Supplemental Life Insurance Benefit. The pension plan shall be amended to provide a supplemental life insurance benefit to a retiree until age sixty (60) in an amount equal to the difference between the face value of his/her County term life insurance at the date of retirement and the decreased insured value of his/her County term life insurance after date of retirement. When the retiree attains age sixty (60), the retiree's total life insurance benefit shall be reduced by fifteen percent (15%) of the original face value per year, to a residual of twenty-five percent (25%) by reducing the Supplemental Life Insurance Benefit by twenty percent (20%) on the first day of the calendar month coinciding with or next following the date of his/her attainment of age sixty (60). On each of the next four (4) anniversaries the Supplemental Life Insurance Benefit will be reduced by the same dollar amount. The supplemental life insurance policy which provides a supplemental life insurance benefit to retirees until age sixty (60) shall be increased to provide a total life insurance benefit of one hundred thousand dollars ($100,000.00) for officers who retire on or after July 1, 1987.
Supplemental Life Insurance Benefit. The life insurance benefits ----------------------------------- provided in this Schedule shall be in addition to any group term life insurance program applying generally to salaried employees. In the event the Executive's employment with the Company is terminated for any reason, other than by death, prior to age fifty-five (55), no benefits shall be paid pursuant to this Schedule.
