Common use of Life Insurance Benefit Clause in Contracts

Life Insurance Benefit. 1. The basic life insurance benefit made available to full-time bargaining unit members shall be calculated as three (3) times base annual earnings, rounded to the next highest $1,000, but not more than $225,000-EFFECTIVE August 1, 2012. A separate additional benefit up to the amount of the life insurance will be paid for accidental death, dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions.

Life Insurance Benefit. 1. The basic life insurance benefit made available to full-time full‐time bargaining unit members shall be calculated as three (3) times base annual earnings, rounded to the next highest $1,000, but not more than $225,000-EFFECTIVE 225,000‐EFFECTIVE August 1, 2012. A separate additional benefit up to the amount of the life insurance will be paid for accidental death, dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions.