INCOME PROTECTION BENEFITS
Disability income protection and life insurance can provide a vital financial safety net against the unexpected.
DISABILITY BENEFITS
The Airports Authority provides Long-Term Disability( LTD) benefits to protect your income in the event you are sick or injured and cannot work. LTD benefits will replace up to 60 % of your monthly base pay, up to $ 20,000 per month.
The Airports Authority provides you with LTD coverage with a 90-day waiting period, at no cost to you. You may choose to“ buy up” coverage that has a shorter waiting period – either 30 days or 60 days. Your contributions for enhanced coverage( shorter waiting period) will be made with after-tax dollars.
YOUR COST
Your biweekly cost for LTD coverage depends on the waiting period you select.
Did you know that MWAA pays 100 % of the 90-Day Long-Term Disability insurance premiums?
If Randy enrolled in the 90 day wait period earning $ 48,000:
On a bi-weekly basis: Randy’ s deduction: $ 0
MWAA pays: $ 12.17
Total Reward for LTD( MWAA paid): $ 12.17 x 26 = $ 316.42
WAITING PERIOD
30-day
60-day
90-day
COST PER $ 100 OF BIWEEKLY BASE SALARY
$ 0.271 per $ 100 of biweekly salary
$ 0.134 per $ 100 of biweekly salary
No cost to you
EXAMPLE:
If an employee earns $ 48,000 per year( or $ 1,846.15 bi-weekly):
He selects the 60-day waiting period.
($ 1,846.15 ÷ $ 100) x $ 0.134 = $ 2.47
13 | METROPOLITAN WASHINGTON AIRPORTS AUTHORITY