Are you a KPMG Partner? Your enrollment experience is unique, so please click here for some Partner-specific tips before you continue reading the article below.
When you complete your Total Rewards program enrollment process, you'll notice that some benefits can be waived, and some are mandatory. Those benefits designated as mandatory provide all employees and partners with core coverage in critical areas to ensure income security for you and your family in the case of unanticipated changes to your health. Recognizing this need for adequate medical insurance, and the need for financial security in the event of your death or disability, KPMG is ensuring that every employee is insured under the following benefits:
- Core Medical Coverage (provides Emergency Travel Coverage and a firm-funded mental health benefit for you and your enrolled dependents)
- Employee Life Insurance (equal to 1x your base pay)
- Long-Term Disability (LTD) - Option 1
In addition to the above, partners also have mandatory accident and liability insurance coverage.
These benefits are mandatory, and cannot be waived during your enrollment process.
No need for concern, however! In your enrollment process, we've made it really easy to understand which benefits can be waived, and which cannot. Here's a couple examples of what you'll see if a benefit can be waived.
1. For some benefits, such as Optional Life Insurance, select "Waive" or a specific coverage amount in a drop-down menu.
2. For other benefits, such as Dental, select "Yes" or "No" to enroll in or waive your coverage.
For your Wellness Accounts, you can effectively waive benefits by leaving their fund allocations at $0. That being said, if you complete your enrollment process without spending your entire Wellness Pool, any remaining funds will be automatically allocated to your League Lifestyle Spending Account (LSA).
Note: Life Insurance, Long-Term Disability (LTD), and Accident Insurance (AD&D) are required to be paid through You Pay to avoid a taxable benefit to you at the time a benefit is paid. For more information on the differences between the Wellness Pool and You Pay, click here.