LAMAR MEDIA CORP. Plan Summary

Transcription

1 LAMAR MEDIA CORP. Plan Summary Long Term Disability All Active Full Time and Part Time 3, Non-Officers in the U.S., Non-Union and Union Employees (Option 2) All coverages are issued by the Prudential Insurance Company of America. Effective 07/01/2015 Longer Term Disability CORE PLAN: 100% Employer Paid - Your monthly Long Term Disability benefit will be 60% of your monthly pre-disability earnings, up to the maximum of $10,000, less deductible sources of income. The minimum monthly benefit is the greater of $100 or 10% of your gross monthly benefit. Deductible sources of income may include benefits from statutory plans, Social Security to you and your dependents, workers compensation, unemployment income and other income. BUY-UP PLAN: 100% Employee Paid - Your monthly Long Term Disability benefit will be 60% of your monthly pre-disability earnings, up to the maximum of $10,000, less deductible sources of income. No medical questions asked - if enrolling when first eligible. The minimum monthly benefit is the greater of $100 or 10% of your gross monthly benefit. Deductible sources of income may include benefits from statutory plans, Social Security to you and your dependents, workers compensation, unemployment income and other income. CORE PLAN: If you meet the definition of disability, your benefits will begin 180 days following an accidental injury or sickness. The benefit duration is 2 years. However, if you become disabled at or after age 65 benefits are payable according to an agebased schedule. Refer to the Booklet-Certificate for details. BUY-UP PLAN: If you meet the definition of disability, your benefits will begin 180 days following an accidental injury or sickness. The benefit duration is up to your normal retirement age under the Social Security Act. However, if you become disabled at or after age 65 benefits are payable according to an age-based schedule. Refer to the Booklet-Certificate for details. CORE PLAN: You are considered disabled when, because of injury or sickness, you are under the regular care of a doctor, you are unable to perform the material and substantial duties of your regular occupation and your disability results in a loss of income of at least 20%. After receiving benefits for 24 months, you are considered disabled when, due to the same sickness or injury, you are unable to perform the material and substantial duties of any gainful occupation for which you are reasonably fitted by education, training or experience, and disability results in a loss of income of a specified percentage determined by your plan. BUY-UP PLAN: You are considered disabled when, because of injury or sickness, you are under the regularcare of a doctor, you are unable to perform the material and substantial duties of your regular occupation and your disability results in a loss of income of at least 20%. After receiving benefits for 60 months, you areconsidered disabled when, due to the same sickness or injury, you are unable to perform the material and substantial duties of any gainful occupation for which you are reasonably fitted by education, training or experience, and disability results in a loss of income of a specified percentage determined by your plan. ECEd EXP

2 Disabilities due to mental illness are limited to 24 months of benefits during your lifetime. Examples of mental illness include schizophrenia, depression, manic depressive or bipolar illness, anxiety, somatization, substance related disorders (including drug and alcohol abuse), and/or adjustment disorders. Disabilities due to mental illness have a combined limited pay period during your lifetime. LTD benefits will not be paid for a disability that begins during the first 12 months of coverage and due to apre-existing condition. A pre-existing condition is an injury or sickness for which you received medical treatment, consultation, diagnostic measures, prescribed drugs or medicines, or for which you followed treatment recommendations during the 3 months prior to your effective date of coverage. This provision also applies if you did not consult a physician when an ordinarily prudent person would have. During the first 12 months of part-time work while disabled, you can receive full benefits as long as your combined income and disability benefits do not exceed your monthly pre-disability earnings. If you die while collecting disability benefits, a lump sum payment may be paid to your eligible survivors. You are not covered for a disability caused by war or any act of war, declared or undeclared, an intentionally self-inflicted injury, active participation in a riot, and commission of a crime for which you have been convicted. Benefits are not payable for any period of incarceration as a result of a conviction.. Benefits, exclusions and provisions may vary by state. Refer to the plan booklet for details. For your coverage to become effective, you must be actively at work on the effective date of the plan. If you apply for an amount that requires satisfactory evidence of insurability to The Prudential Insurance Company of America, you must be actively at work on the date of approval for the amount requiring satisfactory evidence of insurability. + This policy provides ACCIDENT insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York Department of Financial Services. ++ This policy provides disability income insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York Department of Financial Services. All benefit features may not be available in all states. Group Term Life is issued by The Prudential Insurance Company of America, a New Jersey Company, 751 Broad Street, Newark, NJ Life Claims: This brochure is intended to be a summary of your benefits and does not include all plan provisions, exclusions and limitations. Please refer to the Booklet-Certificate, which is made a part of the Group Contract, for all plan details, including any exclusions, limitations and restrictions which may apply. If there is a discrepancy between this document and the Booklet-Certificate/Group Contract issued by The Prudential Insurance Company of America, the terms of the Group Contract will govern. Contract provisions may vary by state. Contract Series: California COA #1179 NAIC # Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

3 LAMAR MEDIA CORP. Rate Sheet Long Term Disability All Active Full Time and Part Time 3, Non-Officers in the U.S., Non-Union and Union Employees (Option 2) All coverages are issued by the Prudential Insurance Company of America. "How much does LTD insurance cost?" Use the chart below to find the cost of Buy-Up LTD insurance. If your salary is not noted, follow the steps below. Your maximum monthly benefit amount is up to $10,000. All salaries of $200,000 and above have a semi-monthly cost of $ Employee - Buy-Up Long Term Disability Semi-Monthly Cost per Coverage Amount Coverage is available for monthly LTD benefits of 60% of your monthly earnings, up to the maximum of $10,000, less deductible sources of income. Refer to the Long Term Disability section for evidence of insurability details. Annual Income Monthly Benefit LTD Cost Annual Income Monthly Benefit LTD Cost $12,000 $ $1.76 $65,000 $3, $9.53 $13,000 $ $1.91 $70,000 $3, $10.27 $14,000 $ $2.05 $75,000 $3, $11.00 $15,000 $ $2.20 $80,000 $4, $11.73 $20,000 $1, $2.93 $85,000 $4, $12.47 $25,000 $1, $3.67 $90,000 $4, $13.20 $30,000 $1, $4.40 $95,000 $4, $13.93 $35,000 $1, $5.13 $100,000 $5, $14.67 $40,000 $2, $5.87 $125,000 $6, $18.33 $45,000 $2, $6.60 $150,000 $7, $22.00 $50,000 $2, $7.33 $175,000 $8, $25.67 $55,000 $2, $8.07 $200,000 $10, $29.33 $60,000 $3, $8.80 The cost of insurance will depend upon having a specific percentage of all eligible employees enrolling in the plans. If this enrollment level is not achieved, the cost of these coverages may change from the rates noted here

4 How to Calculate Your Total LTD Semi-Monthly Cost Step 1 Indicate your monthly earnings. Step 2 Step 3 Step 4 If your monthly earnings are greater than the maximum monthly covered earnings of $16,667, indicate $16,667. Otherwise, indicate the amount from Step 1. Multiply the amount in Step 2 by the rate of $ to obtain your total LTD monthly cost. Multiply the amount in Step 3 by 12 and divide by 24 to obtain your total LTD semi-monthly cost. Employee - Buy-Up Long Term Disability Weekly Cost per Coverage Amount Coverage is available for monthly LTD benefits of 60% of your monthly earnings, up to the maximum of $10,000, less deductible sources of income. Refer to the Long Term Disability section for evidence of insurability details. Annual Income Monthly Benefit LTD Cost Annual Income Monthly Benefit LTD Cost $12,000 $ $0.88 $65,000 $3, $4.77 $13,000 $ $0.95 $70,000 $3, $5.13 $14,000 $ $1.03 $75,000 $3, $5.50 $15,000 $ $1.10 $80,000 $4, $5.87 $20,000 $1, $1.47 $85,000 $4, $6.23 $25,000 $1, $1.83 $90,000 $4, $6.60 $30,000 $1, $2.20 $95,000 $4, $6.97 $35,000 $1, $2.57 $100,000 $5, $7.33 $40,000 $2, $2.93 $125,000 $6, $9.17 $45,000 $2, $3.30 $150,000 $7, $11.00 $50,000 $2, $3.67 $175,000 $8, $12.83 $55,000 $2, $4.03 $200,000 $10, $14.67 $60,000 $3, $4.40 How to Calculate Your Total LTD Weekly Cost Step 1 Indicate your monthly earnings. Step 2 Step 3 Step 4 If your monthly earnings are greater than the maximum monthly covered earnings of $16,667, indicate $16,667. Otherwise, indicate the amount from Step 1. Multiply the amount in Step 2 by the rate of $ to obtain your total LTD monthly cost. Multiply the amount in Step 3 by 12 and divide by 48 to obtain your total LTD weekly cost.

5 The cost of insurance will depend upon having a specific percentage of all eligible employees enrolling in the plans. If this enrollment level is not achieved, the cost of these coverages may change from the rates noted here. This policy provides disability income insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York Department of Financial Services IMPORTANT NOTICE THIS POLICY DOES NOT PROVIDE COVERAGE FOR SICKNESS North Carolina Residents: THIS IS NOT A MEDICARE SUPPLEMENT PLAN. If you are eligible for Medicare, review the Guide to Health Insurance for People with Medicare, which is available from the company. Optional Term Life, Dependent Term Life, Long Term Disability, Short Term Disability, Accidental Death & Dismemberment Insurance coverages are issued by The Prudential Insurance Company of America, a Prudential Financial company, 751 Broad Street, Newark, NJ The Booklet Certificate contains all details, including any policy exclusions, limitations, and restrictions, which may apply. Contract Series: Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide