Skidmore Employee Benefits Summary
Group Term Life Insurance & AD&D
What group term life insurance plans are offered?
Skidmore College provides a $50,000 group term life insurance, which ceases at separation of employment. You may also elect additional group term life insurance at $50,000; $100,000; $150,000; $200,000; or $250,000.
What is the cost of the group term life insurance plan?
There is no cost to you for the base $50,000 plan the College provides. The cost for any additional coverage will be based on the amount elected and your age at the time of benefit eligibility. Thereafter, the cost will be based on your age each January 1. The cost of the plan may be found on the yearly benefits information page.
Are there other costs to employees when buying group term life insurance?
Under federal guidelines, the value of group term life insurance in excess of $50,000, referred to as imputed income, is taxable income and, as such, is reported annually on your W2. While the value is subject to federal, state, and FICA taxes (Social Security/Medicare taxes), the College is only required to withhold FICA taxes.
Dependent Life Insurance
What is dependent life insurance?
Dependent life insurance covers an employee’s spouse for $10,000 group term life insurance and each unmarried dependent child for $4,000 until age 19, or age 23 if they are a full-time student. Employees are automatically named as the beneficiary if coverage is elected.
While dependent life insurance cannot be a part of the Flexible Benefits Program under the IRS regulations, the College does include the information and election option with the Flexible Benefits Program for employee convenience.
What is the cost of the dependent life insurance plan?
The cost of this plan, determined annually by the insurance company, is the same for each participant whether one or more dependents are covered. The current cost can be viewed on the yearly benefits information page..
Who may participate in dependent life insurance?
You are eligible to participate in dependent life insurance if you are a regular or temporary full- time employee hired in a nine- to twelve-month appointment, or a part-time employee hired to work in a twelve-month position for at least 1,365 hours per year; full-time faculty appointed in temporary positions for at least two consecutive semesters; and faculty, exempt and non-exempt staff appointed to an approved shared position.
Business Travel Insurance
What does business travel insurance cover?
The College provides a blanket $100,000 policy for accidental death, to include dismemberment at a prorated schedule, while traveling on College-related business. This does not include traveling between home and your work location.
Who is eligible for Business Travel Insurance?
Full- and part-time exempt employees and non- exempt employees are automatically enrolled on the date of hire.