JRB Insurance Program

The Joint Retirement Board for Conservative Judaism is pleased to announce a new Insurance Program for eligible participants in the JRB 403(b)(9) Retirement Plan   The new Program will provide Disability Insurance, Pension Continuation Insurance (in the event of a disability) and Life Insurance protection.  The Program is underwritten by the Mutual of Omaha Insurance Company and there is NO Charge to you to be covered by these benefits so long as you remain eligible.    

Eligibility
Eligible participants automatically are enrolled in the Insurance Program.  Eligible participants, for purposes of the insurance coverage, are defined as those having contributed at least $1,200 to their JRB retirement account during the previous calendar year and currently are making contributions to the Plan.  This averages to $100 per month for 12 consecutive months and can be from voluntary salary reduction contributions, Employer contributions or both.  Participants lose coverage if they stop contributing to the JRB Plan or take a lump-sum distribution of their account.  In addition, non-US citizens living outside the US are not eligible.

Disability Insurance
The Disability Insurance is covered under a group long-term disability policy. Benefits are paid in the event you become disabled and are unable to work over an extended period of time. (Please refer to the policy for the definition of a disability.)  The benefit is equal to 60% of your monthly salary up to a maximum monthly benefit of $1,000. There is a 180-day elimination period before coverage begins, meaning you must satisfy the policy’s definition of disability for 180 days before you can receive benefits.  For participants who incur a disability at age 61 or younger, benefits are paid until you reach the age when full (i.e., unreduced) social security benefits commence, generally around age 66.  For participants who become disabled at age 62 or older, the benefit period varies depending on when a disability occurs.

Pension Continuation Insurance
If you incur a disability, you also are entitled to an additional benefit.  Under the Pension Continuation Insurance policy, eligible participants who become disabled will receive contributions to their JRB retirement accounts.  The policy will make contributions to the JRB on your behalf equal to the lesser of 15% of your monthly salary up to $1,250 per month ($15,000 annually).  The benefit period is the same as the disability insurance coverage and terminates when full social security benefits begin.

Life Insurance
The new Program also includes Life Insurance protection.  The policy will pay a death benefit of up to $10,000 to the designated beneficiary/ies of your JRB retirement account on behalf of eligible participants who pass away.  The death benefit is reduced to: $6,500 at age 65; $5,000 at age 70; and, $1,000 at age 75. In addition, there is a rider to the policy in the event of Accidental Death and Dismemberment. Under the rider, an additional $10,000 is paid upon death due to an accident (e.g., an automobile accident) and partial benefits may be paid for significant injuries resulting in bodily dismemberment. Please refer to the full list of coverages under the Accidental Death and Dismemberment policy for more details.

Additional Life Insurance
Eligible participants who want higher life insurance protection can purchase up to $300,000 of additional coverage with proof of insurability.  (Additional coverage decreases, however, for participants age 65 and older.)  Also, newly enrolled participants can purchase life insurance coverage up to $100,000 without proof of insurability if the additional coverage is elected within 31 days of enrolling in the JRB Plan.  The rates for the additional coverage vary based on your age and the amount of increased insurance desired; please see the rate table for more information. 

Questions?
The JRB is excited to offer you this new Insurance Program which comes with eligible participation in the Plan at no cost to you.  As always, should you have any questions about the Program, please call the JRB Office at (888) 572-3733 (888-JRB-FREE) or email us at staff@jrbcj.org.