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Long Term Disability (LTD) Protection

Basic LTD Insurance

University of the Science’s basic LTD plan offers employees valuable financial protection in the event of a serious non-work related medical condition.

Coverage will begin on the first day of the month coincident with or next following date of hire as a benefit eligible employee.

The LTD plan provides benefits after an employee has been continuously disabled for a period of 6 months. If eligible, the employee will receive a monthly income benefit equal to 60% of covered salary at the date of disability but not to exceed $8,500 monthly. This amount will be offset by any benefits payable by Social Security and/or Worker's Compensation. However, in no event will the monthly income benefit be less than $100.

Another important aspect of the LTD benefit is the annuity premium
waiver. This means that TIAA-CREF (the LTD carrier) will make contributions to the basic Retirement Plan equal to USP’s contribution,
if the employee was participating in the Retirement Plan on the date of
disability.

Supplemental LTD Insurance

University of the Science’s Supplemental LTD plan offers employees additional financial protection in the event of a serious non-work related medical condition. Employees may purchase this protection with after-tax dollars via payroll deduction.

Coverage will begin on the first day of the month coincident with or next following the date coverage is selected. This coverage will provide an additional level of LTD protection equal to 10% of covered salary at the date of disability but not to exceed $10,000 monthly. This amount will be offset by any benefits you are eligible to receive for the same disability from other sources.

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