Common use of Retirement Insurance Clause in Contracts

Retirement Insurance. Effective May 19, 1996, the Company will assume the full cost of providing Term Insurance coverage in the amount of ten thousand dollars ($10,000), for an employee who retires from the Company, while in active employee status, on or after age fifty - five (55), with ten (10) years or more of service. This ten thousand dollars ($10,000) amount decreases by one thousand dollars ($1000) each year, until a minimum of five thousand dollars ($5000).

Retirement Insurance. Effective May 19, 1996, the Company will assume the full cost of providing Term providingTerm Insurance coverage in the amount of ten thousand dollars ($10,000), for an employee who retires from the Company, while in active employee status, on or after age fifty - fifty-five (55), with ten (10) years or more of service. This ten thousand dollars ($10,000) amount decreases by one thousand dollars thousanddollars ($1000) each yeareachyear, until a minimum mum of five thousand dollars ($5000).

Retirement Insurance. Effective May 19, 1996, the Company will assume the full cost of providing Term Insurance coverage in the amount of ten thousand dollars ($10,000), 1 for an employee who retires from the Company, while in active employee status, on or after age fifty - five (55), with ten (10) years or more of service. This ten thousand dollars ($10,0000,000) amount decreases by one thousand dollars ($1000) each year, until a minimum of five thousand dollars ($5000).