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Participation Options

There are three different Participation Options available to employees who meet the eligibility requirements. Each Participation Option has different contribution requirements, as described below. Depending on which Participation Option you select, you may be eligible to receive term life insurance coverage.

Option 1: Full Employer Participation

To be covered under Option 1, your employer must make Employer Contributions in a minimum amount of 5% of your base salary. (For this purpose, “base salary” does not include any housing allowance or any other fringe benefits you receive.) In addition, under Option 1, you may make Salary Reduction Contributions and/or After-Tax Contributions to the Plan. However, these Salary Reduction Contributions and/or After-Tax Contributions do not count towards the 5% Employer Contribution requirement.

Employer Contributions must be at least 5% of your base salary. If at any time the employer Contributions fall below 5% of your base salary, you will no longer be covered under Option 1. For this reason, the Board will ask you to confirm that Employer Contributions meet this 5% threshold on a regular basis (at least once a year) and any other time that the Board determines that additional confirmation is desirable.

Important Exception: You are not eligible for Option 1 if you are over age 65 when you first enroll in Option 1.

The Board will automatically take a portion of the Employer Contributions made under Option 1 to purchase term life insurance coverage for you. The amount of term insurance, which depends on your age, is as follows:

  • If you are under age 70 – $25,000
  • If you are age 70 but under age 75 – $16,250
  • If you are 75 or older – $12,500

Note: This term life insurance coverage is mandatory if you are covered under Option 1, and is paid for with a portion of the Employer Contributions. You will not be taxed on this life insurance benefit.

Option 2: Individual Participation

If your employer does not make Employer Contributions in the amount of at least 5% of your base salary to the Plan, you may be eligible to be covered under Option 2. To be covered under Option 2, total contributions to the Plan must be at least 3% of your base salary. (For this purpose, “base salary” does not include any housing allowance or any other fringe benefits you receive.) These contributions may be Employer Contributions, Salary Reduction Contributions, After-Tax Contributions, or some combination of these three types of contributions.

If at any time the total contributions made to the Plan on your behalf fall below the 3% threshold, you will not be eligible to be covered under Option 2. For this reason, the Board will ask you to confirm that total contributions made to the Plan on your behalf are at least 3% of your base salary on a regular basis (at least once a year), and any other time that the Board determines that additional confirmation is desirable.

If you are covered under Option 2, you may elect optional term life insurance coverage. If you elect this optional coverage, the Board will use a portion of your Salary Reduction Contributions or After- Tax Contributions to purchase term life insurance coverage for you. The Board will deduct the cost of the term life insurance from any Salary Reduction Contributions you make to the Plan. If you are only making After-Tax Contributions, the Board will deduct the cost of the life insurance from those contributions instead.

The amount of term insurance, which depends on your age, is as follows:

  • $25,000 – If you are under age 70
  • $16,250 – If you are age 70 but under age 75
  • $12,500 – If you are 75 or older

If you elect this term life insurance coverage, you must remember that the total contributions to the Plan – Employer Contributions, Salary Reduction Contributions and/or After-Tax Contributions – must always be at least 3% of your base salary after the cost of the term life insurance coverage is deducted.

Option 3: Entry Level Participation

All employees who meet the eligibility requirements are eligible to be covered under Option 3. The only requirement is that your total monthly contributions – Employer Contributions, Salary Reduction Contributions, After-Tax Contributions, or some combination of these three types of contributions – must be at least $10.

You are not eligible for any term life insurance coverage if you are covered under Option 3, unless you are a missionary wife as described below.

Exception: Missionary wives who participate in Option 3 are eligible for term life insurance coverage. The International Missions Board pays premiums for this coverage; the cost of premiums is not deducted from any contributions made to the Plan on behalf of any missionary wife.