Basic Life Insurance
To protect those who rely on your income for their support, Bronson pays the full cost of basic life and accidental death &
dismemberment (AD&D) insurance. This may also be referred to as Group Term Life insurance. The plan is administered by Metlife. This coverage is available to all
benefit-eligible employees.
Who Gets Your Money When You're Gone?
Be sure to list who receives your life insurance payout, called a beneficiary. A beneficiary can be any person or trust. If you do not identify a beneficiary, your life insurance amount will go towards your estate. You may change beneficiary information at any time of the year in Workday. From the main menu, choose Benefits and Pay, then click Change Benefits.
Imputed Income
When your employer-paid life insurance coverage exceeds $50,000, you are subject to the IRS’ Imputed Income rules. Imputed income
is the value of your life insurance of more than $50,000. You are required to pay federal and state income taxes as well as Social Security
tax on this “excess” amount. The amount of tax you pay is based on your age. The value of the life insurance in excess of $50,000
will be reported on your W-2. This appears on your payslip as "GTL."
Disability Coverage
Disability benefits may provide a source of continuing income if you are unable to work because of non-work-related illness or injury. Bronson automatically provides short- and long-term disability coverage to benefits-eligible employees and pays the full cost of coverage. The table below describes Bronson’s disability benefits.
Base pay is defined as your pre-disability rate of pay not including overtime, shift differentials, etc.