No Duplication of Benefits; Service and Other Credit. RemainCo and SpinCo shall adopt, or cause to be adopted, all reasonable and necessary amendments and procedures to prevent SpinCo Participants from receiving duplicative benefits from the RemainCo Plans and the SpinCo Plans. With respect to SpinCo Employees, each SpinCo Plan shall provide that for purposes of determining eligibility to participate, vesting, and entitlement to benefits (but not for accrual of pension benefits under any defined benefit pension plan), service prior to the Effective Time with a RemainCo Group member shall be treated as service with the applicable SpinCo Group member. Such service also shall apply for purposes of satisfying any waiting periods, evidence of insurability requirements, or the application of any preexisting condition limitations under any SpinCo Plan. Each SpinCo Plan shall, to the extent practicable, waive pre-existing condition limitations with respect to SpinCo Employees. SpinCo shall honor any deductible, co-payment and out-of-pocket maximums incurred by the SpinCo Employees and their eligible dependents under the RemainCo Plans in which they participated immediately prior to the Effective Time during the portion of the calendar year prior to the Effective Time in satisfying any deductibles, co-payments or out-of-pocket maximums under the SpinCo Plans in which they are eligible to participate after the Effective Time in the same plan year in which such deductibles, co-payments or out-of-pocket maximums were incurred.
Appears in 3 contracts
Samples: Employee Matters Agreement (Pennant Group, Inc.), Employee Matters Agreement (Ensign Group, Inc), Employee Matters Agreement (Pennant Group, Inc.)
No Duplication of Benefits; Service and Other Credit. RemainCo Penn and SpinCo GLPI shall adopt, or cause to be adopted, all reasonable and necessary amendments and procedures to prevent SpinCo GLPI Participants from receiving duplicative benefits from the RemainCo Penn Plans and the SpinCo GLPI Plans. With respect to SpinCo GLPI Employees, each SpinCo GLPI Plan shall provide that for purposes of determining eligibility to participate, vesting, and entitlement to benefits (but not for accrual of pension benefits under any defined benefit pension plan), service prior to the Effective Time with Penn or a RemainCo Penn Group member shall be treated as service with GLPI or the applicable SpinCo GLPI Group member. Such service also shall apply for purposes of satisfying any waiting periods, evidence of insurability requirements, or the application of any preexisting condition limitations under any SpinCo GLPI Plan. Each SpinCo GLPI Plan shall, to the extent practicable, waive pre-existing condition limitations with respect to SpinCo GLPI Employees. SpinCo GLPI shall honor any deductible, co-payment and out-of-pocket maximums incurred by the SpinCo GLPI Employees and their eligible dependents under the RemainCo Penn Plans in which they participated immediately prior to the Effective Time during the portion of the calendar year prior to the Effective Time in satisfying any deductibles, co-payments or out-of-pocket maximums under the SpinCo GLPI Plans in which they are eligible to participate after the Effective Time in the same plan year in which such deductibles, co-payments or out-of-pocket maximums were incurred.
Appears in 2 contracts
Samples: Employee Matters Agreement (Gaming & Leisure Properties, Inc.), Employee Matters Agreement (Gaming & Leisure Properties, Inc.)
