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.
The Basic AD&D Insurance provided by the City is equal to $10,000.
Your Employer-Paid Benefit is:
4x Annual Base Salary + $10,000
(not to exceed $510,000)
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.
Voluntary Life
Should you want to provide further financial protection to 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 furnish 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%.
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
[email protected].