Common use of INSURANCE AND ANNUITY PLAN Clause in Contracts

INSURANCE AND ANNUITY PLAN. A. 1. The employer will pay the following percentages of the cost of the type of insurance coverage listed below: a. Eighty percent (80%) term life insurance plan offered by the Town of Plymouth. Additional, optional life insurance is available within the group plan at the employee's expense. b. For individual or family coverage of group health insurance provided by the Town of Plymouth for eligible employees, in accordance with the Public Employee Committee Agreement between the Town of Plymouth Public Employee Committee and the Town of Plymouth contribution rates shall be made as follows: At the onset of the Agreement, the Committee shall continue to contribute 80% (eighty percent) of the premium cost, and the subscriber shall contribute 20% (twenty percent). Effective July 1, 2016, the Committee shall contribute 77.5% (seventy-seven and a half percent) of the premium cost, and the subscriber shall contribute 22.5% (twenty-two and a half percent). Effective June 30, 2018, the Committee shall contribute 75% (seventy-five percent) of the premium cost, and the subscriber shall contribute 25% (twenty-five percent). The Committee agrees that the level of benefits shall be substantially equal to the level of benefits provided as of July 1, 1997. c. Except to the extent required by law, the employer shall not be required to pay the premiums outlined above for those unit members who are on a non- paid leave of absence.