The University provides its retirees with life insurance coverage the amount of which is determined as follows:
(a) Pension Plan members who joined the University before July 1, 1976: equal to 50% of their salary at time of retirement.
(b) Pension Plan members who joined the University after July 1, 1976:
those with fewer than 10 years of service: $2,000;
those with 10 or more years of service: 10% of their final salary with a minimum of $2000 and a maximum of $5000.