Basic Term Life and Group Variable Universal Life (GVUL)
Ochsner provides you with Basic Term Life benefit equal to a flat $50,000 benefit. In addition to this Basic Term Life Insurance benefit, Ochsner also provides you with additional life insurance in the form of Group Variable Universal Life (GVUL). GVUL insurance offers you the benefit of permanent life insurance combined with tax advantaged investment options.
As Management, Ochsner provides you with GVUL coverage in the amount of 3 ½ times your annual base pay, less the amount of your Basic Term Life Insurance amount of $50,000. In combination with the Basic Term Life Insurance benefit, Ochsner provides you with a total life insurance benefit of 3 ½ time pay up to a maximum total benefit of $700,000.
In this program, you can pay additional contributions (i.e. or premiums), which can be placed in various investments offered by the plan, as directed by you. This builds up a “cash value” for your policy. You can make loans against this cash value or even withdraw cash from it while you are still living (although this will reduce the benefit paid upon death). Because the policy belongs to you, you can also continue coverage after you retire or leave Ochsner for any other reason by paying the required contributions directly to MetLife®.
You have a choice of investment options, which you may change at any time. During the annual enrollment period, more details will be provided by MetLife®.
Optional GVUL Coverage
In lieu of optional term life insurance, you may purchase optional GVUL coverage in an amount up to five times your annual base pay, as long as your additional GVUL and your Ochsner-paid GVUL do not add up to more than $3 million. To do this, visit the Met Life/GVUL enrollment portal at https://mybenefits.metlife.com or call (800) 846-0124. You must provide evidence of your good health (evidence of insurability) if the additional GVUL coverage you choose is greater than two times your base pay or $500,000.
In addition, you must provide evidence of your good health to enroll or increase your coverage after you are first eligible for GVUL. In these cases, your additional GVUL coverage does not become effective until your evidence of insurability is approved by the insurance company, even if payroll deductions reflecting the cost of your choice are taken from your paycheck. Until approval, you receive the highest amount of GVUL that is available to you without evidence of insurability. In addition, you should be aware that if you are not actively at work on the date your GVUL coverage would otherwise begin or increase, your choices for coverage will not go into effect until you return to work.
During the annual MetLife® enrollment period, you will receive instructions for enrolling in or changing your optional GVUL coverage, as well as changing your investment options.
Accidental Death & Dismemberment (AD&D) Insurance
As Management, Ochsner provides basic AD&D coverage in the amount equal to both your Ochsner paid basic term life insurance and your GVUL insurance. You are not eligible for Optional AD&D insurance coverage.
Business Travel Accident
As Management, Ochsner provides $100,000 of Business Travel Accident Insurance. If you are injured while working as part of the Ochsner Emergency Transport Team, your benefit is increased to $500,000.
Disability Salary Continuation
In lieu of short-term disability, Ochsner provides you with Disability Salary Continuation pay for up to six months (180 days) as shown in the following chart. You are eligible for Disability Salary Continuation after two consecutive days of any non-work related illness or injury, however, benefits are payable from Day 1.
Calendar Days of Absence Percentage of Normal Base Pay Paid:
- 1 through 60 100%
- 61 through 90 75%
- 91 through 180 66 2/3 %
Long Term Disability (LTD)
Provisions are the same as described in the SPD except:
- Ochsner will pay the cost of the 60% of pay LTD option immediately upon your initial eligibility date (the first day of the month following one month of employment). You may not select the 50% of pay LTD option.
- You will be considered disabled if you are unable to perform each of the main duties of your own occupation for which you are reasonably qualified by training, education and experience.
If your employment is terminated due to a reduction in force, after a one month notice period you will receive two weeks of pay to a maximum of 80 hours for each full year of service or any portion thereof. The minimum benefit is 8 weeks and a maximum benefit is 26 weeks.
In lieu of General Purpose Time (GPT), you accrue vacation each pay period depending on your length of service with Ochsner as shown in the following chart. Vacation days can be carried over into the next year. The most vacation you can carry over from one year to the next is 30 days (240 hours) with a maximum bank of 35 days (280 hours). If your vacation bank reaches 35 days at any point during the year, you will stop accruing until your balance goes below the 35 day maximum. At the end of the year, any unused days above the 30 day maximum carry over will be forfeited. Your available vacation hours show up on your check as VAC.
Years of Service Vacation Days Work Life Days Total:
- Up to 5 years of service - 5 vacation days + 15 work life balance days = 20 days
- 5 to 15 years of service - 10 vacation days + 15 work life balance days = 25 days
- 15+ years of service - 13 vacation days + 15 work life balance days = 28 days
Regular and Personal Holidays
In addition to the seven (7) paid holidays and one (1) personal holiday that you receive as an employee, Management receives an additional personal holiday. You must take your two (2) personal holidays by December 31 each year as they cannot be carried over into the following year.
Work Life Days
As Ochsner management you will receive fifteen (15) “Work-Life” days each year. This benefit was designed to help you balance your life on and off the job, and making your work life richer and more enjoyable. You will receive your Work Life Days on January 1st of each year. Work Life days are pro-rated for partial years and cannot be sold or carried over from one year to the next. Work Life days may be used to handle a variety of activities that life demands including:
- Your own illness lasting two days or less
- Illness of a family member
- Your child’s school activities
- Adoption procedures
- Taking care of legal matters
- Personal business
- Extra time off
Management is eligible for Tuition Assistance immediately upon hire. The annual maximum per calendar year towards an undergraduate or graduate degree is $3,000 per calendar year. An “A” or “B” average is required for reimbursement and 4 hours of OLN credit will be awarded.