NEW CONTRIBUTION Sample Clauses

NEW CONTRIBUTION. Effective as soon as administratively possible following adoption of the MOU by the Board of Directors, the basic group life insurance coverage will be $20,000 for each employee who meets the enrollment requirements, and subsection 13.A. (Existing Contribution) shall no longer apply. This coverage reduces to 65% at age 65 in accordance with the life insurance policy. The reduced amounts will be rounded in accordance with the existing schedule.