The Concordia Disability and Survivor Plan (CDSP) pays death benefits to beneficiaries upon the passing of an enrolled worker or an enrolled dependent. These benefits have been ruled by the Internal Revenue Service as taxable group-term
life insurance benefits.
To help your ministry more accurately adjust payroll deductions for this taxable benefit, you will receive an annual Group-Term Life Report for all of your workers, followed by monthly Group-Term Life Reports that include new hires and transfers, and members with life events that resulted in a change to their Group-Term Life coverage under the CDSP. If your workforce has no changes from the previous report, a new report will not be sent.
We’ve recently made a few changes to these reports, so they are comprehensive and make your reporting simpler. These changes include:
- The addition of “Start” and “End” dates to help identify when to report a change.
- Workers are included if they have life events that affects their CDSP benefits.
- Simplified formatting to make reports easier to understand.
Here are some resources to help explain the Group-Term Life Reports, the changes that have been made and how they can help improve the reporting process. If you can’t find answers to your questions, please call our Customer Care Team at 888-927-7526.
Solve the group-term life puzzle
Group-term life reports can be kind of a puzzle. Don’t try to solve it on your own! Join us Tues., July 27 at 1 p.m. CT for a webinar that will provide an overview on Group-Term Life Reports, an explanation about why they’re important, and tips to help you understand your report.