77 Mac Room 201
11.2 Life Insurance and Supplemental Death Benefit
All full-time employees and part-time employees who are classified as .50 - .74 FTE are covered from their date of employment, by a College paid term life insurance policy. The total benefit amount is equal to 100% of the employee's annual salary rounded to the next highest $1,000 increment. This coverage decreases to 65% of your annual salary rounded to the next highest $1,000 increment at the end of the Plan Year (January 1 - December 31) in which you attain age 70. From age 75-79, coverage decreases to 50% of your annual salary and age 80 or over, coverage decreases to 30%. This insurance may be converted to an individual policy upon termination.
Macalester College provides, after one year of service, a supplemental death benefit to all regular (non-temporary) staff (excluding members of the collective bargaining unit), and to all faculty members with and FTE of .17 or greater. The benefit is equal to one month's regular(base) employment salary, as of the date of death and will be paid to the employee's designated beneficiary.
At the time employees become eligible for the College sponsored life insurance plan, they have the option of purchasing additional term life insurance for themselves and/or their dependents. Information is available in the Employment Services Department.
Employees are encouraged to keep their designation of beneficiaries up to date. Contact the Employment Services Department if there is any change.