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hl Upon retirement after July 1, 2000, a member shall be eligible for life insurance in <br />the amount of his basic life insurance provided by the City at his date of retirement. Effective <br />the first of each month thereafter, the amount of life insurance shall be reduced by two percent <br />(2%) until it reaches one-half of the amount at time of retirement. <br />Every employee initially employed by the City on or after January 1, 1978 who has <br />retired, is receiving a benefit as of July 1, 2000, and was covered by the City's ¢roup life <br />insurance program at the time of retirement, shall no longer be eligible for a post-retirement lump <br />sum benefit from the retirement fund but shall be eligible for life insurance as set forth in <br />subsection (a). <br />• <br />• <br />Approved by Council <br />June 5, 2000 <br />1 k of City C <br />Page 6 of 6 <br />