MetLife
Effective Date:
First day of employment
Eligibility:
Full-Time, Benefits-Eligible Part-Time Tier 1 and Tier 2 Employees, and Job Share Employees.
Cost:
Basic coverage paid in full by Company
Benefits to age 65:
Basic Life Insurance: One (1) times annual salary up to a maximum of $500,000
Basic Accidental Death and Dismemberment: One (1) times annual salary up to a maximum of $500,000
Basic Dismemberment: Up to one (1) times annual salary to a maximum of $500,000 per schedule in Contract.
Optional Supplemental Employee Life Insurance: Additional 1-5 x salary up to a maximum of $900,000.
Optional Spouse/Domestic Partner Life Insurance: 50% of employee’s supplemental life amount up to a maximum of $100,000.
Optional Dependent Life Insurance: $4,000 per child, which is employee, paid.
(Reductions in benefits of 35% each occur at ages 65, 70 and 75.)
Long-Term Disability Insurance Policy
Prudential Insurance Company
Effective Date:
Ninety (90) days after date of employment
Cost for Basic Converage:
Paid in full by Company
Eligibility:
Full-Time and Benefits-Eligible Part-Time Tier 1 Employees and Job Share Employees
Waiting Period:
26 weeks of total disability
Benefit:
Pays 50% of base salary up to a maximum of $3,500/month; minimum of $100.00/month to age 65 (reduced benefit applies after age 65)
paid by the company. Employees have the option purchase an additional 10% to get to 60% of base salary.
New York State Short-Term Disability Insurance Policy
Prudential Insurance Company
Effective Date:
First day of employment.
Eligibility:
All Full-Time and Benefits-Eligible Part-Time Tier 1 and Tier 2 Employees and Job Share Employees.
Cost:
$.60/week ($1.20/pay period) paid by NYS resident employees; balance paid by Company.
Waiting Period:
Seven (7) days of total disability
Benefit:
Pays 50% of base salary up to a maximum of $170.00/week for up to 26 weeks total for non-work related illnesses and injuries
Short Term Disability Insurance
Prudential Insurance Company
Effective Date:
After an eligibility waiting period of ninety (90) days from first day of employment. Must be an active employee.
Cost:
Paid in full by the Company.
Eligibility:
All Full-Time and Benefits-Eligible Part-Time Tier 1 and Tier 2 Employees and Job Share Employees.
Waiting Period:
7 days of total disability.
Benefit:
Weekly STD benefit (STD + NYS STD) totals 60% of your insured predisability earning reduced by deductible income, up to a weekly
maximum of $2,500. Benefits continue during disability up to 25 weeks.
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Note: This summary of benefits does not constitute a written or implied contract for the MVP benefits of employment.
It is merely an overview of benefits currently provided. The contracts for each of the insurances listed and the MVP
Personnel Policy Manual govern where questions arise. MVP reserves the right to revise or change these benefits at
its sole discretion.
