Life Insurance for Retirees. A. The group life insurance carrier will make available to transportation employee retirees a plan for continued life insurance provided the Board of Education makes the premium payments...even though the retiree is required to prepay the Board for this expense on an annual basis. B. The plan provides for the individual to retain up to $10,000 life insurance between the ages of 55 and 70. At age 70 the amount reduces to $5,000. Coverage is subject to the following limitations and rules: 1. The continuation of benefits for retirees will apply to Basic Life amounts only; supplementary and/or optional amounts will be terminated in conjunction with active employment. 2. The maximum retiree benefit will be limited to $10,000 or the current maximum amount, whichever is less. C. The definition of retiree is as follows: Any employee retiring directly from the Macomb Intermediate School District employment at age fifty-five (55) or later, and has served the MISD as a transportation employee for not less than ten (10) years prior to such retirement. D. If the above carrier terminates this option, the parties will meet to resolve the matter.
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Transportation Contract
Life Insurance for Retirees.
A. The group life insurance carrier will make available to transportation employee retirees a plan for continued life insurance provided the Board of Education makes the premium payments...even though the retiree is required to prepay the Board for this expense on an annual basis.basis.
B. The plan provides for the individual to retain up to $10,000 life insurance between the ages of 55 and 70. At age 70 the amount reduces to $5,000. Coverage is subject to the following limitations and rules:
1. The continuation of benefits for retirees will apply to Basic Life amounts only; supplementary and/or optional amounts will be terminated in conjunction with active employment.employment.
2. The maximum retiree benefit will be limited to $10,000 or the current maximum amount, whichever is less.less.
C. The definition of retiree is as follows: Any employee retiring directly from the Macomb Intermediate School District employment at age fifty-five (55) or later, and has served the MISD as a transportation employee for not less than ten (10) years prior to such retirement.
D. If the above carrier terminates this option, the parties will meet to resolve the matter.
Appears in 1 contract
Samples: Collective Bargaining Agreement
