A death benefit as set forth in the schedule below shall be paid to the designated beneficiary of an employee of the City upon death, providing such death occurs after the employee has completed the probationary period:
Except for Police and Fire Deputy Chiefs, employees in the Exempt Service, and including the Mayor, shall be granted insurance coverage one and one half (1 1/2) times their annual salary. Fire Deputy Chiefs shall be provided twenty-five thousand dollars ($25,000) coverage. Police Deputy Chiefs shall be provided twenty thousand dollars ($20,000) coverage. Members of City Council shall be granted fifty thousand ($50,000) dollars insurance coverage.
Those covered shall furnish the City with a designation of beneficiary. In the event the employee fails to designate a beneficiary, then the benefit shall be paid in accordance with the inheritance laws of the State of Ohio.
Those covered shall be permitted to convert this benefit at the time of their retirement from the City at their own expense.
The Mayor shall be authorized to enter into an agreement or agreements with a qualified insurance carrier or carriers to provide said death benefits herein set forth for City officials and City employees upon compliance with established City bidding procedures. The Director of Finance shall be authorized to issue his/her warrant or warrants in those amounts necessary to pay the cost of said death benefit insurance.