Health Care Continuation Coverage. To the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, you may be eligible to continue your group health insurance benefits at your own expense (after any period during which the Company is reimbursing for certain medical costs pursuant to the terms of the Employment Agreement) regardless of whether you sign this Agreement. Later, you may be able to convert to an individual policy through the provider of the Company’s health insurance, if you wish.
Health Care Continuation Coverage. With respect to all health plans maintained for Transferred U.S. Employees, Purchaser agrees to provide (directly or through its Affiliates) continuation coverage required by COBRA to all Transferred U.S. Employees and their covered beneficiaries who are entitled to COBRA coverage with respect to qualifying events that occur after the Closing Date. Purchaser agrees to pay and be responsible for all liability, cost, expense, taxes and sanctions under Section 4980B of the Code, and interest and penalties imposed upon, incurred by, or assessed against Purchaser or an Employee Transferor that arise with respect to the Transferred U.S. Employees and their covered beneficiaries after the Closing Date by reason of, or relating to, any failure by Purchaser and its Affiliates to comply with the health care continuation coverage requirements of COBRA.
Health Care Continuation Coverage. Purchaser agrees to provide Transferred Employees and their covered beneficiaries with continuation coverage required by Section 4980B of the Code or Sections 601 through 608 of ERISA (“COBRA”) as a result of “qualifying events” (as defined in Section 4980B of the Code) which occur on or after the Closing.
Health Care Continuation Coverage i. If Executive timely elects COBRA coverage for Executive (or, if applicable, for Executive and any of his COBRA eligible dependents) under the Company’s group health plan in which he participates on December 31, 2010, the Company will (subject to § 4(d)(4)(A)) reimburse Executive (on an after tax basis) for the COBRA coverage premiums he pays for such coverage, and each such reimbursement (subject to § 4(d)(4)(B)) will be made no later than sixty (60) days after the date that a premium is paid by Executive.
ii. If Executive’s right to COBRA coverage ends before December 31, 2012, the Company at Executive’s election will continue (subject to § 4(d)(4)(C)) to make the equivalent of COBRA coverage available to Executive (or, if applicable, to Executive and any of his COBRA eligible dependents) through December 31, 2012 subject to Executive (subject to § 4(d)(4)(A)) paying an amount each month to the Company equal to the applicable monthly premium for COBRA coverage. The Company will (subject to § 4(d)(4)(A)) reimburse Executive for such payments, and each reimbursement will be made no later than sixty (60) days after the date that a payment is made for such coverage.
iii. If Executive desires health care continuation coverage after December 31, 2012, the Company at Executive’s election will continue (subject to § 4(d)(4)(C)) to make the equivalent of COBRA coverage available to Executive (or, if applicable, to Executive and any of his COBRA eligible dependents) through June 30, 2014 subject to Executive continuing to pay an amount each month to the Company equal to the then applicable monthly premium for COBRA coverage.
a) If the Company reasonably determines that the Company can pay the premiums called for under § 4(d)(1) and § 4(d)(2) directly on behalf of Executive without subjecting such premium payments to tax under § 409A of the Code, then the Company will make such premium payments on Executive’s behalf in lieu of reimbursing Executive for making such premium payments.
b) If the Company reasonably determines that no reimbursement can be made under § 4(d)(1) before July 5, 2011 without subjecting such reimbursement to tax under § 409A of the Code, all reimbursements for the period which starts on January 1, 2011 and ends on June 30, 2011 will be aggregated and made on Tuesday, July 5, 2011.
c) If the Company reasonably determines that the Company cannot provide continued coverage under the Company’s group health plan, the Company for the period descri...
Health Care Continuation Coverage. To the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, you will be eligible to continue your group health insurance benefits at your own expense. Later, you may be able to convert to an individual policy through the provider of the Company’s health insurance, if you wish. If you timely elect continued coverage under COBRA, the Company will pay your COBRA premiums to continue your coverage (including coverage for eligible dependents, if applicable) through the period (the “COBRA Premium Period”) starting on the Separation Date and ending on the earliest to occur of: (i) the eighteen (18) month anniversary of the Separation Date; (ii) the date you become eligible for group health insurance coverage through a new employer; or (iii) the date you cease to be eligible for COBRA continuation coverage for any reason, including plan termination. In the event you become covered under another employer's group health plan or otherwise cease to be eligible for COBRA during the COBRA Premium Period, you must immediately notify the Company in writing of such event.
Health Care Continuation Coverage. The Seller shall remain liable for any group health plan continuation coverage required under Code Section 4980B(f) which is attributable to any “qualifying event” (within the meaning of Code Section 4980B(f)(3)) occurring with respect to any current or former employee of the Company or any Subsidiary prior to or on the Closing Date and the Buyer shall be responsible for providing any such group health plan continuation coverage to any US Transferred Employee attributable to any qualifying event occurring after the Closing Date; provided, however, that Buyer shall not be responsible to provide any such group health plan continuation coverage to any US Transferred Employee to the extent such Transferred Employee is entitled to receive and elects to receive such coverage under any of Seller’s Benefit Plans.
Health Care Continuation Coverage. Sellers shall be responsible for compliance with all requirements under Section 4980B of the Code and Section 601 et seq. of ERISA with respect to any (a) Transferred Employee or (b) family member of such Transferred Employee, in each case who becomes a qualified beneficiary within the meaning of Section 4980B(g)(1) of the Code as a result of any "qualifying event" within the meaning of Section 4980B(f)(3) of the Code which occurs on or prior to the Closing Date. Buyer shall be responsible for compliance with all requirements under Section 4980B of the Code and Section 601 et seq. of ERISA with respect to any (a) Transferred Employee or (b) family member of such Transferred Employee, in each case who becomes a qualified beneficiary within the meaning of Section 4980B(g)(1) of the Code as a result of any "qualifying event" within the meaning of Section 4980B(f)(3) of the Code which occurs after the Closing Date.
Health Care Continuation Coverage. Your active employee health coverage will end on December 31, 2022. You will be eligible to continue your health insurance benefits via continued coverage under COBRA at your option. Other health insurance options may be also available on the health insurance marketplace. More information is available at xxxxx://xxx.xxxxxxxxxx.xxx/get-coverage. To assist you with obtaining health insurance coverage the Company will provide you with a one-time additional taxable cash payment of $24,000 in the first full regular payroll period after December 31, 2022. This health insurance subsidy may be used towards COBRA costs, marketplace coverage costs or to offset your future healthcare expenses.
Health Care Continuation Coverage. Citizens shall be responsible for compliance with all requirements under Section 4980B of the Code and Section 601 et seq. of ERISA (collectively "COBRA") with respect to any (a) Transferred Employee and (b) family member of such Transferred Employee, in each case who becomes a "qualified beneficiary" within the meaning of Section 4980B(g)(1) of the Code as a result of any "qualifying event" within the meaning of Section 4980B(f)(3) of the Code which occurs on or prior to the Closing Date. Citizens also shall remain responsible for compliance with COBRA with respect to any (c) former employee of the Business or current employee of the Business who is not a Transferred Employee and (d) family member of such former employee or current employee, in each case who becomes a qualified beneficiary as a result of any qualifying event, whether such event occurs on, prior to or after the Closing Date. Citizens covenants and agrees that Buyer shall have no liability or responsibility for any of Citizens' COBRA obligations as described in this Section 10.12. Buyer shall be responsible for compliance with COBRA with respect to any (a) Transferred Employee and (b) family member of such Transferred Employee, in each case who becomes a qualified beneficiary as a result of any qualifying event which occurs after the Closing Date. In the event Seller shall fail or refuse to provide COBRA coverage as described in this Section 10.12 to the Transferred Employees and their family members who become qualified beneficiaries, Seller shall immediately so notify Buyer of such failure or refusal and shall provide Buyer a list of (a) each person employed in the Business within the 36 months immediately preceding the Closing Date and (b) each such employee and all dependents of such employee, in each case who had coverage at any time during such period and the dates during which he or she had coverage during the 36 months immediately preceding the Closing Date. For each person who had coverage from any of Seller's group health plans and lost such coverage at any time during the 36 months immediately preceding the Closing Date, Seller shall provide to Buyer a copy of the COBRA notice and election provided to each at the time of his/her qualifying event (as defined in IRC (S) 4980B(f)), copies of procedures used to notify each such qualified beneficiary of the qualifying event, evidence of any election of COBRA coverage, evidence of the reason for termination of each such COBRA coverage,...
Health Care Continuation Coverage. Upon your Retirement Date, you will be eligible to elect continued group health care coverage, as otherwise required under the Consolidated Omnibus Budget Reconciliation Act of 1986, 29 U.S.C. §§ 1161-1168; 26 U.S.C. § 4980B(f), as amended, all applicable regulations (referred to collectively as “COBRA”) and applicable state continuation law under any group health care plan maintained by the Company for which you are enrolled on your Retirement Date.
i. Upon your election of COBRA and subject to the conditions set forth in Section 6, after your Retirement Date the Company will continue to pay its share of the health care premiums for your continuation coverage, and you will be obligated to pay your share of the premiums associated with such coverage as if you were still actively employed by the Company. Provided you continue to be eligible for such COBRA coverage, the Company’s obligation under this subsection (i) will continue for a period of 18 months after the Retirement Date but not later than the earlier of the month you attain age 65 or your death, and only to the extent such payment does not result in any additional tax or other penalty being imposed on the Company or you or violate any nondiscrimination requirements then applicable with respect to such payments.
ii. If, during the 18-month period, you become employed by a third party and eligible for any health care coverage provided by that third party, the Company will not, thereafter, be obligated to continue to pay the amount in subsection (i) above. You must notify the Company of any subsequent employment and provide information with respect to any third party health care coverage for which you are eligible.
iii. If, after the 18-month period and before you attain age 65, you are not employed by a third party and are not eligible for any health care coverage provided by that third party, the Company will, in addition to the Transition Payment, pay to you as taxable compensation each payroll period, an amount equal to the Company portion of the premium cost for similar health insurance coverage for active employees (including any increase or decrease) during the period up to and including the month you attain age 65. Other than this continued subsidy, you will be responsible for obtaining and paying the full cost of any health care coverage after the end of the 18-month period.
