Active city employees who retire will initially have life insurance coverage equal to ½ their salary at retirement. This coverage will then decrease 20% per year. Coverage will not be reduced below $10,000. Life insurance is offered at no cost to the retiree.
All retirees are eligible for a death benefit in the amount of $3,300 payable to a surviving spouse or beneficiary upon the death of the retiree.
The legal spouse of a deceased retiree is entitled to a 50% monthly spousal annuity. The spousal annuity benefit is automatic and does not require a special election.