(A) Premiums for straight life insurance benefits in an amount equal to two times the employee's annual base salary, rounded off to the nearest $1,000.00, with a maximum of $250,000.00, as provided by the carrier, shall be paid by the village on behalf of all present full-time employees. The amount of the premiums for such insurance shall be paid from the general funds of the village.
(B) The Village Manager is authorized to make the premium payments above indicated on behalf of all qualifying personnel. The premiums are to be paid as an inducement for continued employment, and in addition to any salary presently paid or to be paid.
(C) The life insurance benefit is twice an employee's annual salary, up to a maximum limit of $200,000.
('69 Code, § 32.05) (Am. Ord. C-518, passed 4-13-81; Am. Ord. C-521, passed 7-13-81; Am. Ord. C-698, passed 12-10-90; Am. Res. 2001-13, passed 6-11-01; Am. Ord. 2005-17, passed 7-11-05)