Life insurance is available for yourself, your spouse, and your children.
Employee Life and Supplemental AD&D coverage
OnePlus offers basic life and basic Accidental Death and Dismemberment (AD&D) insurance and supplemental life and AD&D coverage designed to provide you with different levels of financial protection and security. It’s up to you to choose the level of life insurance/AD&D coverage that suits your specific needs. As you make your choice, you should consider any life insurance/AD&D coverage you have outside of Ricoh.
Ricoh pays for your basic employee life and AD&D insurance coverage in an amount equal to one times your Annualized Benefits Salary (ABS) to a maximum of $100,000. If you desire a higher level of life insurance/AD&D coverage, you can elect supplemental coverage of up to seven times your Annualized Benefits Salary, to a maximum of $1 million of coverage. Please note that for voluntary coverage amounts of $600,000 or more, you’ll need to provide proof of good health by completing an Evidence of Insurability form.
MetLife will be Ricoh’s employee life and AD&D carrier.
Annualized Benefits Salary
Annualized Benefits Salary (ABS) is the pay that is used to determine your employee life and AD&D insurance coverage, disability coverage, and medical subsidy credit each year. For 2024, the ABS is calculated by adding your base salary and commissions from October 1, 2022 through September 30, 2023. For new hires, Annualized Benefits Salary is based on the base salary plus commissions at hire date, rounded to the next $1,000.
Bonuses are not included in the calculation of ABS.
Once your ABS and the salary band is determined in September, it becomes effective as of January 1 and remains in effect throughout the year.
Reductions to Employee Life Coverage
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WHEN YOU REACH AGE:
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YOUR COVERAGE IS REDUCED BY:
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Employee life and AD&D insurance coverage is automatically reduced over time beginning at age 65 according to the chart:
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65
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25%
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70
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50%
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75
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75%
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Each year, reductions are based on your Annualized Benefits Salary and your elected coverage level and rounded to the next $1,000. For example, if you reach age 65 in 2024, your 2024 elected coverage amount will be reduced by 25%. The premium you pay for any supplemental employee life and AD&D coverage will be based on the coverage amount after the applicable age reduction.
Evidence of Insurability
If your supplemental employee life/AD&D coverage election equals $600,000 or more, you will need to complete an Evidence of Insurability form. This form will be sent to you by MetLife shortly after you enroll. If your Evidence of Insurability form is approved by MetLife, the coverage you’ve elected will take effect on the first of the month following the date of approval. Until then, you will receive the next multiple level you elected under $600,000. You must be actively employed as of January 1 to receive employee life and AD&D insurance coverage in 2024. If you enroll, but are not actively employed as of January 1, 2024—you are on a leave of absence, for example—any benefits payable to you or your beneficiary will be based on the coverage amount in effect in 2023. Once you return to active employment in 2024, your 2024 coverage amounts will take effect provided you made all required premium payments during your leave.
Spouse and Dependent Life Options
The spouse and dependent life insurance options are designed to help you meet the expenses associated with a family member’s death. If you elect either of these insurance coverages, you are automatically the beneficiary.
Spouse Life Options
- No Coverage
- $25,000 option
- $50,000 option
- $75,000 option*
- $100,000 option*
Dependent Life Options
- No Coverage
- $10,000 per child
If your spouse and/or dependent is employed by Ricoh, they are not eligible to be covered under spouse and dependent life insurance options.
A Word About Taxes
The IRS requires that the value of life insurance over $50,000 and spouse and dependent life coverage be added to your taxable income as imputed income. If you elect either of these options, imputed income applies to the difference, if any, between IRS rates and the amount you pay for the coverage. You will see this listed on your paycheck as “Imputed Income.”
* Spouse life insurance over $50,000 will be subject to approval with an Evidence of Insurability (EOI) form. In such a case, spouse life insurance will take effect as of the first of the month after the EOI form is received and approved. Until the coverage is approved, you will receive the highest coverage available or $50,000.
This overview serves as a summary on various Ricoh 2024 benefit plans. It is intended to provide an overview of information about some of the benefits you may be eligible for through Ricoh. If there is a discrepancy between the information displayed and the official plan documents, the official plan documents will govern.