Page 16 - Green Mountain Research Handbook Final 8-9-21

Green Mountain Research Employee Handbook

pay income tax on the premium. This allows you to receive the income replacement benefits
tax-free should you become disabled.

Group Basic Term Life Insurance
GMR offers a $50,000 term life insurance policy to full-time employees and pays 100 percent of
the premium. When benefits end, such as at the end of employment, employees may convert

the policy to an individual policy by paying the monthly conversion premium rate at that time.

Group Voluntary Term Life Insurance
Full-time employees may purchase additional term life insurance for themselves and their
spouses. Eligible employees may purchase up to $50,000 for themselves and up to $10,000 for

their spouse when first offered coverage, without answering medical questions. These limits
are referred to as the amounts of “Guarantee Issue”.

In general, in order to purchase additional coverage beyond the Guarantee Issue, you must
answer health questions and be approved by the insurance provider. Additional coverage may
be applied for in units of $10,000 or $5,000 for employee or spouse coverage, respectively. The
maximum coverage you may apply for is $300,000 for employee coverage and $100,000 for
spouse coverage.

During each annual open enrollment, you may have the option to increase (but not purchase
new) coverage by up to $20,000 for employee coverage and up to $10,000 for spouse coverage
without answering medical questions.

The employee pays the full premium for this coverage under GMR’s voluntary group plan.
These are not individual policies. However, should you leave employment with GMR, inquire as
to whether it is possible to port, or continue the coverage by paying the premium directly based
upon the portable coverage rates at that time.

Retirement: SEP IRA
GMR contributes to a SEP IRA plan for each full-time employee to help them prepare for
retirement. Contact Human Resources for information regarding the contribution amount and
other benefit details.

Unemployment Benefits
GMR pays into the state insurance system to provide unemployment benefits for our
employees. The actual benefits are determined by state law and claim determinations are
made by the state unemployment office.

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Revision Date: 08/01/2021
Origination Date: 08/01/2021