Group Life and Accidental Death and Dismemberment Effective October 1, 1999: Effective October 1, 2000
(a) The Employer shall provide a group life insurance plan.
(b) The plan shall provide basic life insurance in the amount of twenty-five thousand dollars ($25,000) [effective October 1, 2002: fifty thousand dollars ($50,000)] and standard 24-hour accidental death and dismemberment insurance until age sixty-five (65). After the age of sixty-five (65), the amount of coverage shall decrease to twelve thousand, five hundred dollars ($12,500) [Effective October 1, 2002: twenty-five thousand dollars ($25,000)] until the age of seventy (70), at which time the group insurance coverage will cease. On termination of employment (excluding retirement) coverage shall continue without premium payment for a period of thirty-one (31) days during which time the conversion privilege may be exercised; that is, the individual covered may convert all or part of her group life insurance into any whole life, endowment or term life policy normally issued by the insurer and the insurer's standard rates at the time, without medical evidence.
(c) The Employer shall pay one hundred percent (100%) of the premium.
Group Life and Accidental Death and Dismemberment Effective October 1, 1999: Effective October 1, 2000:
(a) The Employer shall provide a group life insurance plan.
(b) The plan shall provide basic life insurance in the amount of one times (1x) annual earnings with a minimum of $25,000 (effective October 1, 2002: $50,000) and standard 24-hour accidental death and dismemberment insurance until age 65. After the age of 65, the amount of coverage shall decrease to 50% until the age of 70, at which time the group insurance coverage will cease. Coverage shall continue until termination of employment. On termination of employment (excluding retirement) coverage shall continue without premium payment for a period of 31 days during which time the conversion privilege may be exercised; that is, the individual covered may convert all or part of her group life insurance into any whole life, endowment or term life policy normally issued by the insurer and the insurer's standard rates at the time, without medical evidence.
(c) The Employer shall pay 100% of the premium.
Group Life and Accidental Death and Dismemberment
a) Group Life Coverage Amount $25,000 b) AD & D Coverage Amount $25,000
Group Life and Accidental Death. Dismemberment (AD&D)
Group Life and Accidental Death and Dismemberment - Plan to provide two hundred percent (200%) of an employee’s annual salary, with a thirty thousand dollars ($30,000) minimum and double indemnity in the event of accidental death.
Group Life and Accidental Death. Upon completion of the probationary period for regular employment, eligible regular full-time and regular part-time employees will be covered by a group Life Insurance Plan which will provide a benefit of two times (2X) the employee’s annual salary with double indemnity. Enrollment in the plan shall be mandatory. The Employer shall pay one hundred percent (100%) of the premium cost of the above plan.
Group Life and Accidental Death and Dismemberment (AD&D) Insurance (Compulsory)
8.7.1 The following faculty members shall participate in the Group Life and AD&D Plans:
8.7.1.1 All regular faculty members employed at one-half time or more -- from the beginning of the first complete month of employment;
8.7.1.2 All temporary faculty members - at the beginning of the first complete month following completion of one (1) year's continuous service who are employed half-time or more on that date.
8.7.1.3 Group Life and AD&D Insurance coverage are each provided in accordance with the terms of the contract with the insuring company on the basis of three times annual salary to the next higher one thousand dollars ($1,000). The College shall pay the entire premium cost of Group Life Insurance and AD&D Insurance.
8.7.1.4 All faculty members who are participating in the Group Life and AD&D insurance plans, whose appointment drops to less than one-half time, may elect to continue coverage on the plans at their own expense (by post-dated cheques) as long as they are employed.
8.7.1.5 A faculty member who retires at or beyond the age of fifty-five (55) years and who is in receipt of a pension under the provisions of the Pension (College) Act shall continue to enjoy group insurance coverage (except AD&D) in an amount equal to the lesser of $10,000 or the coverage in effect immediately preceding retirement for a period of five (5) years from the date of retirement with the premium cost of the continuing insurance borne by the College.
Group Life and Accidental Death. Dismemberment (AD&D) 46 Employee Assistance Plan 47 Long Term Disability 47
Group Life and Accidental Death and Dismemberment Insurance (at the levels in effect at the date of termination of employment, taking into account any waiver of coverage under the Corporation's Supplemental Executive Retirement Program). For purposes of Section 5.2.5, the "fair market value" shall be the mean between the highest and lowest prices at which the Common Stock is traded on the effective date of termination as reported by the New York Stock Exchange or any successor thereto. If there is no sale of the Common Stock on such exchange on such date, the mean between the bid and asked prices on such exchange at the close of the market on such date shall be deemed to be the fair market value of the Common Stock. Executive shall not be required to seek other employment during such Severance Period, but in the event Executive renders personal services during such period to any person or firm other than the Corporation, whether as an employee, a partner or as a self-employed individual and earns income (whether or not then payable) attributable to the performance of such personal services during either the 12 month period commencing on the date of termination of employment or the next two succeeding 12 month periods in excess of $ 100,000 per such 12 month period, (i) Executive shall notify the Corporation, in accordance with Section 9.3 hereof, within 15 days of the commencement of such employment, and (ii) the amount of salary which the Corporation would otherwise be required to pay Executive during such 12 month period shall be reduced dollar for dollar by such excess amount. If as a result of Executive's accruing such income, the Corporation has overpaid Executive, Executive shall promptly reimburse the Corporation for the amount of such overpayment.
Group Life and Accidental Death and Dismemberment for each eligible employee to twice annual earnings and double
