Group Life. a. Except as noted in Articles A.27.3 and A.27.5, participation in the Plan is a condition of employment for all employees appointed on or after 1975 January 01, with the following coverage: i. Multiple of Salary under age 45 - 300% of annual salary 45 but under 55 - 250% of annual salary 55 but under 60 - 200% of annual salary 60 or over - 150% of annual salary All amounts of coverage shall be rounded to the next $1,000 of coverage, or; ii. Fixed Amount - $5,000. b. Employees may opt for the scale of benefits given as a percentage of annual salary at the time of joining staff or during employment with the Board upon medical proof of insurability. Employees may opt to reduce coverage by written notice to the Board. c. The Board will pay one-half (1/2) of the premium payable on behalf of each employee covered by the Plan, and the employee will pay the other half. d. Any premium contributed by an employee toward the total premium payable under this policy for insurance on the life of such employee shall be deemed by the employer to be applied first to the premium for the amount of his/her insurance (if any) in excess of $25,000 and the balance (if any) of the employee's premium shall be deemed by the Board to be applied to the first $25,000 of his/her insurance.
Appears in 8 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
