Life Insurance Coverage
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Teachers Pension and Annuity Fund (TPAF)
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Service
|
Included
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Coverage
|
Age @Death
|
Cost
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Non-Contributory Group Life
|
As an active member of the TPAF fund, the Ocean Township Board of
Education provides non-contributory group life insurance. There is NO
cost to the employee.
|
1.5 x Salary
|
Any Age
|
None
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Contributory Group Life
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Paid for by the employee, coverage is required by law for your first
12 months of membership with the TPAF. After 12 months, coverage may be
waived by the employee.
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2 x Salary
(3.5 x Salary when added to Non-Contrib. above)
|
Any Age
|
0.04% of
Salary*
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*Please refer to State of New Jersey Public Employees Retirement System member handbook for further details.
|
|
Life Insurance Coverage
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Public Employees Retirement System (PERS)
|
Service
|
Included
|
Coverage
|
Age @Death
|
Cost
|
Non-Contributory Group Life
|
As an active member of the PERS fund, the Ocean Township Board of
Education provides non-contributory group life insurance. There is NO
cost to the employee
|
1.5 x Salary
|
Any Age
|
None
|
Contributory Group Life
|
Paid for by the employee, coverage is required by law for your first
12 months of membership with the PERS. After 12 months, coverage may be
waived by the employee.
|
1.5 x Salary
(3.0 x Salary when added to Non-Contrib. above)
|
Any Age
|
0.05% of Salary*
|
*Please refer to State of New Jersey Public Employees Retirement System member handbook for further details.
|
|
Life Insurance Coverage
|
Defined Contribution Retirement Plan (DCRP)
|
Service
|
Included
|
Coverage
|
Age @Death
|
Cost
|
Non-Contributory Group Life
|
DCRP member is covered by employer-paid life insurance, payable to designated beneficiaries
|
1.5 x Salary
|
Any Age
|
None
|
*Please refer to State of New Jersey Public Employees Retirement System member handbook for further details.
|