Health Benefits After Retirement Sample Clauses

Health Benefits After Retirement. Employees wishing to continue health benefit coverage upon retirement can apply to the Great West Life, “Plan Direct” health benefit plan and automatically quality for the guaranteed acceptance rates, without providing medical information. If employees elect to answer a Medical and Lifestyle Questionnaire she may quality for Plan Direct Preferred or Preferred Plus rates.
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Health Benefits After Retirement. Commencing upon Employee's Retirement, for a period of 24 months, the Company shall pay Employee each month an amount equal to $1000.00 indexed to adjust for inflation on an annual basis each December 1, with December 1, 2004, as the base date. These amounts may be used by Employee to purchase an individual health insurance policy or policies for himself and his spouse or other dependents, and to pay for other health and medical benefits.
Health Benefits After Retirement. The Township will provide the established limit for Health Benefits, Prescription Plan, and Dental Plan from date of retirement until the Employee becomes eligible for Medicare. In order to be eligible to receive the Township coverage under the Township’s Primary Health Plan (non-premium based) the following conditions shall apply: 1. Twenty-five (25) total years of service with Burlington Township: a. Health coverage will be provided to the Employee, his/her spouse and eligible dependents. Benefits will be provided at the same level entering retirement (i.e. if the Employee has eligible dependents at the time of the Employee’s retirement, they will be covered until their eligibility ends by any of the following reasons: Employee reaches Medicare age; retiree dies. Coverage will cease for eligible children dependents upon reaching the age of 23. Coverage will cease for the spouse upon his/her attaining Medicare age. No new dependents may be added after retirement. b. Members not employed by Burlington Township as a Police Officer for 25 years in the Police and Fire Retirement System prior to service as a police officer or related title other than Burlington Township would receive a 2% deduction for each year of service not with Burlington Township with the Employee being responsible for this cost balance. 2. Those retired Employees, who opt to receive the Township’s Premium Based Health Plan, the established limits shall be paid by the Township with the balance to be paid by the Employee. 3. Retiree payments must be made to the Township on a quarterly basis. The Township shall notify the retiree in the event of a rate change that will affect quarterly payments. Should payments not be received by the Township on the last day of the month due or within thirty (30) days, the Township provided coverage will be discontinued. It is fully understood and agreed between the parties that it shall be the retiree’s sole responsibility to maintain the prompt payment of any and all co-payment amounts. The Township will endeavor to contact the retiree should payment become delinquent in a reasonable manner. 4. Should a retiree opt not to avail to this benefit and decline participation at any time, there shall be no re-admission or availability of this benefit at any subsequent date. 5. It is the intent of Burlington Township to provide for the continuation of existing coverage at a level equal to that at the time of retirement to the eligible retiree, spouse, and eligibl...
Health Benefits After Retirement. The Township will provide the established limit for Health Benefits, Prescription Plan, and Dental Plan from date of retirement until the employee becomes eligible for Medicare. In order to be eligible to receive the Township coverage under the Township’s Primary Health Plan (non-premium based) the following conditions shall apply: 1. Twenty-five (25) total years of service with Burlington Township: a. Health coverage will be provided to the employee, his/her spouse and eligible dependents. Benefits will be provided at the same level entering retirement (i.e. if the Employee has eligible dependents at the time of the employee’s retirement, they will be covered until their eligibility ends by any of the following reasons: Employee reaches Medicare age; retiree dies). Coverage will cease for eligible children dependents upon reaching the age of
Health Benefits After Retirement. (For Employees hired prior to July 1, 1997) The Township will provide a Self Insured Program. For the purposes herein provided Health benefits shall be defined to include: Major Medical, Vision/Hearing, Dental, and Prescription coverages. The Township will provide the established limit for Health Benefits from date of retirement until employee becomes eligible for Medicare. In order to be eligible to receive the limit of Township coverage, the following conditions shall apply;
Health Benefits After Retirement. (For Employees hired after July 1, 1997.) Health Benefits will be provided to Employees hired after July 1, 1997 in accordance with the following:
Health Benefits After Retirement. The Township will provide the established limit for Health Benefits, Prescription Plan and Dental Plan from date of retirement until the Employee becomes eligible for Medicare. In order to be eligible to receive the Township coverage under the Township’s Primary Health Plan (non-premium based) the following conditions shall apply: a. Twenty-five (25) total years of service as an employee of the Township of Burlington. 1. Health coverage will be provided to the Employee, his/her spouse and eligible dependents. Benefits will be provided at the same level entering retirement (i.e. if the Employee has eligible dependents at the time of the Employee’s retirement, they will be covered until their eligibility ends by any of the following reasons: Employee reaches Medicare age; retiree dies). Coverage will cease for eligible children dependents upon reaching the age of twenty-six (26) unless dependent is offered coverage through their own employer proof of which is required. Coverage will cease for spouse upon his/her attaining Medicare age. No new dependents may be added after retirement. 2. Members not employed by Burlington Township as a Police Officer for 25 years but have an accumulated 25 years in the Police and Fire Retirement System for prior service as a police officer or related title other than with Burlington Township would be charged 2% for each year of service not with Burlington Township with the employee being responsible for this cost balance outside of any state imposed obligation. Employee having at least twenty-two (22) years of service with the Township of Burlington and have an accumulated 25 years in the Police and Fire Retirement System will not be responsible for the two (2%) percent deduction. 3. Should a retiree opt not to avail to this benefit and decline participation at any time, there shall be no re-admission or availability of this benefit at any subsequent date. 4. It is the intent of the Township of Burlington to provide for the continuation of existing coverage at a level equal to that at the time of retirement to the eligible retiree, spouse and eligible dependents until the Employee is eligible for Medicare. In the event that the chosen coverage provider amends its coverage requirements or imposes conditions on the retiree over which the Township has no actual or contractual control, the Township will not be obligated to provide additional or different insurance coverage to substitute for the coverage at the time of retirement....
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Related to Health Benefits After Retirement

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • 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.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Public Employees Retirement System “PERS”) Members.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Compensation of Employees Compensate its employees for services rendered at an hourly rate at least equal to the minimum hourly rate prescribed by any applicable federal or state law or regulation.

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