These excerpts taken from the EIX 10-Q filed Nov 2, 2007.
To the extent that a salary replacement benefit is payable from any Employee Disability Plan because of an Eligible Employees absence from work for one or more days because of his or her own illness or disability, the Plan will supplement that benefit as necessary to ensure that the Eligible Employee will receive a total salary replacement benefit amount for each such day of absence from work equal to his or her full daily Salary Rate, for up to one year from the date of initial absence for any single period of Disability, as such period is defined under the applicable Employee Disability Plan. Payment will be made on regularly scheduled paydays in the same manner as benefits are paid under the applicable Employee Disability Plan.
The benefit paid under the Plan is a death benefit payable in a lump sum to an Eligible Employees designated Beneficiary upon the death of the Eligible Employee prior to his or her Separation from Service for reasons other than death.
For the Beneficiary of a Senior Officer, the intended net benefit amount after taxes is one times the officers Total Annual Compensation. For the Beneficiary of an Eligible Employee who is not a Senior Officer, the intended net benefit amount after taxes is one times the employees Salary Rate immediately prior to his or her death. For purposes of calculating the gross amount of the benefit, the maximum marginal federal income tax rate in effect on the date of the Eligible Employees death and the maximum marginal income tax rates in effect on the date of the Eligible Employees death for any
state and local income taxes applicable in the tax jurisdiction where the Eligible Employee resided immediately prior to his or her death, will be used.
Notwithstanding the foregoing, with respect to Eligible Employees who were Senior Officers during any portion of 2007 or Executives as of December 31, 1994, and who had not previously elected to decline participation in the Executive Disability and Survivor Benefit Program, the intended net benefit amount is two times the officers Total Annual Compensation.