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<br />officers and employees in order to provide employees covered <br />by this Agreement with life insurance coverage in an amount <br />equal to twice such employee's annual rate of salary to a <br />maximum of three hundred thousand ($300,000) provided said <br />affected employees can provide evidence of insurability of <br />coverage if so required by the terms and conditions of said <br />term life insurance policy. <br /> <br />In the event any such employee is determined to be <br />ineligible for said insurance coverage, the City will <br />attempt to provide as much coverage as may be obtained at <br />reasonable cost without having to provide evidence of <br />insurability. <br /> <br />12.5 The City shall retain the right to change health, dental and <br />life insurance carriers, administer the insurance benefits <br />provided thereunder, and select and/or change any excess or <br />supplemental insurance carriers as a part of any sel f- <br />insurance plan during the term of this Agreement, provided <br />that employees covered by this Agreement continue to receive <br />equivalent benefits and provided that the parties have met <br />and conferred before the benefits changes are made. <br /> <br />12.6 Optional Association Benefit Plans. By maj ori ty vote, <br />Association members may opt to receive cash equivalent of <br />premium contributions made by City on behalf of employees <br />and dependents, to purchase group health and/or group dental <br />and/ or group L. T . D. insurance coverage through the <br />Association or its Agent provided, however, all members of <br />the Association waive, in writing, coverage under City- <br />sponsored group health and/or group dental and/or group <br />L.T.D. <br /> <br />12.7 Medical Retirement Subsidy Plan. Based on the first payroll <br />period in October, 2001 and no later than October 31st each <br />year thereafter for the term of this Agreement, the City <br />shall contribute to a fund an amount of money equal to one <br />percent (1%) of the bargaining unit's salary base plus pay <br />additives for the purpose of providing a retiree health <br />insurance subsidy plan. Eligibility for and the specific <br />payments made to members of the bargaining unit pursuant to <br />this plan shall be designated at the sole discretion of the <br />Association. Members represented by this Agreement who are <br />not or have not been enrolled in any of the City's medical <br /> <br />48 <br />