BENEFITS & COSTS

IUEC Local 16

Summary of Benefits & Costs

Coverages are guaranteed approved for all actively working/dues paying Members of IUEC Local 16.

For quick and easy enrollment, call Cornerstone at (224) 770−5306 (M-F 8am-5pm CST)

Short-Term Disability (STD)

Choose a flat weekly benefit of either $250 or $500
Includes $5,000 of Life/AD&D
Benefit pays for up to 24 weeks
Pays on day 15 for injury or illness
Pre-existing conditions are covered after 12 months
Covers off the job disabilities resulting from injury or illness
Stackable with other benefits up to 100% of pre-disability earnings
Benefits paid are tax free

SHORT-TERM DISABILITY MONTHLY PREMIUMS

Weekly Benefit	Age < 30	Age 30 – 39	Age 40 – 49	Age 50 – 59	Age 60 – 69
$250	$21.93	$25.84	$36.40	$56.00	$83.36
$500	$38.00	$45.59	$65.55	$102.05	$151.43

Long-Term Disability (LTD)

Pays after 180 day waiting period (starts when STD ends)
LTD Option A pays a flat $2,000 Monthly Benefit for up to 2 years
LTD Option B pays a monthly benefit of 60% of your pre-disability earnings for up to 5 years
Includes $5,000 of Life/AD&D
Pre-existing conditions are covered after 12 months
Coverage is 24/7 on and off the job for disabilities resulting from injury or illness
Offset by other benefits
Benefits paid are tax free

LONG-TERM DISABILITY – OPTION A (FLAT RATE) MONTHLY PREMIUMS*

Monthly Benefit		Age < 30		Age 30 – 39		Age 40 – 49		Age 50 – 59		Age 60 – 69
$2,000		$8.65		$11.35		$21.95		$40.49		$104.38

*Pays a flat monthly benefit of $2,000 for up to 2 Years unless salary is below $40K. Cannot exceed 60% of pre-disability earnings.

LONG-TERM DISABILITY – OPTION B MONTHLY PREMIUMS**

Annual Earnings	Monthly Benefit	Age < 30	Age 30 – 39	Age 40 – 49	Age 50 – 59	Age 60 – 69
$50,000	$2,500	$10.27	$17.54	$43.83	$95.58	$104.85
$60,000	$3,000	$11.16	$19.83	$51.14	$112.70	$122.77
$70,000	$3,500	$12.04	$22.12	$58.46	$129.83	$140.68
$80,000	$4,000	$12.93	$24.41	$65.77	$146.95	$158.60
$90,000	$4,500	$13.81	$26.70	$73.09	$164.08	$176.51
$100,000	$5,000	$14.70	$28.99	$80.40	$181.20	$194.43

**Pays 60% of your earnings for up to 5 Years. Annual earnings include your total compensation for the year including overtime. Benefits are subject to offsets.

Life and Accidental Death & Dismemberment (AD&D)

Please note that Life/AD&D guaranteed amounts may be lower or not offered at future open enrollments for Members who do not enroll initially

Guaranteed coverage for Member/spouse/children—no pre-existing condition limitations
All Life coverage includes an equal amount of AD&D
If death is caused by an accident the benefit doubles
Member coverage is available for $10,000 or $20,000 (spousal and child coverage available if Member life coverage is elected)
Spousal coverage is available for $5,000 or $10,000 (not to exceed 50% of Member’s election)
Children eligible for a flat $10,000 of coverage. One fee of $2.00 covers all dependents.
Life coverage is convertible & portable
Coverage is 24/7 on and off the job

LIFE AND AD&D BENEFITS & MONTHLY PREMIUMS

Member (Elected in increments of $10,000)

Benefit	Age < 30	Age 30 – 39	Age 40 – 49	Age 50 – 59	Age 60 – 69
$10,000	$3.69	$4.18	$6.50	$11.90	$22.55
$20,000	$5.38	$6.36	$11.00	$21.80	$43.10

Spouse (Elected in increments of $5,000. Based on Member age. Not to exceed 50% of Member’s Life election)

Benefit	Age < 30	Age 30 – 39	Age 40 – 49	Age 50 – 59	Age 60 – 69
$5,000	$2.85	$3.09	$4.25	$6.95	$12.28
$10,000	$3.69	$4.18	$6.50	$11.90	$22.55

Child(ren)

Benefit	Age < 30	Age 30 – 39	Age 40 – 49	Age 50 – 59	Age 60 – 69
$10,000	All children/dependents are covered at one cost of $2.00

Call (224) 770−5306 to get premiums not listed above.

IMPORTANT NOTE:

If you leave the union or retire it is your responsibility to contact our office immediately at (847) 387−3555. Failure to do so within 30 days will forfeit your ability to keep coverage and receive any premium refunds. Premium is determined by your age on the coverage effective date, and will increase on the next policy anniversary date after you enter the next age band. Benefit effective dates are subject to change.The union does not make any endorsement or recommendations regarding these benefits. This program is voluntary and it is solely the Members’ decision to enroll. This is a basic summary of benefits and makes no guarantee or warranty on the processing of claims. Other limitations may apply. It is recommended that each enrolled Member obtain a copy and read the entire policy booklet. All non-banking administrative and transaction fees are included in the enclosed premiums.

Time Left to Enroll

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Hour(s)

Minute(s)

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Enrollment Ends 4/15/22
Coverage Begins 5/1/22

More Information

(224) 770−5306