Retirement and Insurance Benefits. The executive director shall make arrangements to ensure that eligible employees are covered by appropriate retirement savings, life insurance, medical expenses, and long-term disability plans.
Retirement and Insurance Benefits. 6.1. The Company shall during the continuance of the employment but without prejudice to its right to terminate the Executive's employment at any time provide the Executive with: life assurance cover which in the event of death during the continuance of employment will pay a lump sum equal to three times the Executive's annual rate of gross salary at the date of death under Clause 3.1 above. This is subject to underwriting acceptance by the insurer otherwise a lower limit may be imposed. The Executive acknowledges that the insurance benefit provided to him under this clause 6.1 may constitute a taxable benefit and he agrees to be responsible for any employee's tax arising thereon. Should the Company reasonably determine that the continuing cost of providing such insurance would be prohibitive to the Company the Company shall notify the Executive of the same and offer to the Executive the option of paying the extra (cost prohibitive part of the) cost such that the insurance can be continued.
6.2. As part of the terms of this appointment, the Executive has the benefit of the indemnity contained in article 167 of the articles of association of the Company and an indemnity by way of deed poll up to a maximum of £100 million. The Company has also taken out the Policy and it is intended to maintain such cover (or broadly equivalent cover provided by a reputable insurer) for the full term of the appointment. Pursuant to the Policy, the insurer will only pay for any amount of loss (as defined under the Policy) which is in excess of the retention of £50,000. By entering into this Agreement, the Executive agrees to reimburse the Company for any retention paid by it under the Policy for loss for which the Company is legally permitted to indemnify the Executive but is not required to do so (and does not exercise any discretion under the indemnity). Examples of when such a circumstance would arise include where the Executive has been fraudulent, grossly negligent, brought the Company into disrepute or the matter results in his summary dismissal.
Retirement and Insurance Benefits. Employees covered by this Agreement shall be entitled to participate in and shall be covered by the following Xxxxxx Corporation Employee Benefit Plans for Employees Represented by The IBEW, AFL-CIO.
Retirement and Insurance Benefits. 100
101 A. The City shall provide the City Manager with retirement, and health care 102 and disability insurance in accord with its employer-provided plans applicable to full- 103 time City employees. 104
105 B. The City shall pay an annual premium toward the purchase of a term life 106 insurance policy or similar life insurance policy for the City Manager as follows:
107 a. Such policy will have an aggregate face amount of three times annual salary, 108 not to exceed $500,000.00;
109 b. Such shall be owned by the City on the life of the City Manager; and
110 c. The City Manager will have the sole right to determine the beneficiary under 111 such policy. 112
113 C. The City shall pay an annual premium toward the purchase of an Accidental 114 Death and Dismemberment policy or similar insurance policy for the City Manager as follows:
115 a. Such policy will have an aggregate face amount of three times annual salary, 116 not to exceed $500,000.00;
117 b. Such shall be owned by the City; and
118 c. The City Manager will have the sole right to determine the beneficiary under 119 such policy. 120
121 D. The City shall pay annual premiums for a disability income policy for the 122 Manager, consistent with the disability plans available to other City employees 123 and which:
124 a. Provides Short Term Disability benefits for eleven weeks, following a 125 fourteen day waiting period;
126 b. Provides Long Term Disability that begin after 12 weeks of disability; and
127 c. Provides a benefit equal to 60% of the Manager’s base salary. 128
129 E. The City shall create a supplemental retirement plan for the City Manager in 130 accordance with Section 457(f) of the Internal Revenue Code which shall be 131 incorporated into this Agreement. Under the terms of said supplemental plan, the City 132 shall contribute $6,000.00 for each year of this Agreement that the City Manager is 133 employed by the City. The supplemental retirement plan benefits shall be paid to the 134 City Manager in accordance with the Internal Revenue Code and IRS regulations. 135 136 V. 137 VACATION, SICK/PERSONAL LEAVE & HOLIDAYS 138
139 A. The City Manager shall be allowed sick/personal leave and holidays in accord 140 with the City’s policy applicable to full time administrative employees. The City Manager 141 shall accrue vacation at the rate set forth in the City’s policy that is applicable to the longest 142 serving employees. 143
144 B. All accrued but unused vacation and sick/personal leave sha...
Retirement and Insurance Benefits
