Employee Insurance Benefits Procedure | COM103

Employee Insurance Benefits Procedure

The Employee Insurance Benefits Procedure presents a summary of your company’s insurance benefits program. The employee insurance policy does not replace the plan document or insured contracts.

The Employee Insurance Benefits Procedure applies to all full-time employees and part-time employees working a minimum of 20 hours per week. (4 pages, 777 words)

Life Insurance is an example of an insurance covered in this policy. Full-time employees are covered by group life insurance at no cost to the employee. This coverage becomes effective at the same time as the group health insurance. (Insurance Company Name) provides $10,000 term life coverage for each employee, $5,000 for the employee’s spouse and $2,500 for each child over 6 years old, and $1,000 for each child 14 days to 6 months old. More information should be provided together with the group health insurance booklet. In addition, the Company carries for each employee a life insurance policy, which is equal to the employee’s annual salary.

Other insurance covered include Long Term Disability Insurance, Social Security, Workers Compensation, Ware Continuation, Unemployment Compensation, and Health Insurance.

Employee Insurance Benefits Responsibilities:

The Controller should act as the Plan Fiduciary responsible for overseeing plan options, transfers, additions and withdrawals from all plans and meeting requirements for compliance bonds or fiduciary liability insurance, as needed.

The Human Resources Manager should also be a Plan Fiduciary responsible for assisting employees with completing all payroll and benefits forms, answers to questions about their benefits records, or interfacing with accounting regarding their payroll files.

The Accounting Manager should be responsible for the calculation and application of benefit transactions to an employee’s paycheck.

Employee Insurance Benefits Procedure Activities

• Life Insurance
• Long Term Disability Insurance
• Social Security
• Workers Compensation
• Ware Continuation
• Unemployment Compensation
• Health Insurance