Notice to Members
Notice No. 59 02/15/2002
Members' Group Long Term Disability Renewal
Effective March 1, 2002 the Members' Group Long -Term Disability plan will be renewed with UNUM insurance company. As a result of poor claims experience, the cost to maintain disability coverage for the membership has increased dramatically. As a result, changes had to be made in order to maintain this program for our Members. The changes that will take effect March 1, 2002 are set forth below: Mental/Nervous Disorder or Alcohol/Drug related disabilities would be covered for 12 months instead of 24 months. The Elimination/Waiting period before one starts to receive benefits will increase from 90 to 180 days. The final change relates to the offset of payments under the members' disability policy should a member have other Group Disability insurance policies. Commencing March 1, 2002 the policy will provide that if a Member begins to receive benefits and has another Group Disability policy, payments received under such other Group Disability policies would reduce benefits received under the NYMEX policy. Please note that if you own an individual policy that is not issued through a group or association it will not be effected or reduced by any group policy. These changes were necessary in order to keep our program in place for the future. The rates that we were able to negotiate are only guaranteed for one year and we hope that our claims experience improves so that we can maintain this program at a competitive price for years to come. NEW YORK MERCANTILE EXCHANGE, INC. MEMBER BENEFIT SUMMARY SHEET Eligibility: All NYMEX Division members of record who own, lease or hold a membership seat. This does not include commercial associate members or equity owners who have leased their last seat. All COMEX Division regular members of record who own or hold a membership seat, including equity owners. COMEX lessees are not included. COMEX Division Option members are entitled to those benefits listed below. Life and Accidental Death and Dismemberment (AD&D) Insurance $300,000 life insurance coverage, plus $300,000 accidental death and dismemberment (AD&D). At age 70, life insurance reduces to $75,000 and AD&D reduces to $50,000. COMEX Division Option members-$35,000 life insurance, plus $35,000 AD&D. Reducing to 65% of the original amount at age 70, 45% at age 75, 30% at age 80. Voluntary Optional Group Term Life Insurance All members can now purchase term insurance up to four times Annual Earnings up to a maximum of $1,500,000. A total of $500,000 is issued Guaranteed without Evidence of Insurability required. This amount is combined with your current coverage under the NYMEX basic life plan. The competitive premiums are Group rates. Long-Term Disability NYMEX and Comex Division NYMEX Division Owners/ABC Holders Lessees Minimum Service 1 year Requirement: Benefits Amount 60% of income, up to: 60% of income, up to: (per month) $3,000 (1-3 yrs. service) $2,000 (1-3 yrs. service) *$6,000 (over 3 yrs. service) $4,000 (over 3 yrs. service) Elimination period: 180 days 180 days Occupation Limitation: 1 year own occupation 1 year own occupation Benefits Reimbursement Program Eligible members who enroll in major medical, dental, individual life or long-term care plans coordinated through Warren Rosen & Co. will receive a $150 monthly allocation to be applied to their premium payment. Please contact Mr. Rosen at 212-949-9200. You will receive a 1099 for all premium payments made on your behalf. Members with multiple memberships receive only single benefit coverage. *COMEX Division Option members receive a maximum benefit of 60% of income up to $5,000 per month.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com