Eligible faculty and staff members are provided with Basic Life Insurance equal to one times the employees budgeted salary at the beginning of the plan year. The premium cost for Basic Life Insurance is paid by the University.
Under current federal tax law, the value of coverage in excess of $50,000 is a taxable benefit and is subject to withholding of applicable taxes.
Additional information on the Basic Life Insurance benefit can be found in the Summary Plan Description. Contact the Human Resources office for a copy.