Common use of Executive Benefit Plan Clause in Contracts

Executive Benefit Plan. The administration of the E.B.P. contained herein is subject to the Policies and Procedures as set out by the Employer. It is understood that these Policies and Procedures will not alter the Benefit Plan as set out in this Article. 8.01 The Executive Benefit Plan for employees shall be equivalent to 6.5% of an employee's basic salary. Designation of the total percentage of the benefit to the plan chosen must be made by the end of September each year. The designation is irrevocable and will continue for 26 pay periods starting in January of the following year. 8.02 An employee may choose one or a combination of the following benefits, to the extent of earned E.B.P. entitlements. (a) Direct Monetary Payment An employee may elect to receive a cash payout on a pay period basis of all or part of the E.B.P. benefit.

Executive Benefit Plan. The administration of the E.B.P. contained herein is subject to the Policies and Procedures as set out by the Employer. It is understood that these Policies and Procedures will not alter the Benefit Plan as set out in this Article. 8.01 The Executive Benefit Plan for employees shall be equivalent to 6.5% of an employee's basic salary. Designation of the total percentage of the benefit to the plan chosen must be made by the end of September each year. The designation is irrevocable and will continue for 26 pay periods starting in January of the following year. 8.02 An employee may choose one or a combination of the following benefits, to the extent of earned E.B.P. entitlements. (a) Direct Monetary Payment An employee may elect to receive a cash payout on a pay period basis of all or part of the E.B.P. benefit.