Death Benefit Scheme Sample Clauses

Death Benefit Scheme. The Co-op provides a Death Benefit Scheme for colleagues. Colleagues become eligible from the date that their employment commences. A sum equal to one year’s wages (subject to a minimum of £5000) will be paid to the beneficiary of a colleague who dies in service. Payment of the benefit is at the absolute discretion of the Scheme Trustees in accordance with the Scheme Rules.
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Death Benefit Scheme. 9.1 The object of the Scheme is to provide a benefit for the spouse or dependent(s) of an employee who dies from any cause while covered by this Agreement. 9.2 Employees become eligible after one year’s continuous service. 9.3 Payment of the benefit shall be made at the absolute discretion of the Society in accordance with the under mentioned provisions. 9.4 The Joint Parties to the National Agreement shall be responsible for interpretation of the Scheme. 9.5 The operation of the Scheme may be terminated at any time by agreement of the National Parties. 9.6 A sum equal to one year’s wages (or such lesser sum as the Society may determine) will be paid to the spouse or dependent(s) of an employee who dies in service. 9.7 Only the basic wage is taken into account when entitlement is calculated. All premium, bonus and unsocial hours payments are to be excluded. 9.8 The payment will be fully funded by the employing Society. 9.9 Subject always to the rules of any discretionary death benefit schemes and/or the rules of a Society’s pension scheme, a Society may provide additional death benefit payments. The minimum entitlement provided for under this agreement may not, however, be funded in any way by the employee. 9.10 A claim for benefit must be initiated by the spouse or dependant(s) in a manner to be prescribed by the Society. Notification that a claim is to be made should be notified to the Society within three months of death. 9.11 Employees shall be encouraged to record in writing their intended nominee to receive benefit in the event of death. It is not mandatory for the Society to follow this nomination process. An example nomination form is available to Societies from CEA upon request.
Sample 1

Related to Death Benefit Scheme

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree. 2. A surviving eligible retiree who qualifies for a monthly retirement allowance who was married to a retiree who was also eligible for a Grant shall receive the survivor benefit described in D.1., above, or his or her own Grant, whichever is greater. Such retiree shall not be eligible for both Grants.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Plan Benefits Each year, prior to the annual enrollment period, EMPLOYEES will receive Enrollment information that will outline the benefits offered next calendar year. Information relative to specific health insurance benefits and limitations will be updated regularly and contained in the SPD. In the event there is a conflict between the provisions of the collective bargaining agreement and the SPD, the District's SPD shall control.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Long Term Disability Benefit In the event an employee, while covered under this Plan, becomes totally disabled as a result of an accident or a sickness, then, after the employee has been totally disabled for seven (7) months, including periods approved in Sections 1.3(a) and (c), he/she shall be eligible to receive a monthly benefit as follows: (a) while the employee has a time bank balance to be used on a day-for-day basis, full monthly earnings will continue until the time bank is exhausted, and Section 2.6 will not apply; (b) effective March 1, 2001, when an employee has no time bank, or after it is exhausted, the employee shall receive a monthly benefit equal to the sum of: (1) seventy-five percent (75%) of monthly earnings; (2) annual cost-of-living adjustment of the benefit equal to the consumer price index to a maximum of two percent (2%); (3) for the purpose of the above, earnings shall mean basic monthly earnings of the employee's classification. The date of disability for determining the commencement of the first two (2) years of disability shall be the day following the last month of the Short Term Plan period, or an equivalent seven (7) month period. (c) The Long Term Disability benefit payment will be made as long as an employee remains totally disabled in accordance with Section 2.3, and will cease on the date the employee recovers, or at the end of the month in which the employee reaches age sixty-five (65), or resigns or dies, whichever occurs first. (d) An employee in receipt of long term disability benefits will be considered an employee for purposes of pension and will continue to be covered by group life, extended health, dental and medical plans. Employees will not be covered by any other portion of a collective agreement but will retain the right of access to rehabilitative employment as per Article 12.1 and will retain seniority rights should they return to employment within six (6) months following cessation of benefits. (e) When an employee is in receipt of the benefit described in (b) above, contributions required for benefit plans in (d) above and contributions for pension plan will be waived by the Employer. (f) An employee engaged in rehabilitative employment with the Employer and who is receiving partial Long Term Disability benefit payments will have contributions required for benefit plans in (d) above and contributions for pension waived by the Employer, except that pension contributions shall be deducted from any salary received from the Employer to cover the period of rehabilitative employment.

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