The college provides employees with life insurance equal to one and one- half times the employee's base salary immediately upon employment, up to a maximum amount of $350,000. The Internal Revenue Service imposes an imputed income tax on employer-provided group life insurance in excess of $50,000. The employee must pay the tax on the value of the premium for the amount over $50,000.
The college offers a voluntary term life insurance program for employees, their spouses and dependent children. Employees pay a minimal amount for this voluntary benefit.