Employee Contributions
Keker, Van Nest & Peters pays the majority of the cost of employee’s medical, dental and vision coverage and you pay a greater portion of dependent insurance premiums. Keker, Van Nest & Peters pays the full cost of your Life, AD&D, and LTD coverage. You pay for benefit premiums on a pretax basis. Since your healthcare contributions are subtracted from your gross pay before federal, state, and Social Security taxes are withheld, you pay less in taxes. Because this tax advantage reduces your reported taxable wages, your Social Security benefits could be slightly reduced when you become eligible to receive them.
Domestic partner contributions are regulated by the IRS. Contributions you make for domestic partner coverage must be made on a post-tax basis.
Employees and Associates wishing to decline medical coverage will receive $200 a month opt-out credit with proof of other medical coverage. This credit is considered taxable compensation.
Domestic Partner Coverage
Please note that unless your domestic partner is your tax dependent as defined by the IRS, contributions for domestic partner coverage must be made after-tax. Similarly, the company contribution toward coverage for your domestic partner and his/her dependents will be reported as taxable income on your W-2. Contact your tax advisor for more details on how this tax treatment applies to you. Notify Keker, Van Nest & Peters if your domestic partner is your tax dependent.