LIFE INSURANCE AT RETIREMENT Sample Clauses

LIFE INSURANCE AT RETIREMENT. Commencing July 1, 1995, and upon subsequent retirement with a City pension, each eligible employee shall be entitled to a group life insurance valued at $10,000. The entire cost of premiums for same shall be assumed and paid by the City of Madison Heights. No retiree life insurance will be provided for employees hired from outside the City’s workforce on or after July 1, 2011.
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LIFE INSURANCE AT RETIREMENT. Life Insurance (2 times the annual basic earnings of the Employee at the time of retirement rounded to the nearest one thousand dollars). Upon reaching the age of 65, the City (HSR) will maintain a $5,000 death benefit for those Employees who were eligible for this benefit prior to the ratification of this agreement.
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LIFE INSURANCE AT RETIREMENT. Life Insurance (2 times the annual basic earnings of the Employee at the time of retirement rounded to the nearest one thousand dollars).
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LIFE INSURANCE AT RETIREMENT. ‌ Commencing July 1, 1995, and upon subsequent retirement with a City pension, each eligible employee shall be entitled to a group life insurance valued at $10,000. The entire cost of premiums for same shall be assumed and paid by the City of Madison Heights. No retiree life insurance will be provided for employees hired from outside the City’s workforce on or after July 1, 2011. LONGEVITY PAY‌‌‌ All full-time employees of the City of Madison Heights, whether on a per annum or per hour compensation basis who have completed five (5) or more years of service on a full-time basis, shall be paid longevity pay according to the following schedule: 5 years but less than 10 years 2% base salary 10 years but less than 15 years 4% base salary 15 years but less than 20 years 6% base salary 20 years and over 8% base salary Longevity to be accrued on the anniversary date of employee's date of hire as determined by City records and to be paid within two weeks thereafter. Upon retirement with a City pension, longevity pay shall be paid, pro-rated from the employee's last employment anniversary date to the date of retirement, based upon City pension records. In the event of death of any employee, longevity pay earned by that employee will be paid to the beneficiary.
Sample 1

Related to LIFE INSURANCE AT RETIREMENT

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions. B. Faculty members will be eligible to purchase the following supplemental coverage: 1. additional amounts of group term life insurance at a level of between one and three (3) times the Faculty member’s annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 2. group term life insurance for spouses and domestic partners at a level of between one (1) and three (3) times annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 3. group term life insurance for eligible dependent children at a level of $10,000.

  • Dependent Life Insurance In the event of the death of your spouse or dependent child from any cause whatsoever, while you and your dependents are insured under the plan, the insurance company will pay you $10,000 in respect of your spouse and $5,000 in respect of each insured dependent child. This applies to those employees with family health coverage only.

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Life Insurance Coverage a. Forty Thousand ($40,000) Dollars life insurance policy with AD&D from an insurance carrier selected by the Board, subject to the provisions of this section. b. Employees who have Board-provided term life insurance shall have a thirty- one (31) day conversion right upon termination of employment. Any employee electing the right to conversion in order to keep term life insurance in force, must contact the insurance carrier within thirty-one (31) days of the last day of employment. c. The life insurance policy shall pay to the employee’s beneficiary the aforementioned sum within the underwriting rules and regulations as set forth by the insurance carrier.

  • Key Man Life Insurance The Company may apply for and obtain and maintain a key man life insurance policy in the name of Executive together with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical examinations and answer reasonable questions in connection with the application and, if obtained, the maintenance of, as may be required, such insurance policy.

  • Long Term Disability Insurance Plan The Employer shall provide a mutually acceptable long-term disability insurance plan, a copy of which shall appear in Appendix “A” – Long-Term Disability Insurance Plan. The plan shall provide post-probationary regular employees with salary continuation as per Appendix “A” until age sixty-five (65) in the event of a disability. The cost of the plan shall be borne by the Employer.

  • Group Term Life Insurance The Welfare Plan will include Group Term Life Insurance in accordance with the following Table of Hourly Job Rate Brackets and corresponding coverages. Benefits will be payable as a result of death from any cause on a twenty-four (24) hour coverage basis.

  • Group Life Insurance Plan Eligibility

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

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