Providence Engineering - 2023 Benefits Guide

DISABILITY INSURANCE
CARRIER: SunLife
LONG-TERM DISABILITY INSURANCE
Long-Term Disability (LTD) Insurance is automatically provided to all benefitseligible
employees at no cost. LTD Insurance is designed to help you meet your
financial needs during longer disability periods. Benefit may be offset due to other
benefits such as paid sick leave or workers’ compensation.
• Benefit: 60% of base monthly salary up to $10,000 per month
• Elimination Period: 180 days
• Benefit Duration: Until Social Security Normal Retirement Age
• Pre-Existing Condition Waiting Period: 3 month/12 month
VOLUNTARY SHORT-TERM DISABILITY INSURANCE
Short-Term Disability (STD) Insurance is designed to help you meet your financial
needs if you become unable to work due to a non-work related illness or injury.
This is a voluntary plan; employees are responsible for 100% of the cost.
Premiums are calculated as a percentage of your annual base salary. Benefit may
be offset due to other benefits such as paid sick leave or workers’ compensation.
• Benefit: 60% of base weekly salary up to $1,500 per week
• Elimination Period: 7 days, benefit starts on 8th day
• Benefit Duration: Up to 25 weeks
• Pre-Existing Condition Waiting Period: 3 month/12 month
• Portability: included
STD Semi-Monthly Rate per $10 of Weekly Benefit: $0.208
Step 1:
$______________ ÷ 52 (weeks) = $____________
Annual Salary
Weekly Salary
Step 2:
$_____________ X 60% = $_________________
Weekly Salary
Weekly Benefit
Step 3: $_______________________ = (Weekly Benefit X .208) ÷ 10
Semi-Monthly Deduction
*NOTE: You will see your exact Payroll Deduction when you log into Employee Navigator.
1. Annual Salary ÷ 52 = Weekly Salary
2. Weekly Salary * 60% = Weekly Benefit
3. Semi-Monthly Deduction = (Weekly Benefit * .208) ÷ 10
18