News Flash

1 Announcements

Posted on: March 29, 2018

Financial Protection for Your Family Against the Unexpected

Life insurance 101

Life insurance can provide peace of mind and ensure loved ones will be taken care of in the event of your death. The City of Plano provides life insurance coverage for full-time employees and retirees at no cost through Cigna.

Basic Life Insurance

Basic Life Insurance is equal to four times (4x) your annual base earnings, up to a maximum benefit of $500,000. Basic Life benefits are reduced to 75% at age 50, 50% at age 65, 33.4% at age 70, and 25% at age 75. The City also provides an accelerated benefit if you become terminally ill.

Accidental Death and Dismemberment (AD&D)

The City’s AD&D Life Insurance is offered at no cost to help with expenses in the event you die or become injured as a result of an accident. The life insurance amount is $10,000 and the accident benefit depends on the type of injury. AD&D policies decrease to 65% at age 65, 50% at age 70, and 35% at age 75.

Supplemental Life Insurance

Employees have the opportunity to purchase an additional life insurance equal to one time (1x) their annual salary at age 50. Those eligible will be notified during Open Enrollment after their 50th birthday. Supplemental Life benefits decrease to 65% at age 65, 50% at age 70, and 35% at age 75.

Retiree Life Insurance

If you retire with at least 10 years of continuous, full-time service with the City of Plano, a $20,000 life insurance benefit is provided free of charge. The City also provides an accelerated benefit if you become terminally ill.

As you can see, the City provides a generous amount of life insurance at no cost to you and is the highest benefit of any of the Metroplex cities surveyed. For example:

  • Garland provides only $25,000 life insurance
  • Frisco and McKinney offer a $50,000 life insurance policy
  • Allen provides benefits equal to one time (1x) annual salary

For more information, contact HRBenefits@plano.gov or visit the Benefits site at www.plano.gov/benefits.

Facebook Twitter Google Plus Email

Other News in 1 Announcements

ICMARC_Small logo

Visit New ICMA Plano Landing Page

Posted on: May 3, 2018
we-serve-logo with background

Welcome to SERVE!

Posted on: April 19, 2018
Shooter

Equip Yourself for an Active Shooter

Posted on: March 14, 2018
WellnessMinuteNewsflash

Marinate on Good Nutrition

Posted on: February 28, 2018