]ǘNJƷ ޘ ƫƫǘƱƷǻȴƎǯ$ƷƎȴǓ ߏ $ǘȪǸƷǸƪƷȣǸƷǻȴ Company-Paid Basic Life Insurance & Accidental Death & Dismemberment (AD&D) MAA provides eligible associates with Basic Life* and Accidental Death & Dismemberment (AD&D) insurance through Lincoln Financial Group at no cost to you. As a new associate, your coverage FIKMRWSRXLIƼVWXSJXLIQSRXLSRSVEJXIV GEPIRHEVHE]WSJIQTPS]QIRXERHMWIUYEPXS\ your annual base salary, rounded to the next $1,000 with a minimum of $50,000 and maximum of $500,000. *You must designate at least one beneficiary for your Basic Life insurance in Workday. You can also designate a beneficiary for your coverage under the Basic AD&D, Optional Employee Life and Optional Employee AD&D plans. You can change your beneficiary designation(s) at any time in Workday. Important Tax Information The IRS requires that you be taxed on the value of employer-provided group term life insurance for coverage over $50,000. The taxable value of this life insurance coverage is considered imputed income. Although you don’t receive cash, you are taxed as if you received cash in an amount equal to the value of the coverage. You will see the group term life tax accounted for on your biweekly paycheck. Employee-Paid Optional, Spouse & Child Life Insurance You can elect additional life insurance coverage for yourself and your eligible dependents under the Optional Life Insurance Plan through Lincoln Financial Group. However, in order to elect GSZIVEKIJSV]SYVIPMKMFPIHITIRHIRXW ]SYQYWXIPIGXEHHMXMSREPGSZIVEKIJSV]SYVWIPJɸ'SZIVEKI options, along with the plan features and rates, are summarized in the tables on pages 31 and 32. Evidence of Insurability (EOI), or medical underwriting, may be required in cer tain situations, as MRHMGEXIHMRXLIGLEV XSRTEKIɸ-J)3-MWVIUYMVIHEJXIV]SYWYFQMX]SYVIRVSPPQIRXJSV3TXMSREP Life coverage, you will receive a To Do task in your inbox in Workday with instructions for completing the EOI process through Lincoln Financial Group.
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