New Opt-Out for Brenau-Paid Life Insurance

Brenau offers life insurance to employees who are ¾-time or more at a rate of 2 ½ times the annual salary. However, at age 70 the benefit is reduced by 35% and at age 75 it is reduced by 50%. The premiums for this benefit are paid by Brenau. IRS regulations require that the employee be taxed on the premium for any amount that exceeds $50,000. We have recently amended our plan allow employees the option to opt-out of this paid-benefit and therefore not pay those taxes. Should you wish to opt out of the Brenau-paid life insurance please contact Kelley Maddox at kmaddox@brenau.edu.