Reduction of Benefits Sample Clauses

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. 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. 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: (i) permanent partial awards relating to a prior disability or accident; or (ii) 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 85% 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 he/she may be eligible under any government or private plan, including the W.S.I.B. and the Canada Pension Plan (By-Law No. 15-92) but excluding the Toronto Pension Plan or OMERS, 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 estimate 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 his/her status in respect of any other benefits and any other information reasonably required to determine his/her entitlement under this Bank.

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. (a) The Company and the Employee have entered into a Life Insurance Split-Dollar Agreement dated as of August 26, 1992, pursuant to which the Employee's designated beneficiaries may receive a death benefit in the event of the Employee's death 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. Therefore, notwithstanding any other provision of this Agreement to the contrary, the benefits that the Company is obligated to pay to the Employee pursuant to Sections 2, 3, 4 and 5 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 at the date of the Employee's retirement, termination, or total and permanent disability, whichever first occurs. (b) The reduction under Paragraph (a) above shall be calculated as follows as of the date on which the Employee ceases to be employed by the Company: (i) Calculate the monthly benefit under Section 2, 3, 4, or 5, as the case may be. (ii) Convert the monthly benefit (from (i) above) into an after-tax monthly benefit, using the after-tax rate specified under paragraph II in Schedule A to this Agreement (the "After-Tax Rate"). (iii) Calculate the monthly annuity amount that would be payable to the Employee monthly for 180 months if an amount equal to the Employee's interest in the cash surrender value of the Policy were converted into an annuity with a term certain of 180 months using an interest rate equal to the applicable annual interest rate specified under paragraph III in Schedule A to this Agreement (the "Applicable Annual Rate"). (iv) Convert the monthly annuity amount (from (iii) above) into an after-tax monthly annuity amount, using the After-Tax Rate, but applying the After-Tax Rate only to that part of the monthly annuity amount that would not represent the return of the Employee's investment in the policy. (v) Subtract the after-tax monthly annuity amounts (from (iv) above) from the after-tax monthly benefit (from (ii) above). Divide the remainder, if any, by the After-Tax Rate; the quotient is, notwithstanding the provisions of Sections 2, 3, 4, and 5, the monthly benefit payable for 180 months in accordance with the terms of the relevant section of this Agreement.

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. We may not decrease in any manner the benefits stated in this Enrollment Agreement, 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. If you are covered by private or other insurance, including but not limited to motor vehicle, liability, health care or long-term care insurance, CalOptima PACE 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 CalOptima PACE). 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. Reduction of benefits under this Plan, where required by this Section 14, shall be accomplished by reducing the Participant's benefit under this Plan to the extent required to prevent disqualification of this Plan under the Code. Notwithstanding the preceding sentence, if the limits set forth in Section 14(b) or 14(e) are exceeded, no reduction shall be made under this Plan unless the other plans taken into account under Section 14(b) or (e) have been terminated. 114(h) Any amounts otherwise considered accrued under this Plan may be reduced if necessary to comply with §415 of the Code. Prior to retiring, the Participant and his or her Employers shall furnish all records and affidavits that the Directors shall request in order to determine whether the limits set forth in this Section have been met. The Directors may also request such information from time to time prior to retirement. In the event the Directors determine that the applicable limits have been exceeded, the excess amounts shall be forfeited. The Directors’ determination of the applicable limits under this section for a particular Participant shall be conclusive.