For additional information, contact the Employee Benefits Office. If anything stated in this policy differs from the information contained in the plan documents, then the plan documents supersede this policy. For information on Supplemental Life Insurance, see policy #606.

St. John's University, New York
Human Resources Policy Manual