Sec. 31-125. - Payment schedule.

Effective January 1, 2000, the fund shall contribute one hundred (100) percent of the cost of the premiums for city sponsored life insurance coverage for city retirees in accordance with the provisions of this division.

(Ord. No. 5431-00; Ord. No. 6434-07, § 1; Ord. No. 6696-10, § 1)

Sec. 31-126. - Retiree coverage.

(a)

Effective January 1, 2000, all active city employees who carry the city sponsored life insurance coverage and who are eligible to retire either with age or service before July 1, 2005, shall be eligible to continue life insurance coverage equal to one-half (½) their salary at retirement.

(b)

All city employees who continue the city sponsored life insurance coverage and who are not eligible to retire based on age or service before July 1, 2005, will initially have life insurance coverage equal to one-half (½) their salary in life insurance coverage upon retirement, which coverage shall then decrease twenty (20) percent per year, however such coverage shall not be reduced below ten thousand dollars ($10,000.00).

(Ord. No. 5431-00; Ord. No. 6434-07, § 1; Ord. No. 6696-10, § 1)

Secs. 31-127—31-129. - Reserved.