Common use of Group Life and Accidental Death & Dismemberment Insurance Clause in Contracts

Group Life and Accidental Death & Dismemberment Insurance. A) All eligible employees shall participate in the Group Life and AD&D Insurance Plan. Insurance coverage is provided in accordance with the terms of the contract with the insuring company on the basis of three times (3x) the employee’s annual salary. The College shall pay the entire premium cost of Group Life and AD&D Insurance. B) An employee who retires at or beyond the age of fifty-five (55) years with at least ten (10) years of continuous service with the College and who is in receipt of a pension under the provisions of the Public Sector Pension Plans Act shall continue to enjoy group insurance coverage (except AD&D) in an amount equal to the lesser of ten thousand dollars ($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 Insurance. A(a) All eligible employees shall participate in the Group Life and AD&D Insurance Plan. Insurance coverage is provided in accordance with the terms of the contract with the insuring company on the basis of three times (3x) the employee’s annual salary. The College shall pay the entire premium cost of Group Life and AD&D Insurance. B(b) An employee who retires at or beyond the age of fifty-five (55) years with at least ten (10) years of continuous service with the College and who is in receipt of a pension under the provisions of the Public Sector Pension Plans (Municipal) Act shall continue to enjoy group insurance coverage (except AD&D) in an amount equal to the lesser of ten thousand dollars ($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.