This plan is administered by UNUM Life Insurance Company of America. The Sandia Long-Term Disability (LTD) Plan replaces part of your pay if you are disabled according to the terms of the plan. The LTD Plan may begin benefit payments when your Sickness Absence Plan (SAP) benefits are exhausted. The supplemental buy-up LTD benefit goes into effect the day following the completion of 12 months of premium payment.
Employees can enroll in this plan anytime during the year, but are required to provide evidence of insurability and your application can be denied.
If you enroll in the LTD+ during Open Enrollment the evidence of insurability requirement is waived (for 2009 Open Enrollment Only).
Eligibility
Regular employees
Limited-term and Post-doctoral employees
Coverage
Long-Term Disability Basic Plan (50%)
- Employer paid benefit (employees are automatically enrolled).
- Provides a benefit equal to one-half your monthly base pay, up to a monthly maximum benefit of $7,500.
- The benefit is based on the hourly, weekly, or annual rate of pay for your standard full-time or part-time work schedule. Base pay does not include other payments such as performance awards, premiums, allowances, and overtime payments.
- The LTD Plan benefit is reduced (offset) by the amount you receive from other sources (see SPD for additional information regarding LTD benefit offset).
Long-Term Disability+ Plan (10% or 20% additional coverage)
Employee paid benefit
LTD+ provides an enhancement to the LTD Basic by offering an additional benefit that replaces part of your pay should you become disabled according to the terms of the plan. This Plan gives you the opportunity to purchase an additional 10% or 20% of your monthly base pay with the following maximums:
- Additional $1,500 monthly maximum total benefit for the 10% option
- Additional $3,000 monthly maximum total benefit for the 20% option
Total monthly maximums for the LTD and LTD+ Plan Benefit
- $9,000 monthly maximum total benefit for LTD Plan and 10% LTD+ Plan
- $10,500 monthly maximum total benefit for LTD Plan and 20% LTD+ Plan
The benefit is based on the hourly, weekly, or annual rate of pay for your standard full-time or part-time work schedule. Base pay does not include other payments such as performance awards, premiums, allowances, and overtime payments.
The LTD+ Plan benefit is not offset by any amounts you receive from other sources (see SPD for additional information regarding LTD benefit offset).
LTD+ Plan Premiums
$0.182 per $100 of monthly salary, for an additional 10% benefit
$0.403 per $100 of monthly salary, for an additional 20% benefit
Calculation Example:
You earn $35,000 annually ($2,917 monthly) and enroll in the 10% additional LTD+ Plan benefit.
$35,000 ÷ 12 = $2,917
$2,917 ÷ 100 = $29.17
$29.17 X .182 = $5.30 monthly premium
Premium Payment
Payroll deductions will begin in December 2008.
Additional Information
For more detailed plan provisions, refer to LTD Sandia Summary Plan Description
