Death Benefit and Continuation of Benefits

In the event of an employee’s death, a death benefit of $4,000 will be paid to the beneficiary designated under the Morgan Stanley Basic Life Insurance Plan. The Firm provides the death benefit at no cost to full-time employees and part-time employees regularly scheduled to work 50% or more of the standard 40-hour work week. No enrollment is required and the benefit is paid in addition to the Basic Life Insurance Plan benefit.

If at the time of an employee’s death, his/her eligible dependents are enrolled in Morgan Stanley Medical, Dental and/or Vision Plans, their coverage at the time of the employee’s death will continue for 12 months following the employee’s death at no cost to the dependents.

Employees’ eligible dependents may continue to access mental health services administered by Lyra Health (including, therapists, coaches and self-help tools), at no cost, through the last day of the month in which the employee died. Thereafter, eligible dependents may elect to continue this benefit for up to 3 years through COBRA for a fee.

After the 12-month period, qualified beneficiaries not eligible for Morgan Stanley Retiree Medical Plan benefits may elect to continue coverage at their own cost under COBRA. If the employee was eligible for Retiree Medical benefits on the date of his or her death, his/her dependents may be eligible to participate in the Morgan Stanley Retiree Medical Plan under the provisions of the plan then in effect.

In the event of the death of an employee’s spouse or domestic partner, the employee will receive a death benefit of $2,000. In the event of the death of an employee’s dependent child (aged 14 days through the end of the month after they reach age 26 years) or the dependent child of an employee’s spouse or domestic partner, the employee will receive $2,000; if both parents are employees (or both the parent and spouse or domestic partner are employees), $2,000 will be issued to each employee.

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