Description of Benefit
The benefit covers a percentage of your monthly insured earnings. You determine the percentage when you choose from the four options. For long-term disability, the insured earnings amount is based on your monthly earnings in effect on your last full day of work. When your insured earnings increase (for example, with a pay increase), your premium rate increases. Insured earnings do not include overtime pay, bonuses, or dollars received when you opt out of medical coverage.
The maximum of insured earnings for long-term disability insurance is limited to $12,000. The maximum monthly benefit (before reduction of deductible income) is $7,200 if you choose option 1 or 2, or $8,000 if you choose option 3 or 4. The minimum is $50.
- The maximum weekly benefit is $1,662 before reduction of deductible income.
Deductible income means other income you are eligible to receive because of your disability. This includes:
- A portion of your earnings from work while disabled
- Sick leave or other salary continuation, including donated leave (but not vacation or personal business leave)
- A portion of the benefits you are eligible to receive under any other group disability program. This includes state disability income benefits from the Public Employees Retirement System
- Workers’ compensation benefits
- Social Security benefits payable to you and your dependents
- For members employed by the Oregon University System, benefits you are eligible to receive under any employer-sponsored individual disability policy arranged for individuals in a common group