Optional and Dependent Life Insurance17. Effective January 1, 2014, employees shall be able to purchase optional term life insurance in amounts from 1 to 8 times their basic annual earnings subject to a maximum of $1,000,000. Employees shall pay the full cost for the coverage. Effective July 1, 2016 at age 70, the face value of the optional life insurance policy reduces to 50% of the original face value. At age 75, the face value of the policy reduces to 25% of original face value. The member can purchase the amount of the reductions on an individual policy as long as amount does not exceed the original face value. Effective July 1, 2016, Dependent life insurance options will be available to bargaining unit employees in the following increments. These additional options will be offered on an employee pay all basis. $2000 spouse; $1,000 child to age 26 $4000 spouse; $2,000 child to age 26 17 Per action taken on May 26, 2011, the County Council did not approve full funding for the previous life insurance benefit level. On that date, the Council reduced the life insurance benefit for bargaining unit employees from 2x salary to 1x salary, to become effective on January 1, 2012. See Appendix V.
Optional and Dependent Life Insurance17. Effective January 1, 2014, employees shall be able to purchase optional term life insurance in amounts from 1 to 8 times their basic annual earnings subject to a maximum of $1,000,000. Employees shall pay the full cost for the coverage. Effective July 1, 2016 at age 70, the face value of the optional life insurance policy reduces to 50% of the original face value. At age 75, the face value of the policy reduces to 25% of original face value. The member can purchase the amount of the reductions on an individual policy as long as amount does not exceed the original face value.
