Retiree Health Plans Sample Clauses

Retiree Health Plans. Fifth Third will continue to maintain (i) the retiree health plan maintained by CNB Bancshares for the individuals who are listed in the Disclosure Schedule, and (ii) the health plan for disabled employees who are listed in the Disclosure Schedule and/or merge such plans with the retiree medical plans provided by Fifth Third.

Retiree Health Plans. Seller shall be responsible for payment of retiree benefits for those Business Employees who are receiving retiree health benefits under Seller's retiree health plan as of the end of the day immediately preceding the Closing Date, in accordance with the terms of such retiree health plan as then in effect or as subsequently amended. In the case of Hired Business Employees who are eligible for health benefits under both Seller's retiree health plan and Buyer's health plan, Buyer's health plan shall have primary responsibility for such Hired Business Employee's health claims and Seller's retiree health plan shall have secondary responsibility.

Retiree Health Plans. Sellers shall amend, if necessary, the Seller Benefit Plans that provide retiree health coverage to any current or former employees of the Business (the “Retiree Health Plans”), and/or take any other actions necessary to provide that Transferred Employees who have, as of the Effective Time, satisfied the plan’s eligibility to commence retiree health benefits will be entitled to commence such retiree health coverage under the Retiree Health Plans as provided by such Seller at such future date as the Transferred Employee terminates employment from the Business and Purchasers or their Affiliates.

Retiree Health Plans. 8.1 The Company will provide Retiree Health Benefits consisting of a Health Care Savings Account and Retiree Life Insurance to employees who retire on or after age 55 with 10 or more years of Net Credited Service. 8.2 Upon commencing retirement, eligible employees will receive an annual Health Care Spending Account deposit equal to $50 per year of service after age 40, limited to $750 per year. Under this benefit, Nortel service for employees who transferred from Nortel on December 19, 2009, will count for purposes of both eligibility and benefit calculation. 8.3 Upon commencing retirement, eligible employees will be provided Retiree Life Insurance in the amount of 50% of the Employee Basic Life Insurance benefit in effect at retirement. The benefit amount will be reduced 10% annually until death or reduced to a minimum benefit amount of $30,000. 8.4 The provisions in this Article C, Section 8 will apply to all Avaya Canada Corp. Union members, effective as of December 19, 2009.

Retiree Health Plans. Parent shall be liable for any and all costs or expenses incurred under any Benefit Plan that provides continued health care coverage after a Company or Subsidiary employee retires (a “Retiree Health Plan”), except COBRA coverage for Transferred Employees as provided for in Section 5.2(b) above. Buyer shall not be liable for or obligated to provide, in any form, retiree health coverage for any Company or Subsidiary employee, including Transferred Employees. Parent shall indemnify Buyer and relieve Buyer of any and all liabilities with respect to any claim by any Company or Subsidiary employee or Transferred Employee under a Retiree Health Plan. Parent shall allow a Transferred Employee who, as of the Closing Date, satisfies the eligibility requirements under a Retiree Health Plan (a “Retiree Health Transferred Employee”), to elect coverage under the applicable Retiree Health Plan within ninety (90) days of the date such Transferred Employee retires from employment with Buyer; provided, however, that the foregoing shall not otherwise limit any right that Parent may have to amend or terminate, in whole or in part, a Retiree Health Plan. If a Retiree Health Transferred Employee elects coverage under a Retiree Health Plan, such coverage shall commence as of the employee’s retirement date. Parent agrees to reflect in Parent Pension Plan records that each Retiree Health Transferred Employee is entitled to elect coverage under a Retiree Health Plan in accordance with the terms of this section. Parent also shall notify each Retiree Health Transferred Employee within thirty (30) days after the Closing Date of (1) such employee’s eligibility to elect coverage under a Retiree Health Plan in accordance with the terms of this section; (2) the process for electing coverage under the applicable Retiree Health Plan; and (3) the contact information for the individual or position responsible for enrolling such employee in the applicable Retiree Health Plan. Parent agrees to send additional notices to each Retiree Health Transferred Employee if the process for electing coverage under a Retiree Health Plan or the appropriate contact information disclosed in the notice is modified in any way.

Retiree Health Plans. The Company shall be responsible for payment of retiree benefits for those Offered Employees who are eligible for retiree health benefits under the Company's retiree health plans as of the Closing, in accordance with the terms of such retiree health plan as then in effect or as subsequently amended.