Page 17 - Dragados 2022 Benefits Guide

Life and Disability Plans
Company-Provided Basic Life and AD&D Insurance —Protect Your Future
Life Insurance provides financial security for the people who depend on you. Dragados provides Basic Life and Accidental Death and Dismemberment (AD&D) Insurance plus the opportunity to purchase Voluntary, Spouse and Child Life Insurance.
Definition of annual earnings for Life/AD&D/Short-term and Long-term Disability
Your annual wage or salary, excluding extra compensation, bonuses, commission and overtime.
Please refer to your certificate of insurance for further details on plan coverage provisions.
1 x annual earnings (rounded to the next higher $1,000) 1 x annual earnings (rounded to the next higher $1,000)
BASIC LIFE AND BASIC AD&D (COMPANY PROVIDED)
Annual Earnings Less Than $175,000
Annual Earnings $175,000 and Above
Benefit
Maximum
$175,000
$300,000
Benefit Reduction
Age 65: 35% reduction. Age 70: 50% reduction
Note: The actively at work rule applies to newly eligible employees and increases in coverage amounts.
In accordance with IRS regulations, basic life premium amounts for coverage in excess of $50,000 will be reported as taxable income.
60% of weekly earnings up to a maximum of $2,000 per week, offset by other income sources
On the 8th day for accident or sickness 26 weeks
Note: The actively at work rule applies to newly eligible employees and increases in coverage amounts. There are no preexisting condition limitation exclusions in this plan.
$4,000, offset by income from other sources $8,000, offset by income from other sources
60% of monthly earnings 180 days
To Social Security Normal Retirement Age
24-month lifetime limitation for mental health/24-month lifetime limitation for substance abuse
Provision included; If a condition is determined to have been a preexisting condition in the
3 months prior to employment effective date, benefits may be payable in accordance with plan provisions after a 12-month waiting period
SHORT-TERM DISABILITY (COMPANY PROVIDED)
All eligible full-time U.S. Employees
Benefit
Benefits Begin
Duration
LONG-TERM DISABILITY (COMPANY PROVIDED)
Annual Earnings Less Than $175,000
Annual Earnings $175,000 and Above
Maximum Monthly Benefit Payable
Benefit
Elimination Period
Duration of benefits
Benefit Limitation
Preexisting Condition Limitation Clause
Cost of Coverage
The premium will be paid by the Company and reported as taxable income so that any benefit you receive in the future will be tax free
Note: The actively at work rule applies.
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