Pension and Life Insurance. The Executive shall be entitled to participate in the GlaxoSmithKline Cash Balance Pension Plan and the GlaxoSmithKline Supplemental Pension Plan and any other retirement plans or deferred compensation programmes made available by the Company to its senior executives in the United States, including, without limitation, the GlaxoSmithKline Retirement Savings Plan and the GlaxoSmithKline Executive Supplemental Savings Plan , subject to the terms and conditions of such programmes from time to time in force. Details of such current plans and programmes are set out in the TotalReward section on myGSK and are subject to amendment or withdrawal at the Company’s discretion.
Pension and Life Insurance. 17.1 It is understood and agreed that the eligible employees covered by this Collective Agreement will be under EO Generation L.P. Defined Contribution Pension Plan.
17.2 The Company shall administer two (2) optional contributory Group Life Insurance Plans (Option 1 and Option 2) for regular employees during the term of this agreement. The employee contribution for such basic group life insurance is 100% of premium costs paid for through payroll deduction. Plan details are as follows:
i) 150% of annual basic earnings rounded upwards to the nearest $1,000 up to a maximum of $600,000.
ii) Supplementary Insurance of $7,000 with the purchase of Optional Life Insurance.
i) 250% of annual basic earnings rounded upwards to the nearest $1,000 up to a maximum of $600,000.
ii) Supplementary Insurance of $7,000 with the purchase of the Optional Life Insurance. Coverage for Option 1 and Option 2 terminates upon: – The date that current employment ends; – The date that the employee or his/her dependents cease to qualify for coverage based on the plan’s eligibility requirements; – The date the insured employee enters armed services on full-time duty; – The date that the Company receives a written request from the insured employee to terminate the insurance; – The date the insured employee attains the age of 65; – The date the insured employee retires; – The date the Group Plan is cancelled The first $40,000 of coverage of basic group life insurance will include a double indemnity provision for regular employees in the event of accidental death arising out of or in the course of their employment. For any employee who retires prior to the age of 65, the existing coverage under Option 1 or Option 2 may be converted at the employee’s request, without medical evidence, to a private individual plan under the terms of this arrangement with the insurance carrier for which the employee will be responsible to maintain premium payment directly to the insurer to keep the coverage in effect.
Pension and Life Insurance. The Executive shall be eligible to participate in the GlaxoSmithKline Cash Balance Pension Plan and any other retirement plans or deferred compensation programmes made available by the Company to its senior executives in the United States, including, without limitation, the GlaxoSmithKline Retirement Savings Plan and the GlaxoSmithKline Executive Supplemental Savings Plan, subject to the terms and conditions of such programmes from time to time in force. Details of such current plans and programmes are accessible from the intranet site “Connect GSK” and they are subject to amendment or withdrawal at the Company’s discretion.
Pension and Life Insurance. The Executive is entitled to be a member of the GSK Pension Plan Senior Executive section (“the Pension Plan”), subject to the conditions of the trust deed and rules governing the Pension Plan from time to time. The rate of employer core contribution to the Pension Plan is set at 20% of salary. If the Executive has reached or reaches any limit set by the Government relating to pension allowances, the Executive can opt out of the Pension Plan and the Company may pay her a cash supplement in lieu of any employer pension contributions. The Pension Plan is subject to amendment or withdrawal at the Company’s discretion. Any contributions payable by the Executive to the pension plan will be deducted from salary via salary sacrifice. The Company shall provide the Executive with the benefit of life cover which would provide a lump sum equivalent to four times the level of her base salary in the event of death in service.
Pension and Life Insurance. The Executive is entitled to be a member of the Glaxo Wellcome Pension Plan — Executive Section arrangements subject to the terms from time to time in force of that Plan. Details of the current Plan are contained on the TotalReward section on myGSK. Any contributions payable by the Executive to the pension plan will be deducted from salary. No contracting out certificate is in force in respect of the Executive’s employment. The Plan is subject to amendment or withdrawal at the Company’s discretion.
Pension and Life Insurance. During the Term, the Executive shall participate in such pension and life insurance plans as may be adopted by the Company from time to time.
Pension and Life Insurance. The Executive is entitled to be a member of the GSK Pension Plan Senior Executive section (“the Pension Plan”), subject to the conditions of the trust deed and rules governing the Pension Plan from time to time. If the Executive has reached or reaches any limit set by the Government relating to pension allowances, the Executive can opt out of the Pension Plan and the Company may pay him a cash supplement in lieu of any employer pension contributions. The Pension Plan is subject to amendment or withdrawal at the Company’s discretion. Any contributions payable by the Executive to the pension plan will be deducted from salary via salary sacrifice. The Company shall provide the Executive with the benefit of life cover which would provide a lump sum equivalent to four times the level of his base salary in the event of death in service.
Pension and Life Insurance. The Executive is entitled to be a member of the GSK Pension Plan Senior Executive section (“the Pension Plan”), subject to the conditions of the trust deed and rules governing the Pension Plan from time to time. The Pension Plan is not contracted out of the State Second Pension (‘SP2’). The Pension Plan is subject to amendment or withdrawal at the Company’s discretion. In the event of any amendments to the Pension Plan, the Executive will be treated on a similar basis to other members of GSK plc’s Corporate Executive Team who are members of the same plan. Any contributions payable by the Executive to the Pension Plan will be deducted from salary.
Pension and Life Insurance. The present Pension and Insurance Plan of BBPL forms part of this Collective Agreement. The pension and life insurance plans are generally described in the brochure "Pension and Life Insurance - BBPL". Changes to the plan affecting employees within the jurisdiction of the Union shall be subject to the following:
1. Changes other than legislative changes shall be made only upon mutual consent.
2. BBPL shall not request legislation or Order-in-Council approval for proposed regulations or make rules which would change employee benefits unless upon mutual consent. Moreover, BBPL will not unilaterally seek legislation to change access to surplus unless upon mutual consent.
3. In the event of the enactment of any general* pension legislation applicable to the employees of BBPL, amongst others, BBPL may, after notification to the Union, effect amendment of the Plan provided that the combination of benefits resulting from the Plan as so amended and such legislation will not be less in the aggregate than the benefits now provided. *As opposed to legislation initiated by the Company as in paragraph 2. Pension and insurance items will be submitted at the time that regular amendments to the Collective Agreement are submitted and will be negotiated at the time of regular bargaining. The company will contribute 9% of base salary. Employee contributions will be a minimum of 2% of base salary with the maximum at the direction of the employee.
Pension and Life Insurance. The Executive has opted out of the GSK Pension Plan Senior Executive section and the Company pays him a cash supplement in lieu of any employer pension contributions.
