Long Term Disability - 2020

Long-term disability (LTD) provides you and your family with protection from loss of your income if you become unable to work because of an accident, illness or injury. The Retirement Income Protection (RIP) protects ongoing contributions to your retirement plan in the event of your disability.

Premiums

Your premiums are determined by your gross salary and by whether you choose only the LTD coverage, or you elect to include the RIP as well.

Long-Term Disability Premiums 2020
Coverage Yearly
Long-term Disability $0.00187
Retirement Income Protection $0.00089

LTD calculation example using the above yearly rate to calculate the per pay premium contribution:

Monthly: $50,000 salary x $0.00187 = $93.50 per year;  $93.50 yearly premium / 12 monthly pays in the year = $7.79 premium per pay

Bi-weekly: $50,000 salary x $0.00187 = $93.50 per year; $93.50 yearly premium / 26 bi-weekly pays in the year = $3.60 premium per pay

RIP calculation example using the above yearly rate to calculate the per pay premium contribution:

Monthly: $50,000 salary x $0.00089 = $44.50 per year;  $44.50 yearly premium / 12 monthly pays in the year = $3.71 premium per pay

Bi-weekly: $50,000 salary x $0.00089 = $44.50 per year;  $44.50 yearly premium / 26 monthly pays in the year = $1.71 premium per pay

Retirement Income Protection

This is an optional coverage that is available with the LTD program. If you become disabled and qualify for LTD payments, the RIP would continue contributions to a retirement plan for you.

The contribution will be equal to 14.29% of your pre-disability income and is available to participants in both the State Employee's Retirement System (SERS) and the TIAA retirement plans.