Common use of Option Plan Description Clause in Contracts

Option Plan Description. The Board of Trustees will provide life insurance for each faculty member of value twice their current annual contract salary. A faculty member shall have the right to buy additional life insurance equal to their base annual contract salary in accord with the carrier's policy. The cost of such insurance to the faculty member shall be the same as the cost to the College. At age 70, the value of the life insurance will be reduced as provided by the terms of the carrier's policy.