Group Long-Term Disability
Should a lasting disability occur, the University's Long-Term Disability Plan provides income for as long as the disability continues or until the employee is eligible for retirement benefits. The University's long-term disability insurer has the right to review medical records and to assess whether the disability designation should continue.
Benefit-eligible employees are automatically enrolled in this plan after one-year of qualifying employment. This one-year waiting period is waived for employees who had group coverage for 12 months immediately prior to being employed by Washington and Lee.
When Participation Begins
Employees are automatically enrolled in this plan after one-year of qualifying employment. This one-year waiting period is waived for employees who had group long-term disability coverage for 12 months immediately prior to being employed by Washington and Lee.
The University pays the entire cost of employees' participation in this plan.
When Payments Begin
If approved by the University's long-term disability insurer, payments begin after 180 days of disability as that term is defined in the University's Long-Term Disability Plan.
Amount of Benefit Payments
The plan assures a monthly income benefit equal to 60% of the employee's pre-disability pay by supplementing disability income, if any, from Social Security or workers' compensation up to this 60% combined total (with a maximum monthly amount of $7,000). This benefit is taxable unless an employee chooses, upon enrollment, to pay taxes on the premium instead.
This income payment may continue to age 65, or to somewhat later if disabled after age 60.
If the employee is receiving university contributions to the defined contribution retirement plan before the onset of a disability, the plan will, from the date disability benefits begin, contribute the lesser of 10% of the employee's former monthly salary or $1,167 monthly to the retirement annuity plan until the employee's income payments end.
Thus, through the combination of income payments and annuity contributions, the plan provides an income for life.
The monthly income benefit payable under this plan is automatically increased by 3% annually. Social Security has traditionally increased its disability payments annually, and future increases in an individual's Social Security payments do not reduce the benefits payable under this plan.
Personal Income Protection
Washington and Lee University offers full-time benefit-eligible employees the option to purchase Personal Income Protection benefits through MetLife to provide more comprehensive coverage in the event of a disability. This plan protects a portion of an individual's base salary and is portable should the employee leave W&L. Benefits are tax-free when they are received.