![]() For individuals appointed on or after October 1, 1979, life insurance levels are reduced by approximately thirty-five percent on the July 1 coincident with or next following the individual's 60th birthday, and again by approximately thirty-five percent on the July 1 coincident with or next following the individual's 65th birthday.Īge Graded Group Term Life Insurance (Lesser of 8 times salary or $1.5 million maximum coverage amount): For individuals participating in the Age Graded Group Term Life Insurance Plan, life insurance levels will be reduced for active employees according to the following schedule: Age Graded Group Term Life Insurance Plan Schedule Age Level Premium Group Term Life Insurance ($60,000 maximum coverage amount): For individuals appointed prior to October 1, 1979, life insurance levels are reduced approximately thirty-five percent on the July 1 coincident with or next following the individual's 65th birthday. ![]() COVERAGE AT AGE 60 AND AGE 65 DURING ACTIVE EMPLOYMENT:įaculty or staff members who are participating in University sponsored benefit plans may continue to participate in those plans while they remain actively employed at Penn State, subject to the following limitations: To define the conditions applicable for continuation of the University's group insurance after age 60 and age 65, or upon the retirement or death of a faculty or staff member. Dependent Protection in University Sponsored Medical Plan or Medicare Supplement After the Death of a Faculty or Staff Member, or Retiree.Cessation of Dental, Vision Care, and VADD Coverage Upon Retirement or Death.Eligibility for Coverage Into Retirement.Coverage at Age 60 and Age 65 During Active Employment.THIS VERSION EFFECTIVE: November 12, 2020
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |