Long Term Disability Insurance
The American Conference of Cantors sponsors a Voluntary Long Term Disability (LTD) group insurance plan for ACC members.
Voluntary Long Term Disability pays a portion of your earnings if you cannot work due to a disability. Premiums are based on your annual earnings and your age. Ages are grouped into five year "age bands" and rates may change when you reach a new age band (age 35-39, 40-44, 45-49 are examples of age bands). Annual earnings are to include both salary and parsonage.
|Insurance Carrier||The Standard Insurance Company|
|Policy Term||January 1 to December 31|
|Premium Payment||Monthly via Credit Card or ACH, no invoice of premium|
|Effective Date||January 1, 2015|
|Hours Requirement||Minimum 30 hours per week of cantorial work for a single employer|
|Elimination Period||90 days of disability|
|Monthly Benefit||Up to 60% of your regular pay, to a maximum monthly benefit of $12,600|
|Enrollment and Change Form||Required to enroll|
|AutoPay Enrollment Form||Required to enroll|
|Medical History Statement Form||Required to enroll after the first 31 days of ACC membership and/or benefit amounts above $150,000|
ACC members who work 30 hours or more per week for a single employer are eligible to enroll.
New ACC members must enroll within the first 31 days of ACC membership for guarantee issue.
Existing ACC members may enroll at any time. Submission of a Medical History Statement Form is required and is subject to insurance carrier approval.
Please read the Benefits At a Glance and Summary Plan Description for the Long Term Disability Insurance, complete the required enrollment forms and return to Group Benefit Associates in suburban Chicago. To remain eligible for these benefits, you must be working a minimum of 30 hours per week. Please notify GBA if your eligibility or annual earnings should change in the future.
** Important Reminder ** - If you were to become disabled and your employer made the LTD coverage payments or reimbursed you for the LTD coverage payments, disability benefits would be taxable. If you made the LTD payments and your congregation reimbursed you, disability benefits would be taxable to you if your employer did not make any adjustment to your payroll to account for the reimbursement of the fringe benefit. You should be aware that if your LTD benefits are taxable, you also may be liable for your share of social security taxes.
If you pay the premium with your own post-tax dollars, disability benefits would not be subject to income taxes or social security taxes. Please consult with your financial advisor for further questions regarding this issue.