Notwithstanding any other provision of law to the contrary, any member who, at the time of retirement from service, has in effect life insurance provided for as a benefit of his or her employment, shall, after retirement, be entitled to keep the policy of life insurance in effect by paying to the municipality the annual premium. The policy of insurance shall remain in effect so long as the member continues to make annual payments.

History of Section.
P.L. 1986, ch. 492, § 1; P.L. 1987, ch. 580, § 1; P.L. 1988, ch. 109, § 1.