Continued Welfare Coverage Sample Clauses
The Continued Welfare Coverage clause ensures that an employee or beneficiary maintains access to certain welfare benefits, such as health insurance or disability coverage, after a specific event like termination or during a leave of absence. Typically, this clause outlines the duration of continued coverage, eligibility requirements, and any conditions under which the coverage may be extended or terminated. Its core practical function is to provide financial and health security during transitional periods, addressing the risk of losing essential benefits due to changes in employment status.
Continued Welfare Coverage. If Executive’s employment is terminated in any of the circumstances described in Section 2.1 or Section 2.2 of this Agreement, (a) the Executive shall be entitled to continued group term life and disability insurance coverage, at the Employer’s expense, for a period of eighteen (18) months from the date of Termination of employment and (b) in the event Executive timely elects under the provisions of COBRA to continue his group health and/or dental plan coverage that was in effect prior to the date of the termination of Executive’s employment, the Executive will be entitled to continuation of such coverage, at the Employer’s expense, for a period of eighteen (18) months from the date of Termination of employment (or, if earlier, the date the Executive ceases to be eligible for COBRA Coverage).
Continued Welfare Coverage. The Executive, the Executive’s Spouse and the Executive’s eligible dependents shall be entitled to Continuation Coverage until such time as the Executive has satisfied the eligibility requirements for Retiree Medical Coverage (determined after taking into account the additional age and qualifying service credit provided pursuant to Section 3(a)(iii)), at which time the Executive will commence Retiree Medical Coverage (subject to the terms and conditions of the Company’s post-retirement medical plan (or any applicable plan maintained by a successor or any of its Affiliates) as then in effect); provided, further, that in the event that the Release Effective Date does not occur on or before the 60th day after the Termination Date, the Executive’s rights to Continuation Coverage shall immediately cease.
Continued Welfare Coverage. If the Executive’s employment is terminated for any reason other than Cause, the Executive shall be entitled to elect to receive continued medical, dental and vision benefits under the same benefit plans as in effect for active executive officers of the Company for the Executive and the Executive’s spouse, dependents and beneficiaries eligible for coverage under such plans pursuant to Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”), for a period of eighteen (18) months, subject to the terms of the plans and payment by the Executive of the premiums charged to former employees of the Company pursuant to Section 4980B of the Code for continued benefit coverage for former employees and their eligible spouses, dependents and beneficiaries under such plans. Thereafter, the Company shall pay the Executive an amount necessary for Executive to acquire such benefits under equivalent plans from an independent provider, net of the amount the Executive would otherwise be required to pay under this Section 6. The Company may amend or otherwise alter the medical, dental and vision plans to provide different benefits to the Executive and the Executive’s spouse, dependents and beneficiaries eligible for coverage so long as the benefits provided to the Executive and the Executive’s spouse, dependents and beneficiaries eligible for coverage are no less favorable in the aggregate that those provided or offered to active executive officers of the Company. In no event shall the coverage provided pursuant to this Section 6 extend beyond December 31 of the year in which the Executive turns 65 years old. The obligations of the Company under this Section 6 shall terminate if, at any time after the date of termination of the Executive's employment, the Executive is employed by or is otherwise affiliated with a party that offers substantially comparable medical, dental and vision benefits to the Executive.