RubinBrown Team Member Manual

Section: Group Term, Optional, & Dependent Life Insurance 404 Employee Benefits

Policy Title: Policy Number:

Effective Date:

Supersedes Policy Dated:

06/01/2024

06/01/2023

Background: RubinBrown assists team members in preparing for life’s unexpected events by providing group life insurance policy options. Policy: The Firm provides Basic Group Term Life insurance as a component of our benefits package. All full-time team members are eligible for coverage the first of the month after 30 days of service with the Firm. Coverage for Flexible Work Program team members will begin 30 days after start of service, anticipating that the team member will work 1,000 hours or more of service in a 12 month period beginning on the date the team member commences employment and in subsequent plan years beginning June 1. Procedure: Basic Group Term Life coverage is provided in the amount of three times the team member’s annual earnings, excluding overtime, and will be rounded to the next thousand with a maximum coverage amount of $200,000. In addition, team members may elect in $10,000 increments, not to exceed 5 times their salary, excluding overtime, in Optional Term Life Insurance with a maximum coverage amount of $200,000 as well as Optional Spouse Life Insurance electing in $5,000 increments, with a maximum coverage amount of $100,000. Both the Basic Group Term Life and Optional Term Life benefits include Accidental Death and Dismemberment coverage. Dependent Life and Optional Child Life are additional optional benefits offered. Dependent Life covers $20,000 for spouse and $10,000 per child with Optional Child Life covering $10,000 per child. All coverages other than Basic Group Term Life are subject to Evidence of Insurability. Premiums for Optional Term Life and Dependent Life are paid by the participating team member. Premiums will be deducted from the team member’s paycheck each pay period. The current schedule of insurance rates is based on the team member’s annual earnings and age. The cost of any coverage amount over $50,000 of Basic Group Term Life Insurance paid on the team member’s behalf by RubinBrown is a taxable benefit to the team member and will be included as a taxable item on their W-2. This benefit is taxable for Social Security, Medicare and Local (if applicable) taxes. Basic Group Term Life, Optional Term Life, and Dependent Life benefits will continue in force for a maximum period of 12 weeks throughout any leave of absence. In cases when the team member has elected Optional Term Life and Dependent Life benefits, team members will continue to pay the premium each regular pay period or make alternative arrangements prior to the team member’s leave. These benefits are also eligible for conversion in to a personal benefit program upon termination. Open enrollment is held in November of each year to provide team members an opportunity to participate in the plan and/or make changes effective January 1. For more detailed information, please refer to the plan document located on the RubinBrown Team Member Self Service website (UKG).

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