Common use of BENEFITS AND PENSION Clause in Contracts

BENEFITS AND PENSION. (12.01) The Employer shall pay 80% of the monthly premiums for basic life insurance and accidental death and dismemberment insurance effective April 1, 2003, during the life of this Agreement for full-time employees. Such employees are required to participate in the insurance plans. Coverage for each plan is equal to three times basic annual earnings to a maximum of $1,000,000.

BENEFITS AND PENSION. (12.01) The Employer shall pay 80% of the monthly premiums for basic life insurance and accidental death and dismemberment insurance effective April 1, 2003, during the life of this Agreement for full-time employees. Such employees are required to participate in the insurance plans. Coverage Effective January 1, 2019, coverage for each plan basic life insurance and accidental death and dismemberment is equal to three two times basic annual earnings to a maximum of $1,000,000. The foregoing is a general description of the plan; the provisions of the insurance policy will govern.