Life insurance coverage and premiums are changed annually, based on the individual employee's previous year's retirement earnings and age of the employee. The age used for premium calculation is the age attained by the employee as of March 1, 1998.
Basic coverage is an employee's retirement earnings, rounded to the next highest thousand.
Supplemental coverage doubles the insurance amount of Basic coverage, and Additional coverage triples the amount of Basic coverage. Next week's Bulletin will contain information regarding an Open Enrollment period for two more units of Additional life insurance coverage. When an active employee reaches age 70, Basic coverage continues at a reduced level without further premiums. Supplemental and Additional coverages cease. The employee may apply for Over Age 70 coverage.