Contribution Holiday For Supplemental Life Insurance
We received information that any active employee or retiree, who was paying for supplemental life insurance coverage on 12/1/11, will as of 3/1/13 have their contributions/premiums temporarily suspended. This is called a contribution holiday.Another notice will be sent during the year informing participants when the contributions/premiums will start to be collected again. It is anticipated the contribution holiday will last well into the year. This is the result of having lower than expected claims in the affected plans.
Any active employee or retiree who was paying for supplemental life insurance coverage as of 12/1/11 does not have to take any action, this will begin automatically. Everyone should be receiving an SMM. The suspension of the contribution/premium will be for the full amount of your contribution/premium.
