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- Life insurance benefit back for some Ohio school retirees
- June 15th, 2010 3:03 PM
An Ohio school placed a cap on life insurance, but will not be canceling life insurance policies for 239 disabled retirees, the Akron Beacon Journal reports.
The Akron, Ohio school will offer life insurance policies with a death benefit that will not exceed $40,000, according to the Beacon Journal. Retirees will receive 125 percent of their annual pay if the payout is less than $40,000.
Initially, a letter was sent to retirees stating that they would receive the benefit for as long as they received disability benefits from one of the state retirement systems, reports the Beacon Journal. Later, letters were sent saying that the benefit had been canceled.
School board member James Hardy says officials need to be honest and provide the benefit to people who are entitled to it.
“Had I known that any letter had gone out in any way shape or form guaranteeing it, it would have at least made me stop and think about it,” Hardy told the Beacon Journal. “Having all the information, making sure we have fully vetted something is crucial,” he adds.
Life insurance is a valuable investment for individuals. Yet, as employers continue to look for ways to reduce costs, benefits like life insurance are seen as a place to make cuts.
This article was originally published by Life Quotes, Inc.
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