BNY Mellon Benefits Guide
Long-term Disability (LTD)
BNY Mellon provides a core level of LTD coverage through Lincoln Financial Group to provide income for you if you are disabled longer than 26 weeks and meet the plan's definition of disability.
- Replace 50 percent of base pay (buy-down option for credit)
- Replace 60 percent of base pay (no cost to you)
- Replace 70 percent of base pay (buy-up option paid for through pre-tax payroll deductions)
Note: Any LTD income you receive from this plan will be reduced by benefits you or your family receive from other sources, such as Social Security or Worker's Compensation.
LTD payments are determined using a percentage of your base pay (not including overtime pay, bonuses or other special forms of pay). In addition, your base pay used in determining LTD benefits will be capped at $300,000.
- How much money would it take to maintain your current lifestyle? If you were to become disabled, would 60 percent of your base pay be enough to meet your current expenses? Remember, your LTD benefit will be based on your base pay up to $300,000 and does not consider any bonus compensation. Note that you pay for this coverage with pre-tax dollars, which means that any LTD payments you receive will be subject to federal (and, in most cases, state and local) income taxes. Supplemental disability insurance is available.
- Does your spouse/qualified domestic partner earn a steady income?