Long Term Disability (LTD)
In the event that a Saint Louis University employee becomes ill or disabled, this long-term disability interrupts the employees earning ability and the economic impact can be severe. The group Long Term Disability insurance provided by Mutual of Omaha effective September 1, 2009, is designed to replace a substanial part of lost income in the event of total disability.
Benefits begin after three months of disability or the exhaustion of sick leave not to exceed six months. The plan pays 60% of salary up to $15,000 per month. Benefits will be reduced by payments received under Workers' Compensation and/or Social Security laws.
The University pays the entire cost of this coverage up to a base annual earnings of $36,000. A small payroll deduction is assessed for coverage on base earnings in excess of $36,000. This coverage is automatic, as a condition of employment, after one year of full-time service, or if a new employee is transferring from another group disability plan. (If transferring from another group disability plan, the new employee must complete and submit the Certification of Previous LTD Coverage within 31 days of their date of full-time employment with SLU.)
The coverage will continue to include all features of the current coverage including distinctive features such as possible benefits to disabled employees up to age 68 and continuation of retirement contributions to those employees who participate at this time.