Common use of Paid Up Life Policy Clause in Contracts

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent twenty (20) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post-retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent twenty (20) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employee’s retirement or spouse age sixty-five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post-retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy. Addition of JLM RFP Procurement Process for Basic and Optional Life Insurance

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent twenty (20) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post-retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or the date the spouse attains age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent twenty (20) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-post- retirement death benefit shall be effective as of the date of the employee’s retirement or the date the spouse attains age sixty-five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or the date the spouse attains age sixty-five (65), whichever is later, in order to remain eligible for the spouse post-retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy. Addition of JLM RFP Procurement Process for Basic and Optional Life Insurance.

Paid Up Life Policy. At age sixty-five sixty‐five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five sixty‐five (65), whichever is later, shall receive a post-retirement paid-up post‐retirement paid‐up life insurance policy in an amount equal to fifteen (15) percent twenty 15)twenty (20) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-retirement post‐retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five sixty‐five (65), whichever is later. Employees who retire prior to age sixty-five sixty‐five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five sixty‐five (65) in order to remain eligible for the employee post-retirement post‐retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty-sixty‐ five (65), whichever is later, shall receive a post-retirement paid-up post‐retirement paid‐up life insurance policy in an amount equal to twenty fifteen (15) percent twenty (202015) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement post‐retirement death benefit shall be effective as of the date of the employee’s retirement or spouse age sixty-five sixty‐five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or spouse age sixty-five sixty‐five (65), whichever is later, in order to remain eligible for the spouse post-retirement post‐retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy. Addition of JLM RFP Procurement Process for Basic and Optional Life Insurance.

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent twenty (20) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post-retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or the date the spouse attains age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent twenty (20) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employee’s retirement or the date the spouse attains age sixty-five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or the date the spouse attains age sixty-five (65), whichever is later, in order to remain eligible for the spouse post-retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy. Addition of JLM RFP Procurement Process for Basic and Optional Life Insurance.