Retiree Life Insurance Benefits. For employee’s hired or promoted into the MPSO prior to the effective date of subsection 3 below. An employee who commences receiving a service retirement allowance between January 1, 2018, and December 31, 2020, shall be eligible to elect life insurance benefits, hereinafter referred to as "Retiree Life Insurance Benefits," for the period of his/her retirement under the following terms and conditions:
Retiree Life Insurance Benefits. 10 a. Amount of Life Insurance Coverage
(1) To be eligible for retiree life insurance benefits, employees, regardless of age, 12 must have maintained at least 50% of their base salary as additional life 13 insurance coverage at the time of retirement to continue to be part of the 14 City’s life insurance program. All elections for additional life insurance 15 coverage must be in multiples of 50% of the base salary at the time of 16 retirement, not to exceed the additional insurance percentage elected as an 17 active employee at the time of retirement.
(2) Upon attaining age 65, and having maintained additional life insurance 19 coverage, as described in 1.a., of this subsection, from retirement to age 65, 20 the city shall provide $10,000 of life insurance coverage.
Retiree Life Insurance Benefits. For those employees hired or promoted into the MPSO on or after the implementation date of this subsection.
a. Amount of Life Insurance Coverage
(1) To be eligible for retiree life insurance benefits, employees, regardless of age, must have maintained at least 50% of their base salary as additional life insurance coverage at the time of retirement to continue to be part of the City’s life insurance program. All elections for additional life insurance coverage must be in multiples of 50% of the base salary at the time of retirement, not to exceed the additional insurance percentage elected as an active employee at the time of retirement.
(2) Upon attaining age 65, and having maintained additional life insurance coverage, as described in 1.a., of this subsection, from retirement to age 65, the city shall provide $10,000 of life insurance coverage.
(3) Retirees may reduce additional life insurance coverage to any multiple of 50% of the base salary at the time of retirement at any time.
Retiree Life Insurance Benefits. Effective Immediately after the Distribution Date, SpinCo shall adopt a SpinCo Plan or Plans to provide any retiree life insurance benefits that are required to be provided to Transferred Individuals. Any retiree life insurance benefits to be provided shall be substantially identical to the retiree life insurance benefits that would have been provided under an Acuity Plan for such individuals, subject to the right of SpinCo to amend or terminate any such retiree benefits. In the case of any individual who is not a Transferred Individual, Acuity will retain the liability for providing any retiree life insurance benefits required to be provided to such individual, subject to the right of Acuity to amend or terminate any such retiree benefits.
Retiree Life Insurance Benefits. An employee who commences receiving a service retirement allowance between January 1, 2015, and December 31, 2016, shall be eligible to elect life insurance benefits, hereinafter referred to as "Retiree Life Insurance Benefits," for the period of his/her retirement under the following terms and conditions:
Retiree Life Insurance Benefits a. Amount of Life Insurance Coverage
(1) To be eligible for retiree life insurance benefits, employees, regardless of age, must have maintained at least 50% of their base salary as additional life insurance coverage at the time of retirement to continue to be part of the City’s life insurance program. All elections for additional life insurance coverage must be in multiples of 50% of the base salary at the time of retirement, not to exceed the additional insurance percentage elected as an active employee at the time of retirement.
(2) Upon attaining age 65, and having maintained additional life insurance coverage, as described in 1.a., of this subsection, from retirement to age 65, the city shall provide $10,000 of life insurance coverage.
(3) Retirees may reduce additional life insurance coverage to any multiple of 50% of the base salary at the time of retirement at any time.
Retiree Life Insurance Benefits. 8 a. Amount of Life Insurance Coverage 9 (1) To be eligible for retiree life insurance benefits, employees, regardless of 10 age, must have maintained at least 50% of their base salary as additional 11 life insurance coverage at the time of retirement to continue to be part of the 12 City’s life insurance program. All elections for additional life insurance 13 coverage must be in multiples of 50% of the base salary at the time of 14 retirement, not to exceed the additional insurance percentage elected as an 15 active employee at the time of retirement.
Retiree Life Insurance Benefits. For those employees hired or promoted into the MPSO on or after the implementation date of this subsection (April 1, 2018).
a. Amount of Life Insurance Coverage
(1) To be eligible for retiree life insurance benefits, employees, regardless of age, must have maintained at least 50% of their base salary as additional life insurance coverage at the time of retirement to continue to be part of the City’s life insurance program. All elections for additional life insurance coverage must be in multiples of 50% of the base salary at the time of retirement, not to exceed the additional insurance percentage elected as an active employee at the time of retirement.
(2) Upon attaining age 65, and having maintained additional life insurance coverage, as described in 1.a., of this subsection, from retirement to age 65, the city shall provide $10,000 of life insurance coverage.
(3) Retirees may reduce additional life insurance coverage to any multiple of 50% of the base salary at the time of retirement at any time.
Retiree Life Insurance Benefits. Approximately 12 retirees are entitled to life insurance benefits. Borrower pays the premiums on the policies insuring all of these individuals' lives. The approximate amount of premiums is $4.700 per month.
Retiree Life Insurance Benefits. During the term of this Memorandum of Agreement, Retiree Life Insurance Benefits for eligible participants (those who were employed prior to October 18, 1995) will be as follows:
