Old Plan. The term “
Old Plan. The provisions of this to applies only to full time employees who chose to retain these benefits rather than the benefits outlined Article For eligible employees the present premium rate for the Group Life Insurance Plan is twenty-six cents (26) for coverage, and the Corporation at present contributes for employees with single status and for employees with married status. Should the premium increase, the Corporation will maintain the same ratio of contributions to premium rates. The current 24-Hour-Voluntary-Accident Death and Dismemberment Insurance Plan will continue to be made available to eligible employees and they may opt in or out of such coverage on a twice yearly basis (April 1st and October 1st). A fully paid-up Life Insurance policy in accordance with the of paid-up insurance under the old Group Life Insurance Plan will be provided by the Corporation at no cost to all eligible employees at normal retirement age. Employees who retire early (before age 65) at their option, continue to be insured, at the rate of times basic salary with full cost to be borne by the employee. Alternatively, and if eligible, the employee may elect to receive a full paid up policy of New Plan The following provisions will apply to all those regular and full-time employees who opted for coverage effective April and will apply to all employees hired after April as a condition of employment. Effective April the Corporation will provide at no cost to each eligible employee "all-risk" Life Xxxxxxxxx.xx the amount or two times the employee's basic annual salary (whichever is greater). Optional insurance coverage (at group rate cost) will be available to each eligible employee. An employee may elect to participate any of the optional portions of the new Group Life insurance programs as described in and under the conditions of the Plan. The following plans are optional and employees may elect to participate: In additional to the basic "all-risk" Life Insurance provided by the Corporation, under Article the employee may purchase an extra one two or three basic annual salary (for a total of up to five times salary) at group rates. Medical evidence of insurability will be required for all the above except for the extra times option. An employee may elect to participate in Life Insurance in the amount of for a spouse and for each child. Common-law relationships will be recognized after one (1) year of and single parents qualify. The premium per family will remain at a flat rate re...
Old Plan. 28.1 The provisions of Section A (Old Plan) apply only to permanent full time employees who chose to retain these benefits rather than the benefits outlined in clause 28.2.
Old Plan. “Old Plan” is defined in Section 6.3(b) of the Agreement.
Old Plan includes the following coverage: ▪ Payment of BC Medical Services Plan premiums ▪ To be covered under the Basic Extended Health Care plan administered through Pacific Blue Cross for retired ABSBC employees (with the Employer paying premiums for the Basic Plan). ▪ Basic group life insurance coverage in an amount equal to one-times the employee’s annual basic earnings immediately prior to retirement, which is reduced annually thereafter on each anniversary of retirement by 20% until a minimum of $1,000 is reached; this latter amount to remain in effect for the remainder of the retired employee’s lifetime.
