Amounts and Premiums. Upon retirement, employees may elect to purchase life insurance in the amount of $100,000 and shall pay the premiums for such coverage. Such life insurance shall continue in the amount of $100,000 to age 65. Thereafter, the amount of life insurance in effect shall be reduced to $60,000 at age 66, to $45,000 at age 67, to $30,000 at age 68, to $15,000 at age 69, and shall terminate at age 70.
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