Page 20 - 2015 CBRY Enrollment Guide
P. 20
2015 Beneit Guide
Basic Life, Basic Life and AD&D Insurance
AD&D, ASARCO provides you with Basic Life and AD&D insurance equal
to two times base annual salary rounded to the next highest $1,000 at
Supplemental NO COST to you. Your base annual salary is deined as regular pay,
Life excluding bonus or other extra pay.
Imputed Income If your death is the result of an accident, your beneiciaries receive an
Basic Group Life Insurance amounts amount equal to your Basic Life for your AD&D insurance. If you are
over $50,000 are subject to imputed seriously injured in an accident, a scheduled beneit may be paid to you.
income. Since ASARCO pays 100% Some examples of covered injuries include loss of limbs, eyesight, or
of your premium for this beneit, life hearing.
insurance amounts in excess of $50,000
are subject to imputed income as
required by Section 79 of the Internal Supplemental Life Insurance
Revenue Code. Imputed income is
calculated each pay period, based on Employees may also purchase supplemental life insurance for
each $1000 of coverage over $50,000. themselves. Employees can elect either one or two times their annual
The value of this coverage is based on salary up to a maximum coverage of $1,500,000 combined between
your age according to a table provided the Basic Life and Supplemental Life plans. Coverage is available on
by the IRS. Your age is calculated by a guarantee issue basis for new hires up to $700,000. For existing
the age you will attain at the end of the
current tax year. Your imputed income participants coverage can be increased one increment during annual
is added to your pay for purposes of enrollment each year on a guarantee issue basis. Rates per month are
calculating the applicable taxes to be based on your age, per $1,000 of coverage.
withheld each pay period.
Supplemental Life Rates per $1,000
Less than 30 $0.067
30 but less than 35 $0.078
35 but less than 40 $0.089
40 but less than 45 $0.133
45 but less than 50 $0.244
50 but less than 55 $0.577
Supplemental Life Rate 55 but less than 60 $0.611
Example 60 but less than 65 $0.777
65 but less than 70
$0.870
Mary selects an additional two times 70 or older $1.088
her annual salary as Supplemental Life
insurance. Mary’s salary is $68,000 In addition, employees can elect dependent coverage at a lat rate. Your
and she is 41 years old. Her monthly
premium will be $9.04 per month options are illustrated as follows:
or $4.17 per pay period.
1. $5,000 spouse/$1,000 child(ren)—costs $0.63 per pay period
2. $10,000 spouse/$2,000 child(ren)—costs $1.26 per pay period
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Basic Life, Basic Life and AD&D Insurance
AD&D, ASARCO provides you with Basic Life and AD&D insurance equal
to two times base annual salary rounded to the next highest $1,000 at
Supplemental NO COST to you. Your base annual salary is deined as regular pay,
Life excluding bonus or other extra pay.
Imputed Income If your death is the result of an accident, your beneiciaries receive an
Basic Group Life Insurance amounts amount equal to your Basic Life for your AD&D insurance. If you are
over $50,000 are subject to imputed seriously injured in an accident, a scheduled beneit may be paid to you.
income. Since ASARCO pays 100% Some examples of covered injuries include loss of limbs, eyesight, or
of your premium for this beneit, life hearing.
insurance amounts in excess of $50,000
are subject to imputed income as
required by Section 79 of the Internal Supplemental Life Insurance
Revenue Code. Imputed income is
calculated each pay period, based on Employees may also purchase supplemental life insurance for
each $1000 of coverage over $50,000. themselves. Employees can elect either one or two times their annual
The value of this coverage is based on salary up to a maximum coverage of $1,500,000 combined between
your age according to a table provided the Basic Life and Supplemental Life plans. Coverage is available on
by the IRS. Your age is calculated by a guarantee issue basis for new hires up to $700,000. For existing
the age you will attain at the end of the
current tax year. Your imputed income participants coverage can be increased one increment during annual
is added to your pay for purposes of enrollment each year on a guarantee issue basis. Rates per month are
calculating the applicable taxes to be based on your age, per $1,000 of coverage.
withheld each pay period.
Supplemental Life Rates per $1,000
Less than 30 $0.067
30 but less than 35 $0.078
35 but less than 40 $0.089
40 but less than 45 $0.133
45 but less than 50 $0.244
50 but less than 55 $0.577
Supplemental Life Rate 55 but less than 60 $0.611
Example 60 but less than 65 $0.777
65 but less than 70
$0.870
Mary selects an additional two times 70 or older $1.088
her annual salary as Supplemental Life
insurance. Mary’s salary is $68,000 In addition, employees can elect dependent coverage at a lat rate. Your
and she is 41 years old. Her monthly
premium will be $9.04 per month options are illustrated as follows:
or $4.17 per pay period.
1. $5,000 spouse/$1,000 child(ren)—costs $0.63 per pay period
2. $10,000 spouse/$2,000 child(ren)—costs $1.26 per pay period
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