RETIREE BENEFITS PAYABLE Sample Clauses

RETIREE BENEFITS PAYABLE. ‌ EP Employees: All benefits payable under Article V, Section R (Retirement Salary Consideration) or Section N (Reimbursement for Unused Sick Days) and Section S (Absence for Death, Special Needs, Emergencies and Personal Days) shall be made as a non-elective employer contribution into a tax sheltered account that qualifies under Section 403 (b) of the Internal Revenue Code. The District shall make contributions into 403 (b) accounts established by retirees through a mutually- agreed upon third party administrator, who shall be responsible for administering this program. The design of this plan was intended to provide significant tax savings to the District and to participating employees by depositing amounts directly into 403 (b) accounts, while permitting participating employees to exercise investment control over the accounts until employees elect to withdraw the amounts from the accounts. The WEA acknowledges that it has obtained independent legal and/or tax accounting advice with respect to the method of payment of these benefits and the taxability thereof, and that it is not depending upon the District, nor its legal advisors, with respect to the validity and/or effect of such participation.
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RETIREE BENEFITS PAYABLE. EP Employees: All benefits payable under Article V, Section D (Retirement Salary Consideration) or Section E (Reimbursement for Unused Sick Days) and Section G (Personal Days) shall be made as a non-elective employer contribution into a tax sheltered account that qualifies under Section 403 (b) of the Internal Revenue Code. The District shall make contributions into 403 (b) accounts established by retirees through a mutually-agreed upon third party administrator, who shall be responsible for administering this program. The design of this plan was intended to provide significant tax savings to the District and to participating employees by depositing amounts directly into 403 (b) accounts, while permitting participating employees to exercise investment control over the accounts until employees elect to withdraw the amounts from the accounts. The WEA acknowledges that it has obtained independent legal and/or tax accounting advice with respect to the method of payment of these benefits and the taxability thereof, and that it is not depending upon the District, nor its legal advisors, with respect to the validity and/or effect of such participation.
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Related to RETIREE BENEFITS PAYABLE

  • Retiree Benefits Employees retiring on or after January 1, 2006 will be eligible for retiree benefits as presented to the Union Negotiation Committee during discussions for renewal of the Collective Agreements that expired December 31, 2002.

  • 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.

  • Same Sex Benefit Coverage An employee who co-habits with a person of the same sex, and who promotes such person as a "spouse" (partner), and who has done so for a period of not less than twelve (12) months, will be eligible to have the person covered as a spouse for purposes of Medical, Extended Health, and Dental benefits.

  • Interim Benefits Coverage 4.3.1 For the current term the Boards agree to contribute funds to support the Trust as follows:

  • Health Care Benefits (a) Each regular full-time employee may elect coverage for himself and his eligible dependents* under one of the following health insurance plans:

  • Benefit Coverage The Company agrees to provide pension and welfare benefits as described in the Company Booklets, benefit plan documents or policies of insurance for the duration of the Agreement.

  • 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.

  • WELFARE BENEFITS Subject to the terms and conditions of this Agreement, for a period of twelve (12) months following the date of Involuntary Termination (and an additional twelve (12) months if the Executive provides consulting services under Section 14(f) hereof), the Executive and his dependents shall be provided with life, disability, accident and group medical benefits which are substantially similar to those provided to the Executive and his dependents immediately prior to the date of Involuntary Termination or the Change in Control Date, whichever is more favorable to the Executive. Without limiting the generality of the foregoing, the continuing benefits described in the preceding sentence shall be provided on substantially the same terms and conditions and at the same cost to the Executive as in effect immediately prior to the date of Involuntary Termination or the Change in Control Date, whichever is more favorable to the Executive. Such benefits shall be provided in a manner that complies with Treasury Regulation Section 1.409A-1(a)(5). Notwithstanding the foregoing, if Sempra Energy determines in its sole discretion that the portion of the foregoing continuing benefits that constitute group medical benefits cannot be provided without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act) or that the provision of such group medical benefits under this Agreement would subject Sempra Energy or any of its Affiliates to a material tax or penalty, (i) the Executive shall be provided, in lieu thereof, with a taxable monthly payment in an amount equal to the monthly premium that the Executive would be required to pay to continue the Executive’s and his covered dependents’ group medical benefit coverages under COBRA as then in effect (which amount shall be based on the premiums for the first month of COBRA coverage) or (ii) Sempra Energy shall have the authority to amend the Agreement to the limited extent reasonably necessary to avoid such violation of law or tax or penalty and shall use all reasonable efforts to provide the Executive with a comparable benefit that does not violate applicable law or subject Sempra Energy or any of its Affiliates to such tax or penalty.

  • Dental Care Benefits (a) The Employer shall provide such regular, full-time seniority employee (and her eligible dependents*) the 100/75/50 Co-Pay Dental Plan in effect January 1, 2014, subject to such terms, conditions, exclusions, limitations, deductibles, co-payments and other provisions of the plan. The Employer shall pay 95% of the illustrated premium cost of such benefits and the employee shall pay the balance. Coverage shall commence on the day following the employee's ninetieth (90th) day of continuous employment.

  • Retiree Benefits – Process for Payment Any bargaining unit nurse who retires and wishes to participate in the benefit plans as outlined in article 17.01(h) will provide advance payment of the benefits either through post-dated cheques provided on a yearly basis or through a preauthorized withdrawal process. It is understood that any transaction would be dated the first of each and every month. The Employer will notify the Union of the benefit costs to retired nurses in January of each year, and each time the benefit costs are renegotiated by the Employer.

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