Life Insurance and Accidental Death & Dismemberment Insurance (and more)
Overview and Eligibility
It’s important to plan for your family’s financial security in case the unexpected happens. That’s why the Company provides basic life insurance and accidental death & dismemberment (AD&D) insurance at no cost to you when you elect medical or dental coverage. For additional coverage, you may also choose to enroll in voluntary group whole life insurance. Learn more below.
Benefits are equal to: Basic life insurance: $100,000 / Basic AD&D insurance: $100,000 (According to the provisions of the Basic Life and AD&D Policy, coverage amounts will automatically be reduced on January 1st following the month you reach age 65 and then continue to reduce in 5 year increments).
Telepictures, WAG, Warner Horizon, and TV Affiliates employees who elect medical or dental coverage will be automatically enrolled in Company-paid basic life and AD&D coverage. For eligibility details, refer to the Summary Plan Description and List of Participating Employers.
How to enroll
Enrollment is automatic when you elect medical or dental coverage but you must complete the beneficiary form.
The value of any basic life insurance coverage over $50,000 is deemed “imputed income” by the IRS, which means it is subject to Social Security and Medicare taxes and will be reported on your W-2 form each year. Per IRS regulations, imputed income is based on your age and the monthly cost per $1,000 of coverage exceeding $50,000.
Table 1 is a uniform premium table published by the IRS that is used to determine how much imputed income applies to each employee. The cost of the excess coverage is based on the Table 1 rate, not the rate the employer or employee is actually paying for the coverage to the insurance carrier. Table 1 rates are age banded step rates, and the age of the employee as of the last day of the
taxable year must be used in calculations.
Table 1 Rates for Group Term Life
Age Bracket Monthly Cost/$1,000 Excess
Less than 25 $.05
25 to 29 $.06
30 to 34 $.08
35 to 39 $.09
40 to 44 $.10
45 to 49 $.15
50 to 54 $.23
55 to 59 $.43
60 to 64 $.66
65 to 69 $1.27
70 and Older $2.06
Calculating Imputed Income
The basic formula for the imputed income calculation for each employee is as follows:
((Total group term coverage - $50,000) / 1,000)
x Table 1 rate for employee’s age
- employee after-tax contributions for the year
x 12 months
For example, an employee between the ages of 30-39 who has $100,000 of basic life insurance will have a taxable income that is about $48-$54/year higher than an employee with $50,000 of basic life coverage. If you would rather waive coverage in excess of $50,000 to avoid taxable imputed income, you must complete and submit a waiver. The effective date of your waiver is the first of the following month. Note that if you waive coverage above $50,000 and then wish to reinstate it, you must provide Evidence of Insurability to Aetna.
More about basic life and AD&D
Voluntary Group Whole Life
If you are interested in obtaining additional coverage at your own cost, you have a one-time opportunity to enroll in Trans$ureSM, a voluntary whole life insurance policy through Transamerica. Whole life insurance can be a valuable supplement to employer-provided life insurance because it helps protect for an entire lifetime, not just while you are part of the workforce. You must enroll within 30 days of your initial eligibility. If you don’t, you’ll miss the opportunity to enroll at group rates with no underwriting.
• Helps provide financial protection for your family
• Pays a death benefit that can be used for final expenses, college tuition, living expenses, or as an inheritance
• Accumulates cash value (with a minimum 4% interest rate) that can be borrowed against while alive
• Portability so you can continue your coverage at the same cost even if your employment ends
• Directly billed by Transamerica for the full cost of coverage (not through payroll deductions)
Telepictures, WAG, Warner Horizon, and TV Affiliates employees who are eligible for the Company-sponsored health & welfare group benefit plans.
How to enroll
1. Complete the Transamerica Group Whole Life Enrollment Form.
2. Submit the form(s) to Benefits, either using the Secure Web Link for Employee Forms or by mailing it to Benefits, 3500 W. Olive Avenue, Suite 1000, Burbank, CA 91505.
3. Complete the Electronic Funds Transfer Authorization Form and submit it to Piedmont Pays per the instructions provided. This step is required to complete your enrollment.
Estate Planning It’s a common myth that estate planning is just for the wealthy. If you are a parent of minor children, own property, or want to have a say in your health care and finances, it’s important to set up legally valid instructions to carry out your wishes if you become disabled or die. If you’re enrolled in the Company-sponsored Aetna medical plan, you have free access to the Legal Reference™ Program through ARAG®. The program’s website, www.ichooselegal.com, has the legal tools and information you need to plan for your future and will help you create important estate planning documents at no cost. To access the program, visit www.ichooselegal.com and follow the prompts to create a new account, or call ARAG Customer Care at (888) 257-2934. Learn more and get started.
Funeral Planning For your peace of mind, the Company offers a funeral planning and concierge service to provide guidance when you need it most. If you're enrolled in the Company-sponsored Aetna medical plan, you have free access to funeral planning and advisory services through Everest, an independent consumer advocate who is there to help you and your family during a stressful time. Everest’s sole purpose is to provide the information you need to make the most informed decisions about all funeral-related issues, and then put those wishes into action. Services include:
Pre-planning: Access online planning tools to prepare for the future
At-need: Access services at or near the time of need, including family support and negotiation assistance
24/7 support: Call (800) 913-8318 to speak with an Everest advisor at any time, day or night
As required each year under the Employee Retirement Income Security Act of 1974, as amended (ERISA), TTT West Coast, Inc. files financial information on its benefit plans with the Internal Revenue Service. ERISA also requires that a summary of this information be distributed to employees. Click here for information on the health and welfare benefit plans in effect from August 1, 2017 through July 31, 2018. The format of the Summary Annual Report is prescribed by Department of Labor regulations. Please note that these plans may not be applicable to you or your production.