Benefit Guarantees Clause Samples

A Benefit Guarantees clause establishes the obligation of one party, typically an employer or service provider, to ensure that certain benefits—such as health insurance, retirement contributions, or other specified perks—are provided to another party, usually an employee or beneficiary. This clause outlines the types of benefits covered, the minimum standards or levels of those benefits, and the duration for which they must be maintained. By including this provision, the agreement protects the recipient from unexpected reductions or loss of promised benefits, thereby providing security and predictability regarding compensation or entitlements.
Benefit Guarantees. On and after the Distribution Date, a Retained Employee's or a Terminee's right, if any, to receive benefits under the Manor Care, Inc. Supplemental Executive Retirement Plan shall be the responsibility of Manor Care. However, the payment of any benefits due under the Manor Care, Inc. Supplemental Executive Retirement Plan for the first thirty (30) months following the Distribution Date shall be guaranteed by Choice, to the extent not otherwise paid by Manor Care. On and after the Distribution Date, a Choice Individual's right to receive benefits under the Choice Hotels International, Inc. Supplemental Executive Retirement Plan shall be the responsibility of Choice. However, the payment of any benefits due under the Choice Hotels International, Inc. Supplemental Executive Retirement Plan which are attributable to the transferred accrued benefits earned under the Manor Care, Inc. Deferred Compensation Plan shall be guaranteed by Manor Care for the first thirty (30) months following the Distribution Date, to the extent not otherwise paid by Choice.
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Benefit Guarantees. On and after the Distribution Date, a Retained Employee's and Terminee's right, if any, to receive benefits under the Manor Care, Inc. Nonqualified Retirement Savings and Investment Plan shall be the responsibility of Manor Care. However, the payment of any benefits due under the Manor Care, Inc. Nonqualified Retirement Savings and Investment Plan for the first thirty (30) months following the Distribution Date shall be guaranteed by Choice, to the extent not otherwise paid by Manor Care. On and after the date of the establishment of the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan, a Choice Individual's right to receive benefits under the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan shall be the responsibility of Choice. However, the payment of any benefits due under the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan which are attributable to the transferred accrued benefits earned under the Manor Care, Inc. Deferred Compensation Plan shall be guaranteed by Manor Care for the first thirty (30) months following the Distribution Date, to the extent not otherwise paid by Choice.
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Benefit Guarantees. On and after the Distribution Date, a ------------------ Retained Employee's, Terminee's or Sunburst director's right to receive benefits under the Sunburst Hospitality Corporation Deferred Compensation Plan shall be the responsibility of Sunburst. However, the payment of any benefits due under the Sunburst Hospitality Corporation Deferred Compensation Plan for the first thirty (30) months following the Distribution Date shall be guaranteed by Choice, to the extent not otherwise paid by Sunburst. On and after the Distribution Date, a Choice Individual's right to receive benefits under the Choice Hotels International, Inc. Deferred Compensation Plan shall be the responsibility of Choice. However, the payment of any benefits due under the Choice Hotels International, Inc. Deferred Compensation Plan which are attributable to the transferred accrued benefits earned under the Sunburst Hospitality Corporation Deferred Compensation Plan shall be guaranteed by Sunburst for the first thirty (30) months following the Distribution Date, to the extent not otherwise paid by Choice.
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Benefit Guarantees. Benefit guarantee (a) Subject to rule 3.5(c) , where: (i) a Member became a member of the Accumulation section of the Former WSSP Fund under rule A2.2 of the Former WSSP Deed (as it was prior to 15 June 2007) prior to either 30 September 1999 or such later date as the Participating Employer determined before 30 June 2007; (ii) the Member dies or b ecomes entitled to a total and permanent disablement benefit before 30 June 2019, the benefit payable (other than any Purchased Benefit) shall be: (iii) subject to rule 3.5(a)(i v), the greater of: (A) the amount payable un der rules 3.4(a) and (b), but not including any Purchased Benefit; or (B) the lump sum benefit that the Member would have been entitled to if the Member had died or become Totally and Permanently Disabled on the day prior to the date of becoming an Accumulation Member (including any balance under any SuperSave Account under the Pre-1999 Rules of the Former WSSP Deed or Parts 4 to 11 (inclusive) of this Participation Schedule) reduced by 10% on 1 July 2009 and on 1 July of each subsequent financial year; or (iv) if at any time prior to the death or Total and Permanent Disablement of the Member, the benefit calculated (other than any Purchased Benefit) under rule 3.5(a)(iii)(B) (as if the Member died or became Totally and Permanently Disabled at that time) would be less than the amount calculated under rule 3.5(a)(iii)(A), then from that time, if the Member dies or becomes entitled to a total and permanent disablement benefit, the benefit payable shall be the amount calculated under rules 3.4(a) and (b), but not including any Purchased Benefit. (b) Subject to rule 3.5(c) , where either: (i) a person became an A ccumulation Member of the Former WSSP Fund or Former WSSP Plan following upon a transfer under clause 32 of the Former WSSP Deed and the Participating Employer approved that rule A10.7 of the Former WSSP Deed applied to the transfer; or (ii) a person is an Accum ulation Member following upon a transfer from another Benefit Arrangement and the Participating Employer approves that this rule 3.5(b) applies to the transfer, and the Trustee accepts money or assets from the Benefit Arrangement in respect of the Member, then: (iii) if the Member dies or becomes entitled to a total and permanent disablement benefit prior to 1 July next occurring after the 10th anniversary of the date on which the Member became an Accumulation Member of the Former WSSP Fund or Former WSSP Plan or becomes an Accumu...
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Related to Benefit Guarantees

  • Pension Plan Employers and/or individuals who manage, operate, assist or own, either partially or wholly, a company or companies working non-union in the construction industry on Mainland Nova Scotia within the craft jurisdiction of ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Local 83 shall not be eligible to be appointed to serve, or to continue to serve, as trustees on any trust fund referred to within this Collective Agreement. This provision shall apply to management trustees and union trustees alike. 29.01 It is agreed that the employer shall pay into the established Pension Fund an amount per hour for each hour paid as per the wage tables in Craft Schedule “A”, “B”, “S” and Appendix “MIP”. Pension contributions shall be calculated based on the base hourly rate and vacation pay, and no premium shall affect this. For the purposes of this Article, overtime rates payable in accordance with Article 16 are not premiums. Such contributions shall be paid to the Trustees of the Pension Fund on or before the fifteenth (15th) day of the month following the month such hours were worked and shall be accompanied by a remittance report form for each employee on a form prescribed by the Trustees of the Fund. Each monthly report and contributions shall include all obligations arising from hours worked up to the preceding calendar month. 29.02 It is agreed that provisions for an increase in the Pension Plan (other than those increases listed above) will be implemented if so desired by the Local, with the employer contribution to be deducted from the wages rates contained herein, provided the employer receives sixty (60) days notice of such change. 29.03 The Pension Plan shall be professionally administered. 29.04 Neither the United Brotherhood of Carpenters and Joiners of America, Local 83, nor the Nova Scotia Construction Labour Relations Association shall incur any legal liability with regard to claims arising from the Pension Plan. 29.05 Employers bound by, or subject to the Agreement, shall be required to maintain for a two (2) year period, a complete set of employment records including: • employee’s name, address, and S.I.N. • number of hours worked by the employee in each week • employee’s wage rate and gross earnings, amount(s) and description of deductions from the employee’s wages • particulars of pay allowances or other payments or benefits to which the employee is entitled.

  • Benefit Plan If an employee maintains coverage for benefit plans while on maternity or parental leave, the Employer agrees to pay the Employer's share of these premiums.

  • No Effect on Employee Benefit Plans or Programs The termination of the Executive's employment during the term of this Agreement or thereafter, whether by the Company or by the Executive, shall have no effect on the rights and obligations of the parties hereto under the Company's qualified or non-qualified retirement, pension, savings, thrift, profit-sharing or stock bonus plans, group life, health (including hospitalization, medical and major medical), dental, accident and long term disability insurance plans or such other employee benefit plans or programs, or compensation plans or programs, as may be maintained by, or cover employees of, the Company from time to time.

  • Pension Benefits Each party reserves the right to retain as his or her sole and absolute separate property, the entire interest in pension benefits now vested, or that become vested in the future, and the right to manage, control, transfer, and convey all such property and dispose of the same by will, beneficiary designation or otherwise, without any interference from the other. The parties acknowledge that this Agreement shall constitute an effective waiver of any rights in the other's pension benefit plans. Furthermore, each party agrees to execute whatever additional waiver document may be necessary or useful to confirm such waiver of rights to the other party's pension benefit plans.

  • Effect on Other Employee Benefit Plans The value of the Award subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating benefits under any employee benefit plan (other than the Plan) sponsored by the Company or any Affiliate except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any or all of the employee benefit plans of the Company or any Affiliate.