Reduction of Benefits. To the extent the aggregate present value of the Payments would exceed the Benefit Limit, the salary continuation payments will first be reduced, and then the accelerated vesting of the options (based on their parachute value under Code Section 280G) will be reduced, to the extent necessary to assure that such Benefit Limit is not exceeded.
Reduction of Benefits. Payments will be reduced by benefits, if any, to which the member is entitled under any government plans or other plans to which the Board has contributed, in whole or in part, on his/her behalf except the Toronto Pension Plan and OMERS (unless the member is in receipt of pension from the Plan or OMERS in which event the benefits hereunder would be reduced by the amount of such pension), provided, however, that in the case of W.S.I.B. there will be no reduction in respect of:
Reduction of Benefits. Employees on leave of absence with pay shall retain all benefits in their absence including, but not limited to, increment increases, educational bonus payment, paid vacation, holiday pay, all health and welfare benefits, classification and seniority, but not including shift differential, maximum security allowance, on-call payment, and/or overtime. Isolation allowance, special living allowance, and subsidized housing shall continue to apply providing the employee's home location remains unchanged. On return to active employment, leave time shall be counted as service time with the Employer.
Reduction of Benefits. Any provision of the Agreement to the contrary notwithstanding, in the event that the independent auditors most recently selected by the Corporation's or the Employer's Board of Directors (the "Auditors') determine that any payment or transfer by the Employer to or for the benefit of the Employee, whether paid or payable (or transferred or transferable) pursuant to the terms of this Agreement or otherwise (a 'Payment"), would be nondeductible by the Employer for federal income tax purposes because of the provisions covering "excess parachute payments" in section 280G of the Internal Revenue Code of 1986, as amended, or any successor code or law (the "Code"), then the aggregate present value of all payments shall be reduced (but not below zero) to the Reduced Amount. For purposes of this paragraph 17, the "Reduced Amount" shall be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by the Employer because of section 280G of the Code.
Reduction of Benefits. During a period of layoff, a teacher/ancillary staff shall not be entitled to insurance or other fringe benefits at school district expense.
Reduction of Benefits. Employees who have their work hours reduced less than two (2) hours a day shall not lose any current benefits for the remainder of the contract year.
Reduction of Benefits. We may not decrease in any manner the benefits stated in this Contract, except after a period of at least a 30-day written notice. The 30-day period will begin on the date postmarked on the envelope. Reimbursement from Insurance If you are covered by private or other insurance, including but not limited to motor vehicle, liability, health care or long-term care insurance, {PACE Organization} is authorized to seek reimbursement from that insurance if it covers your injury, illness or condition. (Instances of tort liability of a third party are excluded.) We will directly bill these insurers for the services and benefits we provide (and upon receipt of reimbursement reduce any payment responsibility you may have to {PACE Organization}. You must cooperate and assist us by giving us information about your insurance and completing and signing all claim forms and other documents we need to bill the insurers. If you fail to do so, you, yourself, will have to make your full monthly payment. (See CHAPTER 9 for payment responsibility.)
Reduction of Benefits. Long-term disability benefits are reduced by certain sources of income that are payable to the participant because of disability, unless otherwise provided by law. Other benefit income that may reduce long-term disability benefits includes but is not limited to: • Workers Compensation benefits or benefits provided under a similar law, state disability benefits, and other statutory benefits for disability or unemployment, except where otherwise established by a law or ruling that specific compensation benefits shall not be counted to reduce or offset insurance or disability payments; • Benefits provided through the Company benefit plans including pension and Business Travel Accident insurance plans to the extent benefits are attributed to the Company’s contribution, and; • Social security benefits.
Reduction of Benefits. Payments will be reduced by benefits, if any, to which the member is entitled under any government plans or other plans to which the Board has contributed, in whole or in part, on behalf except the Toronto Pension Plan and (unless the member is in receipt of pension from the Plan or in which event the benefits hereunder would be reduced by the amount of such pension), provided, however, that in the case of there will be no reduction in respect permanent partial awards relating to a prior disability or accident; or allowances for expenses other than for lost time. The provision of benefits under the Plan is subject to the overriding condition that the payment under the Bank together with any other payment payable on account of disability of the member under any Board plan, any group insurance contract or any plan of any government shall not exceed of the current rate for the position. The member in order to receive benefits hereunder must make timely and proper application for any disability or other benefits for which may be eligible under any government or private plan, including the and the Canada Pension Plan (By-Law No. 15-92) but excluding the Toronto Pension Plan or and until the amount of such disability benefits has been established, the Board reserves the right to make the reductions above described on the basis of an of such disability benefits. The member shall be obliged to disclose to the Board all such payments, application for payment of any other benefit, changes in status in respect of any other benefits and any other informationreasonablyrequired to determine entitlement under this Bank.
Reduction of Benefits. (a) The Company and the Employee have entered into a Life Insurance Split-Dollar Agreement dated as of May 1, 1997, pursuant to which beneficiaries of the Employee may receive a death benefit if the Employee dies while employed by the Company and the Employee may own an interest in the cash surrender value of a life insurance policy (the "Policy") at the time his employment with the Company terminates by retirement or otherwise. Notwithstanding any contrary provision of this Agreement, the benefits the Company is otherwise obligated to pay to the Employee pursuant to Sections 2, 3, 5, or 6 shall be reduced in the manner provided in Paragraph (b) below by the amount of the Employee's interest in the cash surrender value of the Policy on the date the Employee ceases to be employed by the Company.
