Optional Contributory Term Life Insurance Plan Sample Clauses

Optional Contributory Term Life Insurance Plan a. Each full-time professional staff member may join a group life insurance plan in which he/she agrees to pay fifty percent (50%) of the premium on a $25,000 term life insurance policy. The College will pay the remaining fifty percent (50%). b. Each full-time professional staff member may elect to obtain up to four (4) additional units of $25,000 each in life insurance coverage for a maximum combined coverage limit of $125,000. The professional staff member and the College will each pay fifty percent (50%) of the cost of the first $100,000 of coverage with the professional staff member paying one hundred percent (100%) of the cost of the premium for the coverage in excess of $100,000.
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Optional Contributory Term Life Insurance Plan. Each full-time employee hired prior to September 1, 1997, shall be entitled to join a group life insurance in which he/she agrees to pay the first fifty percent (50%) of the premium of a $25,000 term life insurance policy. The College will pay the remaining fifty percent (50%). Each full-time employee hired prior to September 1, 1997, may elect to obtain up to $50,000 more in life insurance for which the employee pays fifty percent (50%) of the premium. The College then pays fifty percent (50%) of the additional $25,000 or $50,000 term life insurance policy. The specific plan will be determined by the College. Each full-time employee hired after September 1, 1997, may opt to join a group life insurance in which he/she agrees to pay one hundred percent (100%) of the premium. The specific plan will be determined by the College.
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Related to Optional Contributory Term Life Insurance Plan

  • 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

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • Optional Life Insurance The State shall make available optional term-life insurance to employees. The cost will be paid by the employee on a payroll deduction basis. The available coverage will be at least two (2) times the employee’s salary. No evidence of insurability will be required if an adequate number of employees participate. The State will explore smoker/non-smoker rates and spousal coverage.

  • Insurance Plan 19.01 The Employer agrees to contribute the indicated percentage of the premium cost of the following group plans for full-time employees (and their families where applicable) who have completed their probationary period.

  • 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.

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

  • Group Insurance Plan The carriers, coverage, and terms and conditions of participation under the District’s Group Insurance Plan are subject to change in accordance with the applicable provisions of Title I, Division 4, Chapter 10 of the California Government Code (Section 3500 et seq.) (Xxxxxx‐Milias‐Xxxxx Act). a. The District contracts with CalPERS for health plan coverage for all regular and newly hired employees (eligibility to be defined by the “CalPERS health plan”). Booklets on the insurance plans will be available to all participants. b. Employees may choose from the available plans offered by CalPERS. Additional premiums will be borne by the employee through payroll deductions and paid to CalPERS by the District each month; and the additional cost for monthly premiums will be deducted evenly from the first and second payroll period of each month. To the extent allowed by law, the District will attempt to deduct the employee’s premium contribution from pre‐tax dollars.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

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