Common use of Retiree Welfare Benefits Clause in Contracts

Retiree Welfare Benefits. Effective as of the Closing Date, Buyer shall cause each Transferred Employee and his or her spouse and dependents to be provided retiree medical, health and life benefits upon his or her retirement from Buyer or its Affiliates after meeting applicable eligibility conditions. With respect to each such union-represented Transferred Employee, the retiree medical, health and life benefits and eligibility conditions shall be substantially identical to the benefits and eligibility conditions required under the applicable CBA and the Seller Benefit Plans immediately prior to the Closing Date, and shall be provided for the period required under such CBA. With respect to each other Transferred Employee, the retiree medical, health and life benefits and eligibility conditions shall be substantially comparable to those provided by Seller or its Affiliates under the Seller Benefit Plans immediately prior to the Closing Date; Buyer shall cause these retiree welfare benefits to be maintained for the duration prescribed by the applicable Seller Benefit Plan as in effect immediately prior to the Closing Date; provided, however, that after December 31, 2003, Buyer and its Affiliates may change or modify these retiree medical, health and life benefits to the extent permitted by applicable Law.