The Standard’s Long Term Disability Plan
The Standard’s long term disability plan provides a non-taxable monthly income to age 65 in the event of total disability. If total disability occurs at age 60 or older, different rules apply. New hires have 31 days from their date of hire to enroll without a statement of health. Total disability is defined as being completely unable to perform the duties of your own occupation for the first 24 months of disability, plus the six-month elimination period. Afterwards, disability means the inability to perform any occupation for which you are reasonably suited by education, training, or experience. The benefit begins after six full months of continuous disability. The basic monthly income benefit replaces 60% of your monthly wage base up to a maximum of $10,000 per month before offsets (Workers’ Compensation, Social Security Disability, employee sick leave). The benefit is non-taxable.
Standard LTD “Annuity Benefit” pays a monthly benefit to employee’s TIAA-CREF or Great-West basic retirement account during the disability. This benefit equals 12% of your monthly wage base.The Standard’s Long Term Disability Certificate