Overviews
The City of Plano offers Basic Life and Accidental Death & Dismemberment (AD&D) insurance to all full-time employees. Basic Life insurance provides financial protection in the event of your death while you are still in your working years. AD&D insurance provides an additional benefit should you die or become injured as a result of a covered accident.
Basic Life Insurance
The Basic Life insurance provided by the City is equal to four times your base salary plus $10,000, to a maximum of $510,000. Beginning at age 65, your coverage reduces to 65% with additional reductions at age 70 to 50% and at age 75 to 35%.
Note: The IRS requires that the value of any employer-paid life insurance over $50,000 is reported as imputed income on your W-2 each year.
Your life insurance coverage can provide an Accelerated Death Benefit. This benefit allows you to receive up to 75% of your life insurance (not to exceed $250,000) while you are still living, should you be diagnosed with a life expectancy of 24 months or less.
Basic AD&D Insurance
AD&D insurance provided by the City is equal to four times your base salary plus $10,000, to a maximum of $510,000. Beginning at age 65, your coverage reduces to 65%, with additional reductions at age 70 to 50% and at age 75 to 35%.
Important! Be sure to update your life insurance beneficiaries as life events occur. You may do this by completing the Beneficiary Designation Form found at plano.gov/benefits and returning it to HRBenefits@plano.gov.
Voluntary Life Benefits
Should you want to provide further financial protection for your beneficiaries, you have the opportunity to purchase Voluntary Term Life insurance for yourself in the amount of one times your annual base salary up to $500,000. If you do not enroll in coverage at your initial opportunity as a new hire and enroll during Open Enrollment, you will be required to provide Evidence of Insurability (health questionnaire) for the entire amount of coverage. Your coverage amount will reduce beginning at age 65 to 65%, then occur again at age 70 to 50%, and at age 75 to 35%.
Contact Information
OneAmerica | G00619036
800-553-5318
oneamerica.com
Download the App
The OneAmerica app provides English- and Spanish-speaking participants with account details and management activities.
Download the OneAmerica app from the Apple App Store or Google Play.