Payment of Retiree Medical Coverage Sample Clauses

Payment of Retiree Medical Coverage. If the Executive becomes entitled to payment of a lump sum severance benefit under the provisions of either Section 1.1 or Section 1.2 of this Agreement and as of the Executive’s Termination Date the Executive is eligible to be covered by the KeyCorp Retiree Medical Plan, the Executive may elect, in lieu of electing COBRA continuation coverage under the provisions of Section 1.3 hereof, to participate in the KeyCorp Retiree Medical Plan. On the 12th month following the Executive’s Termination Date, and thereafter on the 18th month following the Executive’s Termination Date, Key shall pay to Executive a lump sum cash payment that shall equal the premium costs that the Executive paid on an after-tax basis over the preceding 12 or 6 month period for coverage under the KeyCorp Retiree Medical Plan for himself and his covered dependants, as adjusted to reflect Key’s subsidized cost-sharing arrangement, if any, that is otherwise provided to all similarly situated employees based on their years of service with Key. After the 18th month following the Executive’s Termination Date, Executive shall not be entitled to further reimbursement for premium costs for coverage under the KeyCorp Retiree Medical Plan for himself and his covered dependents, but he shall continue to be entitled to participate in the Retiree Medical Plan and to receive Key’s subsidized cost-sharing arrangement, if any, that is otherwise provided to all similarly situated employees based on their years of service with Key. The Executive may also elect dental coverage for himself and his dependents under the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, provided that Executive and his dependents assume the cost for such dental coverage.
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Payment of Retiree Medical Coverage. If the Executive becomes entitled to payment of a lump sum severance benefit under either of Sections 1.1 or 1.2 of this Agreement and the Executive is age 50 with 15 years Vesting Service (as that term is defined under the KeyCorp Cash Balance Pension Plan) as of his or her Termination Date, the Executive may elect, in lieu of electing COBRA continuation coverage under the provisions of Section 1.3(a) hereof, to participate in the KeyCorp Retiree Medical Plan. Key will pay the premium cost for the Executive’s Retiree Medical Plan coverage from the Executive’s Termination Date through (a) the last day of the eighteen-month period following the Executive’s Termination Date, or (b) the date on which the Executive becomes employed (other than on a part-time or temporary basis) by any other person or entity, whichever shall first occur. If the Executive is not age 55 at the time that Key’s premium payment ends, the Executive shall be required to pay the full premium cost for his or her continued Retiree Medical Plan coverage until the Executive reaches age 55, at which time the KeyCorp Retiree Medical Plan premium cost-sharing structure will apply.
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Related to Payment of Retiree Medical Coverage

  • Medical Coverage The Executive shall be entitled to such continuation of health care coverage as is required under, and in accordance with, applicable law or otherwise provided in accordance with the Company’s policies. The Executive shall be notified in writing of the Executive’s rights to continue such coverage after the termination of the Executive’s employment pursuant to this Section 3(d)(iv), provided that the Executive timely complies with the conditions to continue such coverage. The Executive understands and acknowledges that the Executive is responsible to make all payments required for any such continued health care coverage that the Executive may choose to receive.

  • Dental Coverage Each employee covered by this agreement shall be eligible to participate in the City's dental program.

  • Contribution Formula Dental Coverage Faculty Member Coverage. For faculty member dental coverage, the Employer contributes an amount equal to the lesser of ninety percent (90%) of the faculty member premium of the State Dental Plan, or the actual faculty member premium of the dental plan chosen by the faculty member. However, for calendar years beginning January 1, 2006, and January 1, 2007, the minimum employee contribution shall be five dollars ($5.00) per month.

  • Retiree Medical Benefits If Executive is or would become fifty-five (55) or older and Executive's age and service equal sixty-five (65) and Executive has at least five (5) years of service with the Company within two (2) years of Change in Control, Executive is eligible for retiree medical benefits (as such are determined immediately prior to Change in Control). Executive is eligible to commence receiving such retiree medical benefits based on the terms and conditions of the applicable plans in effect immediately prior to the Change in Control.

  • Medical and Dental Coverage The County and Union agree that this Memorandum of Understanding shall be reopened at the County's request to meet and confer to discuss and mutually agree upon changes related to the Medical and Dental Plans, benefits, and contribution rates.

  • Health and Dental Coverage A dependent child is an eligible employee’s child to age twenty-six (26).

  • Termination of Coverage This Contract may be terminated as follows:

  • Spousal Coverage Any new Participants to the COG, after June 30, 2015, with working spouses who have the ability to be covered under an insurance plan through his/her place of employment, will be required to take his/her plan as their primary plan. This provision does not apply to a participant who had insurance with one COG employer and immediately thereafter, moved to another COG employer. If the spouse is required to pay forty (40%) percent or more of the premium with his/her employer, the requirements of this section shall not apply.

  • Retiree Health Benefits 1. There is currently in effect a retiree health benefit program for retired members of LACERS under LAAC Division 4, Chapter 11. All covered employees who are members of LACERS, regardless of retirement tier, shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits as provided by this program. The retiree health benefit available under this program is a vested benefit for all covered employees who make this contribution, including employees enrolled in LACERS Tier 3. 2. With regard to LACERS Tier 1, as provided by LAAC Section 4.1111, the monthly Maximum Medical Plan Premium Subsidy, which represents the Kaiser 2-party non-Medicare Part A and Part B premium, is vested for all members who made the additional contributions authorized by LAAC Section 4.1003(c). 3. Additionally, with regard to Tier 1 members who made the additional contribution authorized by LAAC Section 4.1003(c), the maximum amount of the annual increase authorized in LAAC Section 4.1111(b) is a vested benefit that shall be granted by the LACERS Board. 4. With regard to LACERS Tier 3, the Implementing Ordinance shall provide that all Tier 3 members shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits, and shall amend LAAC Division 4, Chapter 11 to provide the same vested benefits to all Tier 3 members as currently are provided to Tier 1 members who make the same four percent (4%) contribution to LACERS under the retiree health benefit program. 5. The entitlement to retiree health benefits under this provision shall be subject to the rules under LAAC Division 4, Chapter 11 in effect as of the effective date of this provision, and the rules that shall be placed into LAAC Division 4, Chapters 10 and 11, with regard to Tier 3, by the Implementing Ordinance. 6. As further provided herein, the amount of employee contributions is subject to bargaining in future MOU negotiations. 7. The vesting schedule for the Maximum Medical Plan Premium Subsidy for employees enrolled in LACERS Tier 1 and LACERS Tier 3 shall be the same. 8. Employees whose Health Service Credit, as defined in LAAC Division 4, Chapter 11, is based on periods of part-time and less than full-time employment, shall receive full, rather than prorated, Health Service Credit for periods of service. The monthly retiree medical subsidy amount to which these employees are entitled shall be prorated based on the extent to which their service credit is prorated due to their less than full time status.

  • 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.

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