BENEFITS CAP Clause Samples

BENEFITS CAP. In the event that the benefits under this Agreement, when aggregated with any other payments or benefits received by the Employee, or to be received by the Employee, would (i) constitute "parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), and (ii) but for this provision, would be subject to the excise tax imposed by Section 4999 of the Code or any similar or successor provision, then the Employee's benefits shall be reduced to such lesser amount or degree as would result in no portion of such benefits being subject to the excise tax under Section 4999 of the Code.
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BENEFITS CAP. Effective January 1, 2015, the District shall make an annual contribution paid on a tenthly basis toward the payment of eligible unit members’ health and welfare benefit premiums (excluding vision, dental, disability income protection, and life) as stated below: For 2015, UHC HMO Network 1 a. Single up to $6,898,90 b. 2 Party up to $13,635.20 c. Family up to $17,134.80 Members who choose a plan more expensive than the UHC HMO Network 1 are responsible for the out-of-pocket difference. For each year that follows, the District’s annual contribution for single and 2- party benefits shall increase to meet that year’s cost for UHC HMO Network 1, not to exceed the maximum contribution cap of $17,134.80. The employee shall authorize payroll deductions in the necessary amounts to cover excess cost beyond the District’s contribution.
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BENEFITS CAP. The District shall make an annual contribution paid on a tenthly basis toward the payment of eligible unit members’ health and welfare benefit premiums (excluding vision, dental, disability income protection, and life) as stated below: For 2019 a. Single up to $7,870.00 b. 2 Party up to $15,530.00 c. Family up to $17,634.80 Members who choose a medical plan more expensive than the employer contribution are responsible for the out-of-pocket difference. For each year that follows, the District’s annual contribution for single and 2- party benefits shall increase to meet that year’s cost for medical benefits, not to exceed the maximum contribution cap of $17,634.80. The employee shall authorize payroll deductions in the necessary amounts to cover excess cost beyond the District’s contribution.
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BENEFITS CAP. In the event that the benefits under this Agreement, when aggregated with any other payments or benefits received by the Employee, or to be received by the Employee, would (i) constitute "parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), and (ii) but for this provision, would be subject to the excise tax imposed by Section 4999 of the Code or any similar or successor provision (the "Excise Tax"), then the Employee's benefits shall be either delivered in full or delivered to such lesser amount or degree as would result in no portion of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by the Employee on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be subject to the Excise Tax.
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BENEFITS CAP. The District shall make an annual contribution paid on a tenthly basis toward the payment of eligible unit members’ health and welfare benefit premiums (excluding vision, dental, disability income protection, and life) as stated below: Members who choose a medical plan more expensive than the employer contribution are responsible for the out-of-pocket difference. The District’s annual contribution for single, 2-party, and family benefits shall not exceed the maximum contribution cap of $17,634.80. Unit members will not be credited for any difference between the cost of their plan and the amount of the District’s contribution. The employee shall authorize payroll deductions in the necessary amounts to cover excess cost beyond the District’s contribution.
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Related to BENEFITS CAP

  • Benefits Plans During the Employment Period, You will be eligible to participate in all benefit plans in effect for executives and employees of the Company, subject to the terms and conditions of such plans.

  • Benefits; Vacation Employee shall be eligible to receive all benefits as are available to similarly situated employees of Employer generally, and any other benefits that Employer may, in its sole discretion, elect to grant to Employee from time to time. In addition, Employee shall be entitled to four (4) weeks paid vacation per year, which shall be pro-rated for the first partial year of employment and shall accrue in accordance with Employer’s policies applicable to similarly situated employees of Employer.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Minimum Benefits If the Termination Date occurs during the Employment Period for any reason, the Executive shall be entitled to the Minimum Benefits, in addition to any other benefits to which the Executive may be entitled under the following provisions of this Section 4 or the express terms of any employee benefit plan or as required by law. Any benefits to be provided to the Executive pursuant to this Section 4(a) shall be provided within thirty (30) days after the Termination Date; provided, however, that any benefits, incentives or awards payable as described in Section 4(f) shall be made in accordance with the provisions of the applicable plan, program or arrangement. Except as may otherwise be provided expressly to the contrary in this Agreement or as otherwise provided by law, nothing in this Agreement shall be construed as requiring the Executive to be treated as employed by the Company following the Termination Date for purposes of any employee benefit plan or arrangement in which the Executive may participate at such time.

  • COMPENSATION COVERAGE The Employer shall provide coverage to all employees for injury on the job under the Workers’ Compensation Act of the Province of Alberta, or under an Insured Plan which provides coverage of compensation equal thereto.