2023-2024 Benefits Guide

establishes that you were positioned in a seat which is designed to be protected by an Air Bag and were properly strapped in the Seat Belt when the Air Bag inflated. LONG-TERM DISABILITY (LTD) LTD is an employer paid benefit offered to full time employees of the EAA and has been designed to offer family- focused benefits and support services. LTD pays a monthly benefit if you have a covered illness or injury and you cannot work for a few months or even longer. You are generally considered disabled if you are unable to do important parts of your job and your income suffers as a result. This premium is paid for by the EAA and employees are automatically enrolled. The amount you receive from LTD will be reduced by deductible income you receive from other sources. These sources may include, but are not limited to, income from Worker’s Compensation, Social Security, or other group disability benefits. For more information click on the below link. The benefit amount paid is 60% of your monthly earning up to a maximum of $10,000 per month. Elimination Period The elimination period is the period of consecutive days of total disability for which no benefit is payable. It begins on the first day of total disability and extends for the number of days specified in the plan summary. For LTD, the elimination period is 90 days. Benefit Duration The maximum benefit period may range from 2 years to age 70. The standard maximum benefit duration lasts up to a person’s normal retirement age as defined by Social Security. The LTD duration schedules comply with Age Discrimination and Employment Act (ADEA). ADEA requires that either the level of benefits or the cost of the benefit be the same for older employees as for younger employees. OPTIONAL TERM LIFE INSURANCE Optional term life insurance coverage is available to full time employees and paid for by the employee. Employees who enroll within 31 days of eligibility, may apply for any amount of life insurance up to the Guarantee Issue amount of $110,000.00 in increments of $10,000 not to exceed $200,000. Insurance coverage over the Guarantee Issue amount will be subject to Evidence of Insurability. Employees who do not enroll within 31 days of eligibility, may enroll during the annual Open Enrollment, but will be required to complete an evidence of insurability form. How Much Coverage Can I Get? To calculate your cost for optional life insurance, follow the directions below and the premium amounts on the age band table to the right. The example below can be used as a reference.

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