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Old 11-11-2011, 01:12 PM   #1
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Question LTD benefit offset

Per my LTD contract, my benefit amont will be reduced by other benefits, including retirement plan (pension in my case) by the employer.

I am filing LTD claim under my current employer's LTD policy, let say XYZ CO. I am currently receiving pension from my previous employer, let say ABC CO. On the LTD claim, I was asked to put a check mark on all other benefits I am receiving. I did not put a check mark on the pension box, my reasoning was that the pension is not from the current employer.

Here is my question. Did I answer the question correctly on the claim form. Could the LTD insurance company reduce my LTD benefit amount with my pension amount from ABC CO?

 
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Old 11-14-2011, 10:40 AM   #2
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Re: LTD benefit offset

I received my pension from my previous employer in mid 2009. Then I went to work with my current employer for about 2 years. I apply for LTD with the current employer in mid 2011. Here is the exact quote on the relevant section: (I don't know to post a pdf section, so I just type them in here.
Quote
Any LTD benefit will be reduced by
1. ...Social security benefits......
2......Workman's comp
3. Any retirement plan benefits funded by the employer.
4....
End of quote

I think the keywords in item 3 are the words THE EMPLOYER. To me, they mean current employer.
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Old 11-14-2011, 02:59 PM   #3
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Re: LTD benefit offset

"THE EMPLOYER" refers to the employer under which you receive LTD.

Example, you work for the postal service and retire after 20 yr of service and get an $800/mo pension. Still wanting to work you decide to work for ABC Manufacturing. You work for 5 years during which you are paid your salary while receiving your postal pension. You have a heart attack 3/4/11 and due to heart damage can no longer work. LTD can't offset the postal pension JUST as they don't offset the postal pension from earnings while working.

The provision noted applies to what you receive from the employer under which you receive LTD and only to the extent to which the employer contributed. If you contributed 50% and employer 50% then only 50% of amount can be offset.
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