The imputed income amount is based on the amount of coverage over $50,000 for the basic life insurance benefit. So, if your benefit amount is $75,000, the imputed income calculation would be based on $25,000 ($75,000 – $50,000). The rate used for imputed income is calculated from age-based IRS tables. Imputed income will be reported on your W-2.
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For those employees represented by a union, all the items, statements, terms and conditions referred to in this website are subject to collective bargaining and will be negotiated with your union. To the extent that different terms and conditions are agreed upon and included in a collective bargaining agreement, those terms supersede the terms contained in this website and will govern your terms of employment. If any of the items, statements, terms and conditions referred to in this website conflict with applicable law, such applicable law shall supersede and shall govern.
The company reserves the right to revise or delete this program, the plans or any benefits described here. If there is any discrepancy between the information included here and the official Plan Documents or contracts, the official document or contracts will decide plan provisions and how benefits are paid. The program, plans and benefit provision do not create a contract of employment, expressed or implied. Notwithstanding any provision on this website, employment is at-will employment, unless a written agreement states otherwise.