Eligible permanent, full-time employees and the part-time custodian and clerk/comptroller are provided with group term basic life and accidental death and dismemberment insurance beginning on the first day of the month following the employee's date of hire. The city shall provide coverage in the amount equal to the employee's base annual compensation, rounded to the nearest thousand dollars, up to a maximum of $75,000 coverage, subject to policy reduction formulas at age 65. For the purpose of determining the amount of such coverage, the base annual compensation shall be that salary which is in effect on January 1 of each year. The cost of group term basic life insurance in excess of $50,000 is includable in gross income as wages subject to Federal Income Contributions Act (FICA) tax. The cost of group term life insurance is determined on the basis of uniform premiums computed on the basis of five-year age brackets prescribed by U.S. Treasury Regulations.
(Ord. 15-19, passed 12-16-19; Am. Ord. 01-23, passed 1-17-23)