BNY Mellon Benefits Guide
Cost of Coverage
Your cost for life and AD&D insurance coverage is based on your age as of December 31, 2018, the level of coverage you select and your base pay as of September 1, 2017, or your hire date, if later. Base pay does not include overtime pay, bonuses or other special forms of pay. Only the first $500,000 of annual base pay is considered for this purpose.
If the combined total amount of basic life insurance and supplemental life insurance coverage exceeds $50,000, federal tax law requires that the value of the coverage above $50,000 (called "imputed income") is taxable to you as federal income and subject to Social Security. The amount on which you must pay taxes (usually a minimal amount, calculated using an age-related table published by the Internal Revenue Service) will be shown on your pay statement in the earnings column.
In the event of your death while an active employee, your covered dependents will be eligible to receive three months of extended medical coverage paid in full by BNY Mellon. This benefit is paid when your dependents elect COBRA (a plan to continue coverage under certain benefits for a specified period).