Basic Term Life Insurance. 2.4.1 Amount The District shall provide Manager with Life Insurance. The amount of the life insurance to be provided shall be equal to two (2) times Manager’s annual salary, rounded up to the nearest $1,000 to a maximum of $400,000. The imputed cost of coverage in excess of $50,000 will be included in Employee’s income, using the IRS Premium Table, and are subject to applicable Federal and State taxes.
Appears in 3 contracts
Samples: The Agreement for Personal, The Agreement, The Agreement
Basic Term Life Insurance. 2.4.1 Amount The District shall provide General Manager with Life Insurance. The amount of the life insurance to be provided shall be equal to two (2) times General Manager’s annual salary, rounded up to the nearest $1,000 to a maximum of $400,000. The imputed cost of coverage in excess of $50,000 will be included in Employee’s income, using the IRS Premium Table, and are subject to applicable Federal and State taxes.
Appears in 1 contract
Samples: The Agreement
