EXISTING BENEFIT PLANS Clause Samples
The 'Existing Benefit Plans' clause defines the status and handling of employee benefit plans that are already in place prior to a transaction or agreement. It typically outlines which benefit plans will continue, be modified, or terminated, and may specify the responsibilities of each party regarding ongoing contributions or administration. This clause ensures clarity about employee entitlements and obligations, helping to prevent disputes over benefits during transitions such as mergers or acquisitions.
EXISTING BENEFIT PLANS. The Employer will pay 100% of the premiums to provide coverage for eligible employees for the following benefits:
(a) Life insurance - $25,000
(b) Accidental Death and Dismemberment – $25,000
(c) Dependant Life Coverage – $10,000 spouse and $5,000 child The Employer will pay 100% of the premiums for coverage for all eligible employees and their families for the following benefits:
EXISTING BENEFIT PLANS. The Employer will pay 100% of the premiums to provide coverage for eligible employees for the following benefits:
(a) Life Insurance - $25,000
(b) Accidental Death and Dismemberment - $25,000
(c) Existing Health Care Benefits - Extended Health, including prescription drugs and out-of-country benefit coverage
(d) Dental Care Benefits Plan A - 100% Plan B - 50% - $1000 per calendar year Plan C - 50% - $1000 lifetime/includes child
(e) Glasses/Contact Lenses - $250.00 every 24 months. (moved from 14.03)
(f) No Change in Benefits The benefits set out in Article 14, and the eligibility for such benefits, shall not be changed or modified during the life of this collective agreement, except by negotiation and the mutual agreement of the Union and the Employer.
(g) Once an employee has qualified for benefits, and has been enrolled on the benefit plans, the Employer will pay the premiums whether or not the employee falls under the cut-off number of hours. The Employer will notify the employee on or before the following pay period when the hours fall short then recover from the employee by a payroll deduction the premium for any period of time for which the employee did not qualify for benefits. The premium deduction will be prorated based on the number of weeks the employee did not qualify in relation to the length of that month, i.e. 7/31, 7/30, 14/30, etc. The Employer will have no responsibility for or involvement in the benefit plans except for the payment of the premiums.
EXISTING BENEFIT PLANS. ▇▇▇▇▇’▇ General Stores, Inc. 2000 Stock Option Plan
EXISTING BENEFIT PLANS. Group Insurance Plan (major medical, prescription drug, life insurance, dental care, accidental death and dismemberment, long term disability and vision) 401(K) Savings Plan Various Bonus Plans Stock Option Plan Severance Plan (proposed) Employee Stock Purchase Plan See Attached for Additional Compensation Plans 89 Schedule 5.13 Existing Letters of Credit [attached] 90 Schedule 7.01(c) LECHTERS, INC. CERTIFICATE AS TO FINANCIAL STATEMENTS AND DEFAULTS I, ______________, [President, Chief Financial Officer] of Lechters, Inc., a New Jersey corporation (the "Borrower"), hereby certify, pursuant to Section 7.01(c) of the Credit Agreement dated as of March 26, 1998 among the Borrower, the Banks listed on the signature pages thereof and The Chase Manhattan Bank, as Agent, that:
EXISTING BENEFIT PLANS. Subject to any specific provision in these recommendations, the Employer will continue its existing benefit plans (both the contribution level and the specific benefit provisions) for the duration of the agreement. If, due to the statutory requirements of Government plans, there will need to be benefit plan changes beyond the control of the Employer, the Employer undertakes to advise representatives of the Union about the nature and timing of any changes before such changes are made.