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Part I Section II: Benefits Provisions for Retired University Faculty

R-2 Life Insurance

Faculty who retire at age 62 or older, have completed ten (10) years of service, and were insured as active employees immediately prior to retirement, shall be entitled to life insurance. Retirees age 62 to 64 shall receive one times base pay up to $50,000; retirees age 65 to 69 shall receive 70% of the coverage at age 62. Life insurance at age 70 is $6,000.

There is no accidental death and dismemberment insurance during retirement.