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Life Insurance

Life Insurance

  • The Township of Ocean School District shall provide Non-Contributory Group Life Insurance as described below:

 

Life Insurance Coverage

Teachers Pension and Annuity Fund (TPAF)

Service

Included

Coverage

Age @Death

Cost

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

Contributory Group Life

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.

2 x Salary

(3.5 x Salary when added to Non-Contrib. above)

Any Age

0.04% of
Salary*

*Please refer to State of New Jersey Public Employees Retirement System member handbook for further details.

 

 

Life Insurance Coverage

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.