Page 15 - TimkenSteel 2022 Benefit Guide

LIFE INSURANCE AND

DISABILITY

Basic Life Insurance Disability Insurance
TimkenSteel provides basic life for employees and Disability insurance provides income replacement
offers voluntary insurance options for employees and should you become disabled and unable to work due to
their dependents. a non-work-related illness or injury. TimkenSteel provides
eligible employees with disability coverage at no cost as
Basic Life shown below. Coverage is automatic; you do not need

Life insurance is an important part of your financial to enroll.
wellbeing, especially if others depend on you for support.
TimkenSteel provides basic life insurance to all eligible Coverage Benefit
associates at no cost equal to 1 times your base annual
earnings, up to a maximum of $2 million. Coverage is Short-Term • Your base earnings are continued
automatic; you do not need to enroll. Disability depending on your years of service
which can be found in your Total
Rewards handbook.
Voluntary Life and AD&D Insurance
Long-Term • 50% of your base salary, to a maximum
You may choose to purchase additional life and AD&D Disability of $15,000 per month if you are
coverage for yourself and your dependents at affordable (standard, disabled and are unable to work for
group rates. Rates are based on age and the coverage company paid) more than six months.
level chosen. • Benefits are offset with other sources
of income, such as True Social Security
and Workers’ Compensation.
Voluntary Life and AD&D Insurance for you
Long-Term • Additional 15% of your monthly base
Supplemental Life Insurance and Voluntary AD&D Insurance Disability earnings (total LTD benefit of 65
• 1 to 8 times your annual base earnings (premium, percent, to a maximum of $15,000).
(maximum $2 million) employee paid)

Voluntary Life and AD&D Insurance for your dependents

Spouse Life Insurance Child Life Insurance Family Medical Leave Act (FMLA)
• $5,000; $10,000; $25,000; • $5,000; $10,000 If you have been with the company for 12
$50,000; $100,000
AD&D months, you may be eligible for up to 12 work
AD&D • Child only: 15% of weeks of unpaid leave per year under the Family
• Spouse Only: 50% of your AD&D benefit up and Medical Leave Act (FMLA). FMLA can be
your AD&D benefit up to $150,000 used for an illness of your own, care needed for
to $500,000 a family member, care for a newborn and certain
• Spouse and Child: Spouse other medical needs.
40% of your AD&D benefit
up to $400,000. Child: 10% Paid Parental Leave
of your AD&D benefit up
to $100,000 The company recognizes that our employees
need the flexibility to spend time with their
families to experience wellbeing and balance,
and this is especially the case when children
are added to the family. The company’s
Parental Leave policy provides up to four work
weeks of time off at 100% of base pay for new
parents to bond with their new family members.
For more information, refer to your Total
Rewards handbook.

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