Common use of BASIC LIFE PLAN Clause in Contracts

BASIC LIFE PLAN. 145 The Employer will provide, at no employee cost, a fully paid life plan to all regular full- time employees at the time of hire. -146 This program will provide a life insurance benefit in the case of death of an eligible employee on active duty status (including leaves of absence of 180 days or less) equal to one year's annual base salary or wage (i.e., basic hourly rate times 2080). -147 The employee may designate a beneficiary if desired; if none is designated the basic life insurance benefit payment will be made to the beneficiary under the Employee Paid Life Program if enrolled; otherwise payment will be made as defined by the life insurance contract.

BASIC LIFE PLAN. 145 146 The Employer will provide, at no employee cost, a fully paid life plan to all regular full- full-time employees at the time of hire. -146 -147 This program will provide a life insurance benefit in the case of death of an eligible employee on active duty status (including leaves of absence of 180 days or less) equal to one year's annual base salary or wage (i.e., basic hourly rate times 2080). -147 -148 The employee may designate a beneficiary if desired; if none is designated the basic life insurance benefit payment will be made to the beneficiary under the Employee Paid Life Program if enrolled; otherwise payment will be made as defined by the life insurance contract.