Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen
Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty- five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post-retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty- five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employee’s retirement or spouse age sixty-five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.
Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an ASF Member who has carried optional employee life insurance for the five (5) consecutive years immediately preceding that date of the ASF Member's retirement or age sixty-five (65), whichever is later, shall receive a post - retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The ASF Member's post-retirement death benefit shall be effective as of the date of the ASF Member's retirement or the ASF Member’s age sixty-five (65), whichever is later. ASF Members who retire prior to age sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional life insurance to age sixty-five (65) in order to remain eligible for the post- retirement death benefit. An ASF Member who has carried optional spouse life insurance for the five
Paid Up Life Policy. At age sixty-five (65) or the date of retirement, a supervisor who has carried optional supervisor life insurance for the five (5) consecutive years immediately preceding the date of the supervisor’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional supervisor life insurance in force during that five (5) year period. The supervisor’s post-retirement death benefit shall be effective as of the date of the supervisor’s retirement or the supervisor age sixty-five (65), whichever is later. Supervisors who retire prior to age sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional supervisor life insurance to age sixty-five (65) in order to remain eligible for the supervisor post-retirement death benefit.
Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an ASF Member who has carried optional employee life insurance for the five (5) consecutive years immediately preceding that date of the ASF Member's retirement or age sixty-five (65), whichever is later, shall receive a post - retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The ASF Member's post-retirement death benefit shall be effective as of the date of the ASF Member's retirement or the ASF Member’s age sixty-five (65), whichever is later. ASF Members who retire prior to age sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional life insurance to age sixty-five (65) in order to remain eligible for the post-retirement death benefit. An ASF Member who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding that date of the ASF Member's retirement or spouse age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post- retirement death benefit shall be effective as of the date of the ASF Member's retirement or spouse age sixty-five (65), whichever is later. The ASF Member must continue the full amount of optional spouse life insurance to the date of the ASF Member's retirement or spouse age sixty- five (65), whichever is later, in order to remain eligible for the spouse post-retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.
Paid Up Life Policy. At age sixty‐five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty‐five (65), whichever is later, shall receive a post‐retirement paid‐up life insurance policy in an amount equal to fifteen (15)twenty (20) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post‐retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty‐five (65), whichever is later. Employees who retire prior to age sixty‐five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty‐five (65) in order to remain eligible for the employee post‐retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty‐ five (65), whichever is later, shall receive a post‐retirement paid‐up life insurance policy in an amount equal to twenty fifteen (2015) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post‐retirement death benefit shall be effective as of the date of the employee’s retirement or spouse age sixty‐five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or spouse age sixty‐five (65), whichever is later, in order to remain eligible for the spouse post‐retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.
Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post- retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post- retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five
Paid Up Life Policy. At age sixty-five (65) or the date of retirement, a teacher who has carried optional teacher life insurance for the five (5) consecutive years immediately preceding the date of the teacher’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen
Paid Up Life Policy. At age sixty-five (65) or the date of retirement, a faculty member 21 who has carried optional faculty member life insurance for the five (5) consecutive years 22 immediately preceding the date of the faculty member’s retirement or age sixty-five (65), 23 whichever is later, shall receive a post-retirement paid-up life insurance policy in an 26 retirement death benefit shall be effective as of the date of the faculty member’s
Paid Up Life Policy. At age sixty-five (65) or the date of retirement, a nurse who has carried optional nurse life insurance for the five (5) consecutive years immediately preceding the date of the nurse’s retirement or age sixty-five (65), whichever is later, shall receive a post- retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional nurse life insurance in force during that five (5) year period. The nurse’s post-retirement death benefit shall be effective as of the date of the nurse’s retirement or the nurse age sixty-five (65), whichever is later. Nurses who retire prior to age sixty-five
