Common use of Paid Up Life Policy Clause in Contracts

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 ASF Member member who has carried optional employee ASF member 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 ASF member 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 member 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 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 postretirement 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- 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- 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 member who has carried optional employee ASF member 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 ASF member 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 member 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 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 postretirement 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- 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 ASP Member's retirement or spouse age sixty- 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 member who has carried optional employee ASF member 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 ASF member 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 member 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 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 postretirement 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 ASF Member member who has carried optional employee ASF member life insurance for the five (5) consecutive years immediately preceding that date of the ASF Member's ’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 ASF member life insurance in force during that five (5) year period. The ASF Member's ’s post-retirement death benefit shall be effective as of the date of the ASF Member's ’s retirement or the ASF Member’s member 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 member who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding that date of the ASF Member's ’s retirement or spouse age sixty-five (65), whichever is later, shall receive a post-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- post-retirement death benefit shall be effective as of the date of the ASF Member's ’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 ’s retirement or spouse age sixty- 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.