77 Mac Room 201
11.2 Life Insurance and Supplemental Death Benefit
Macalester College provides .5 FTE and above employees with term life insurance and AD&D coverage at one time annual base salary up to $500,000. This benefit coverage is paid in full by Macalester College. paid term life insurance policy. The employee's annual salary is 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.
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. Additional information is available on the benefits web page.
Employees are encouraged to keep their designation of beneficiaries up to date. Contact the Employment Services Department if there is any change.