Definition of Covered Employee Under Valero Flex Plan Sample Clauses

Definition of Covered Employee Under Valero Flex Plan. A “covered employee” for purposes of the Valero Flex Plan is defined as an employee who has elected in writing to be covered by a benefit plan under the Valero Flex Plan and who has authorized the Company to make monthly deductions, if any, from his pay in an amount equal to the difference between the sum of the Company’s obligation under the Valero Flex Plan, and the total monthly cost of coverage under such Plan, and who has also authorized the Company to transmit such sums to the applicable carrier or trust together with the Company’s contributions on his behalf. In undertaking to make such deductions, contributions, and transmittals, the Company will have completely fulfilled all of its obligations under this Article Thirty and it will in no way be held responsible for any failure to properly make such deductions or contributions or transmittals unless due to its gross negligence.
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