{"id":7812,"date":"2024-03-01T11:47:26","date_gmt":"2024-03-01T16:47:26","guid":{"rendered":"https:\/\/www.montclair.edu\/human-resources\/?page_id=7812"},"modified":"2024-06-10T13:36:03","modified_gmt":"2024-06-10T17:36:03","slug":"life-insurance","status":"publish","type":"page","link":"https:\/\/www.montclair.edu\/human-resources\/benefits\/life-insurance\/","title":{"rendered":"Life Insurance"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Employees enrolled in a pension plan are eligible to receive group life insurance.<\/span><\/p>\n<div class=\"prpl-drawer\"><div class=\"prpl-drawer-header\">Alternate Benefit Program &lpar;ABP&rpar;<\/div><div class=\"prpl-drawer-content\">\n<p><strong>Coverage Amount<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Employees will receive 3.5X their base salary of life insurance<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">No medical examination is required unless the member is 60 years of age or older at the time of enrollment<\/span><\/li>\n<li><a href=\"https:\/\/nj.gov\/treasury\/pensions\/documents\/pdf\/life-abp.pdf\">Certificate of Coverage<\/a><\/li>\n<\/ul>\n<p><strong>Cost<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The life insurance is employer paid.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The Internal Revenue Service (IRS) classifies all life insurance coverage over $50,000 as a fringe benefit subject to taxation. The premium required to pay for the life insurance coverage is taxable. Members can elect to waive insurance coverage over $50,000 at any time<\/span><\/li>\n<\/ul>\n<p><strong>Beneficiaries<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To elect or make changes to your beneficiaries you can complete the <a href=\"https:\/\/nj.gov\/treasury\/pensions\/documents\/forms\/eb0791.pdf\">Change in Beneficiary Form<\/a> and mail it directly to the State.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400\">***MSU does not maintain records of beneficiaries***<\/span><\/em><\/p>\n<p><strong>Conversion<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Terminated employees may continue life insurance without a medical exam by purchasing a conversion life insurance policy through Prudential within 31 days of termination. You can call Prudential Life Insurance Conversion at 1-855-364-7783 or you can use their Life Insurance Conversion Calculator located <\/span><a href=\"http:\/\/www.state.nj.us\/treasury\/pensions\/conversion-calc.shtml\"><span style=\"font-weight: 400\"><strong>here<\/strong><\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/li>\n<\/ul>\n<p><strong>Retired Employees<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Employees that retire at the age of 60 or above with at least 10 years of ABP pension credit are eligible for life insurance in retirement<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Upon retirement, benefit reduces to 1\/2X the employees annual base salary<\/span><\/li>\n<\/ul>\n<\/div><\/div> <div class=\"prpl-drawer\"><div class=\"prpl-drawer-header\">Defined Contribution Retirement Program &lpar;DCRP&rpar;<\/div><div class=\"prpl-drawer-content\">\n<p><strong>Coverage<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Employees will receive 1.5X their base salary of life insurance<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">No medical examination is required unless the member is 60 years of age or older at the time of enrollment<\/span><\/li>\n<\/ul>\n<p><strong>Cost<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The life insurance is employer paid.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The Internal Revenue Service (IRS) classifies all life insurance coverage over $50,000 as a fringe benefit subject to taxation. The premium required to pay for the life insurance coverage is taxable. Members can elect to waive insurance coverage over $50,000 at any time<\/span><\/li>\n<\/ul>\n<p><strong>Beneficiaries<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To elect or make changes to your beneficiaries you can complete the <a href=\"https:\/\/nj.gov\/treasury\/pensions\/documents\/forms\/eb0791.pdf\">Change in Beneficiary Form<\/a> and mail it directly to the State.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400\">***MSU does not maintain records of beneficiaries***<\/span><\/em><\/p>\n<p><strong>Conversion<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Terminated employees may continue life insurance without a medical exam by purchasing a conversion life insurance policy through Prudential within 31 days of termination. You can call Prudential Life Insurance Conversion at 1-855-364-7783 or you can use their Life Insurance Conversion Calculator located <\/span><a href=\"http:\/\/www.state.nj.us\/treasury\/pensions\/conversion-calc.shtml\"><span style=\"font-weight: 400\"><strong>here<\/strong><\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/li>\n<\/ul>\n<p><strong>Retired Employees<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Employees that retire at the age of 60 or above with at least 10 years of DCRP or employees at any age that have completed 25 years of participation in DCRP are eligible for life insurance in retirement<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Upon retirement, benefit reduces to 3\/16X the employees annual base salary<\/span><\/li>\n<\/ul>\n<\/div><\/div> <div class=\"prpl-drawer\"><div class=\"prpl-drawer-header\">Public Employees Retirement System &lpar;PERS&rpar;<\/div><div class=\"prpl-drawer-content\">\n<p><strong>Coverage Amount<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Employees will receive 3X their base salary of life insurance<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">No medical examination is required unless the member is 60 years of age or older at the time of enrollment<\/span><\/li>\n<li><a href=\"https:\/\/nj.gov\/treasury\/pensions\/documents\/pdf\/life-pers.pdf\">Certificate of Coverage<\/a><\/li>\n<\/ul>\n<p><strong>Cost<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">1.5X their base salary is employer paid<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">1.5X their base salary is contributory<\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Employee pays 0.005 of their base salary<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Beneficiaries<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">PERS members who wish to verify, update, or change their beneficiary information must use the online Designation of Beneficiary Application available through the <\/span><a href=\"http:\/\/www.state.nj.us\/treasury\/pensions\/mbos-register.shtml\"><span style=\"font-weight: 400\"><strong>Member Benefits Online System (MBOS)<\/strong><\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400\">***MSU does not maintain records of beneficiaries***<\/span><\/em><\/p>\n<p><strong>Conversion<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Terminated employees may continue life insurance without a medical exam by purchasing a conversion life insurance policy through Prudential within 31 days of termination. You can call Prudential Life Insurance Conversion at 1-855-364-7783 or you can use their Life Insurance Conversion Calculator located <\/span><a href=\"http:\/\/www.state.nj.us\/treasury\/pensions\/conversion-calc.shtml\"><span style=\"font-weight: 400\"><strong>here<\/strong><\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/li>\n<\/ul>\n<p><strong>Retired Employees<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Employees that retire with 10 or more years of PERS pension credit are eligible for life insurance in retirement<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Upon retirement, the amount reduces to 3\/16X the employee\u2019s annual base salary<\/span><\/li>\n<\/ul>\n<\/div><\/div> <div class=\"prpl-drawer\"><div class=\"prpl-drawer-header\">Police and Fireman&apos;s Retirement System &lpar;PFRS&rpar;<\/div><div class=\"prpl-drawer-content\">\n<p><strong>Coverage Amount<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Employees will receive 3.5X their base salary of life insurance<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">No medical examination is required unless the member is 60 years of age or older at the time of enrollment<\/span><\/li>\n<li><a href=\"https:\/\/nj.gov\/treasury\/pensions\/documents\/pdf\/life-pfrs.pdf\">Certificate of Coverage<\/a><\/li>\n<\/ul>\n<p><strong>Cost<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The life insurance is employer paid.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The Internal Revenue Service (IRS) classifies all life insurance coverage over $50,000 as a fringe benefit subject to taxation. The premium required to pay for the life insurance coverage is taxable. Members can elect to waive insurance coverage over $50,000 at any time<\/span><\/li>\n<\/ul>\n<p><strong>Beneficiaries<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">PFRS members who wish to verify, update, or change their beneficiary information must use the online Designation of Beneficiary Application available through the <\/span><strong><a href=\"http:\/\/www.state.nj.us\/treasury\/pensions\/mbos-register.shtml\">Member Benefits Online System (MBOS)<\/a><\/strong><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400\">***MSU does not maintain records of beneficiaries***<\/span><\/em><\/p>\n<p><strong>Conversion<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Terminated employees may continue life insurance without a medical exam by purchasing a conversion life insurance policy through Prudential within 31 days of termination. You can call Prudential Life Insurance Conversion at 1-855-364-7783 or you can use their Life Insurance Conversion Calculator located <\/span><a href=\"http:\/\/www.state.nj.us\/treasury\/pensions\/conversion-calc.shtml\"><span style=\"font-weight: 400\"><strong>here<\/strong><\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/li>\n<\/ul>\n<p><strong>Retired Employees<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Employees that retire with\u00a0 10 or more years of PFRS pension credit are eligible for life insurance in retirement<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Upon retirement, the amount reduces to 1\/2X the employee\u2019s annual base salary<\/span><\/li>\n<\/ul>\n<\/div><\/div>\n<div class=\"prpl-drawer\"><div class=\"prpl-drawer-header\">Total Benefits System<\/div><div class=\"prpl-drawer-content\">\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Employees have the opportunity to enroll in a Universal life insurance policy through Total Benefits System<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Deductions are taken through payroll on a post tax basis<\/span><\/li>\n<li>In order to enroll, contact Kristopher Urbano at <a href=\"mailto:krisurbano@totalbenefitsystemsinc.com\">krisurbano@totalbenefitsystemsinc.com<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Employees enrolled in a pension plan are eligible to receive group life insurance.<\/p>\n","protected":false},"author":381,"featured_media":3391,"parent":204,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-7812","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/pages\/7812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/users\/381"}],"replies":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/comments?post=7812"}],"version-history":[{"count":15,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/pages\/7812\/revisions"}],"predecessor-version":[{"id":8097,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/pages\/7812\/revisions\/8097"}],"up":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/pages\/204"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/media\/3391"}],"wp:attachment":[{"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/media?parent=7812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}