Post-Retirement Insurance Benefits Sample Clauses

Post-Retirement Insurance Benefits. If the Executive would have become entitled to benefits under any Company post-retirement health care or life insurance plans, as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, had the Executive’s employment terminated at any time during the period of eighteen (18) months after the Date of Termination, the Company shall provide such post-retirement health care or life insurance benefits to the Executive and the Executive’s dependents commencing on the later of (i) the date on which such coverage would have first become available and (ii) the date on which benefits described in subsection (B) of this Section 6.1 terminate.
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Post-Retirement Insurance Benefits. An individual who is employed as a teacher by the Center Grove Community School Corporation at the time of retirement or severance from employment will be eligible for the following severance benefits provided the teacher has otherwise satisfied the requirements and conditions described below: A. Group Health Insurance Immediately following severance, the teacher and his/her spouse, if any, shall have the option of remaining in the Corporation’s current group medical, dental and vision insurance plan (“Group Health Plan”) if all of the following conditions are met as of the date of severance and thereafter: 1. The teacher has attained fifty-two (52) years of age and is not eligible for Medicare; 2. The teacher was enrolled in the Corporation’s group health plan immediately before severance; 3. The teacher must have completed not less than fifteen (15) full years of service as a professional educator in the Center Grove Community School Corporation; 4. Within ninety (90) days of the severance date, the teacher provides a written request to the School Corporation for continuing insurance coverage for the teacher and spouse, if any, and; 5. While the retired teacher and spouse, if any, remain enrolled in the group health plan, the retired teacher and spouse shall pay all premiums applicable to the group health plan coverage, with monthly payments made from their Separate Share of the VEBA and/or personal funds on or before the first day of each month for which group health plan coverage is to continue. Notwithstanding the foregoing, a retired teacher may, but need not, elect to make earlier payments of the amounts due for the group health plan coverage. The cost of the group health plan coverage shall be the sole responsibility of the retired teacher and spouse. However, amounts held in the retired teacher’s Separate Share of the VEBA may be used to make payments of the group health plan premiums, but only as otherwise allowed by the terms and conditions of the VEBA and the Agreement, as amended. All required payments should be made to the School Corporation’s Treasurer. 6. Therefore, this right to extend coverage shall not override any rights to continuing health care coverage as required by COBRA. The foregoing rules shall apply separately to the group medical, dental and vision insurance plans. Therefore, if a retiring teacher were only participating in the group medical insurance plan duringthe school year immediately before severance, the retiring teache...
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Post-Retirement Insurance Benefits. An individual who is employed as a teacher by the Center Grove Community School Corporation at the time of retirement or severance from employment will be eligible for the following severance benefits provided the teacher has otherwise satisfied the requirements and conditions described below:
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Post-Retirement Insurance Benefits. Retirees shall not be eligible for continued participation in the District’s group health insurance plan, except as provided by COBRA.
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Post-Retirement Insurance Benefits. If Mr. Lestina ceases to be employed with the Cxxxxxx (xxxluding by reason of his death) at any time after his attaining age 55 and while he is then an officer and a director of the Company (unless his employment is terminated by the Company for Good Cause), the Company will continue to provide, during the Post Retirement Period (as defined below), at no cost to Mr. Lestina, coverage for Mr. Lestina and hix xxxxxx xxder the employee heaxxx, xedical and life insurance plans maintained by the Company for its most senior executive personnel, in accordance with the terms of such plans as the same may exist and be in effect from time to time during the Post Retirement Period. The "Post Retirement Period" means the period from the date of the termination of Mr. Lestina's employment until the earliest of (i) xxxx xn which he attains (or would have attained) age 65, (ii) the date on which he accepts other employment the terms of which include a health or medical insurance benefit reasonably comparable to that to be provided under this Section 2, or (iii) the date on which he accepts other employment in violation of, or otherwise breaches or violates the provisions of, Section 4 hereof. In the event of Mr. Lestina's death prior to the end of the Xxxx Xxxxxxxxnt Period, the benefits to be provided under this Section 2 will be provided to his spouse until the date on which Mr. Lestina would have attained age 65, or, xx xxxxxxx, the date of his spouse's remarriage.
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Post-Retirement Insurance Benefits. ‌ 1. Except as otherwise provided in the applicable group health insurance policy, a teacher who is employed by the Xxxxxxxx Public School at the time of retirement and his/her spouse, if any shall have the option of remaining in the Xxxxxxxx Public Schools group health and dental plan, as subsequently revised, provide all of the following conditions are met as of the date of retirement and thereafter: a. The teacher has attained fifty-five (55) years of age and is not eligible for Medicare; b. The teacher was enrolled in the Xxxxxxxx Public Schools group health insurance plan immediately before retirement; c. While the retired teacher and spouse, if any, remain enrolled in the group health and dental insurance plan, the retired teacher and spouse pay the entire premium applicable to the insurance coverage, with monthly payments to be made on or before the first day of each month for which the group insurance coverage is to be continued; and d. Within sixty (60) days of the retirement date, the teacher provides a written notice to the Xxxxxxxx Public School requesting continuing group health and dental coverage for the teacher and spouse, if any. 2. When a retired teacher first becomes eligible for Medicare, the teacher’s eligibility to continue to participate in the Xxxxxxxx Public Schools group health and dental insurance plan shall terminate, if not earlier terminated according to applicable law. A similar termination of eligibility shall apply when a retired teacher’s spouse first becomes eligible for Medicare. It is acknowledged that the parties intend these provisions to comply with applicable federal and state laws, including if otherwise applicable, I.C. 5-10-8-2.6. Therefore, this right to extend coverage shall not override any rights to continuing health coverage as required by COBRA.
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Related to Post-Retirement Insurance Benefits

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions. B. Faculty members will be eligible to purchase the following supplemental coverage: 1. additional amounts of group term life insurance at a level of between one and three (3) times the Faculty member’s annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 2. group term life insurance for spouses and domestic partners at a level of between one (1) and three (3) times annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 3. group term life insurance for eligible dependent children at a level of $10,000.

  • Insurance Benefits Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys' fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a fire or other casualty affecting the Property or any part thereof) out of such Insurance Proceeds.

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

  • 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.

  • Insurance Benefit The Employer may elect to provide incidental life insurance benefits for insurable Participants who consent to life insurance benefits by signing the appropriate insurance company application form. The Trustee will not purchase any incidental life insurance benefit for any Participant prior to an allocation to the Participant's Account. At an insured Participant's written direction, the Trustee will use all or any portion of the Participant's nondeductible voluntary contributions, if any, to pay insurance premiums covering the Participant's life. This Section 11.01 also authorizes the purchase of life insurance, for the benefit of the Participant, on the life of a family member of the Participant or on any person in whom the Participant has an insurable interest. However, if the policy is on the joint lives of the Participant and another person, the Trustee may not maintain that policy if that other person predeceases the Participant. The Employer will direct the Trustee as to the insurance company and insurance agent through which the Trustee is to purchase the insurance contracts, the amount of the coverage and the applicable dividend plan. Each application for a policy, and the policies themselves, must designate the Trustee as sole owner, with the right reserved to the Trustee to exercise any right or option contained in the policies, subject to the terms and provisions of this Agreement. The Trustee must be the named beneficiary for the Account of the insured Participant. Proceeds of insurance contracts paid to the Participant's Account under this Article XI are subject to the distribution requirements of Article V and of Article VI. The Trustee will not retain any such proceeds for the benefit of the Trust. The Trustee will charge the premiums on any incidental benefit insurance contract covering the life of a Participant against the Account of that Participant. The Trustee will hold all incidental benefit insurance contracts issued under the Plan as assets of the Trust created under the Plan.

  • Long Term Disability Benefits A benefit level of seventy percent (70%) of monthly earnings shall apply. Benefits would commence after a waiting period of seventeen (17) weeks, when Short Term Disability Benefits terminate. Terms of the Master Policy with the Insurance Company shall apply. In order to go on LTD, the person must: (a) Be off work for seventeen (17) consecutive weeks with the same or unrelated illness or injury. (b) Be off work for a total of seventeen (17) weeks with the same illness or injury providing that the return to work was less than twenty (20) consecutive days.

  • 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.

  • Long Term Disability Benefit In the event an employee, while covered under this Plan, becomes totally disabled as a result of an accident or a sickness, then, after the employee has been totally disabled for seven (7) months, including periods approved in Sections 1.3(a) and (c), he/she shall be eligible to receive a monthly benefit as follows: (a) while the employee has a time bank balance to be used on a day-for-day basis, full monthly earnings will continue until the time bank is exhausted, and Section 2.6 will not apply; (b) effective March 1, 2001, when an employee has no time bank, or after it is exhausted, the employee shall receive a monthly benefit equal to the sum of: (1) seventy-five percent (75%) of monthly earnings; (2) annual cost-of-living adjustment of the benefit equal to the consumer price index to a maximum of two percent (2%); (3) for the purpose of the above, earnings shall mean basic monthly earnings of the employee's classification. The date of disability for determining the commencement of the first two (2) years of disability shall be the day following the last month of the Short Term Plan period, or an equivalent seven (7) month period. (c) The Long Term Disability benefit payment will be made as long as an employee remains totally disabled in accordance with Section 2.3, and will cease on the date the employee recovers, or at the end of the month in which the employee reaches age sixty-five (65), or resigns or dies, whichever occurs first. (d) An employee in receipt of long term disability benefits will be considered an employee for purposes of pension and will continue to be covered by group life, extended health, dental and medical plans. Employees will not be covered by any other portion of a collective agreement but will retain the right of access to rehabilitative employment as per Article 12.1 and will retain seniority rights should they return to employment within six (6) months following cessation of benefits. (e) When an employee is in receipt of the benefit described in (b) above, contributions required for benefit plans in (d) above and contributions for pension plan will be waived by the Employer. (f) An employee engaged in rehabilitative employment with the Employer and who is receiving partial Long Term Disability benefit payments will have contributions required for benefit plans in (d) above and contributions for pension waived by the Employer, except that pension contributions shall be deducted from any salary received from the Employer to cover the period of rehabilitative employment.

  • Employment Insurance ‌ Employment insurance coverage will be provided during the life of this agreement for regular and auxiliary employees who would, if employed by a private employer, be eligible for such coverage under the provisions of the Employment Insurance Act.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

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