Page 21 - CPS Benefits Guide
P. 21
Company Provided Benefits Company
Basic Life and AD&D Offered
As an eligible employee at CPS, you are provided basic life and basic Benefits
accidental death and dismemberment (AD&D) at no cost to you.
Coverage is offered through Cigna. The beneit is one times your Voluntary Life and
annual earnings up to a maximum of $300,000, and you are enrolled AD&D
automatically the irst day of the month following your date of hire.
Consider if you need to update your beneiciary. You will also have the opportunity
to purchase additional life
The IRS requires that you pay taxes on the value of any company- insurance for yourself, your
provided life insurance beneit in excess of $50,000. The taxes you pay spouse, or your dependent children
are based on tables established by the IRS and are minimal. This ensures through Cigna. As an eligible
beneits will not be taxable if paid out to the beneiciary. employee, you have the option
of purchasing up to ive times
Short Term Disability (STD) your annual earnings in $10,000
Short term disability coverage protects your income in the event you increments up to a maximum
of $500,000. For your spouse,
become disabled. Coverage is offered through Cigna. The beneit is 60% you can purchase 50% of your
of your pre-disability weekly earnings paid to you up to a maximum of election in $5,000 increments up
$1,500 for up to 11 weeks. Like the Basic Life and AD&D. This beneit is to a maximum of $150,000. You
provided at no cost to you and you are automatically enrolled. can elect $10,000 for each of your
dependent children. The cost of
Long Term Disability (LTD) this coverage depends upon your
As with the STD, long term disability (LTD) protects your income should age. For further information,
you become disabled. Coverage is offered through Cigna. This beneit is please see more detail on the ADP
60% of your pre-disability monthly earnings paid up to a maximum of portal.
$10,000 to you up until your Social Security Normal Retirement Age. This
beneit is provided to all eligible employees at no cost to you and you are When applying for voluntary
automatically enrolled. life insurance, you will be asked
to complete medical questions
to obtain coverage; this is
referred to as Evidence of
Insurability
Age reduction applies
For detailed information please view the summary plan document on the ADP portal.
Comprehensive Pharmacy Services 21
Basic Life and AD&D Offered
As an eligible employee at CPS, you are provided basic life and basic Benefits
accidental death and dismemberment (AD&D) at no cost to you.
Coverage is offered through Cigna. The beneit is one times your Voluntary Life and
annual earnings up to a maximum of $300,000, and you are enrolled AD&D
automatically the irst day of the month following your date of hire.
Consider if you need to update your beneiciary. You will also have the opportunity
to purchase additional life
The IRS requires that you pay taxes on the value of any company- insurance for yourself, your
provided life insurance beneit in excess of $50,000. The taxes you pay spouse, or your dependent children
are based on tables established by the IRS and are minimal. This ensures through Cigna. As an eligible
beneits will not be taxable if paid out to the beneiciary. employee, you have the option
of purchasing up to ive times
Short Term Disability (STD) your annual earnings in $10,000
Short term disability coverage protects your income in the event you increments up to a maximum
of $500,000. For your spouse,
become disabled. Coverage is offered through Cigna. The beneit is 60% you can purchase 50% of your
of your pre-disability weekly earnings paid to you up to a maximum of election in $5,000 increments up
$1,500 for up to 11 weeks. Like the Basic Life and AD&D. This beneit is to a maximum of $150,000. You
provided at no cost to you and you are automatically enrolled. can elect $10,000 for each of your
dependent children. The cost of
Long Term Disability (LTD) this coverage depends upon your
As with the STD, long term disability (LTD) protects your income should age. For further information,
you become disabled. Coverage is offered through Cigna. This beneit is please see more detail on the ADP
60% of your pre-disability monthly earnings paid up to a maximum of portal.
$10,000 to you up until your Social Security Normal Retirement Age. This
beneit is provided to all eligible employees at no cost to you and you are When applying for voluntary
automatically enrolled. life insurance, you will be asked
to complete medical questions
to obtain coverage; this is
referred to as Evidence of
Insurability
Age reduction applies
For detailed information please view the summary plan document on the ADP portal.
Comprehensive Pharmacy Services 21
