Common use of NEW CONTRIBUTION Clause in Contracts

NEW CONTRIBUTION. Effective as soon as administratively possible following adoption of the MOU by the Board of Directors, the basic group life insurance coverage will be $20,000 for each employee who meets the enrollment requirements, and subsection 13.A. (Existing Contribution) shall no longer apply. This coverage reduces to 65% at age 65 in accordance with the life insurance policy. The reduced amounts will be rounded in accordance with the existing schedule.

NEW CONTRIBUTION. Effective as soon as administratively possible following adoption of the MOU by the Board of Directors, the basic group life insurance coverage will be $20,000 for each employee who meets the enrollment requirements, and subsection 13.A. 12.A. (Existing Contribution) shall no longer apply. This coverage reduces to 65% at age 65 in accordance with the life insurance policy. The reduced amounts will be rounded in accordance with the existing schedule.