Salary Protection Plan. On behalf of all Unit Members, the Employer shall pay premiums for a salary protection plan.
Salary Protection Plan. The Board of Education will make available to each full-time employee a Salary Protection (Long Term Disability) insurance program to enhance the present sick leave provisions with the following conditions:
a. There will be a limit of 66-2/3 (75% monthly pay limit) of income not to exceed $3,000 per month prorated over a twelve (12) month period to age 65.
b. There will be a ninety (90) calendar day waiting period.
c. The Board of Education will consider any financial offset such as Workers' Compensation, Social Security, other insurance income, etc., to determine its obligation to the employee (freeze on offsets).
d. Alcoholism/drug addiction—2 year limit; mental/nervous—2 year limit.
e. The coverage shall become effective at the beginning of the insurance month immediately following date of employment.
f. An employee who qualifies for Long Term Disability will be afforded medical care premium payments as outlined under Health Insurance through the end of the school year in which the disability occurs.
g. All other benefits are severed with the exception of medical care at the point in time where the employee can no longer provide services as a maintenance employee.
h. The Board agrees to provide the above mentioned insurance benefits within the underwriting rules and regulations as set forth by the insurance carrier in the Master Contract held by the policyholder.
Salary Protection Plan. The Board of Education will make available to each school year/full-time employee a Salary Protection Plan (Long Term Disability) insurance program to enhance the present sick leave provisions with the following conditions:
1 . There will be a limit of 66-2/3 of income, not to exceed $3,000 per month, prorated over a twelve (12) month period to age 65.
Salary Protection Plan.
a. There will be a limit of 66-2/3% (75% monthly pay limit) of income not to exceed $3,000 per month prorated over a twelve (12) month period to age 65.
b. There will be a ninety (90) calendar day waiting period.
c. The Board of Education will consider any financial offset such as Workers’ Compensation, Social Security, other insurance income, etc., to determine its obligation to the employee (freeze on offsets).
d. Alcoholism/Drug Addiction -- 2 year limit Mental/Nervous -- 2 year limit
e. The coverage shall become effective at the beginning of the insurance month immediately following date of employment.
f. An employee who qualifies for Long Term Disability will be afforded medical care premium payments as outlined under Health Insurance through the end of the school year in which the disability occurs.
g. All other benefits are severed with the exception of medical care at the point in time where the employee can no longer provide services as a custodial employee.
h. The Board agrees to provide the above-mentioned insurance benefits within the underwriting rules and regulations as set forth by the insurance carrier in the Master Contract held by the policyholder.
Salary Protection Plan. You will be eligible for death and disability benefits under the Salary Protection Plan in the event that you experience a disability or die while employed by the Company. The Salary Protection Plan provides for a monthly death benefit payable over no more than a ten year period that is equal to an executive’s monthly base salary at the time of death for the first twelve months and half of the executive’s monthly base salary at the time of death for the next 108 months. The number of monthly benefits after the first twelve months may be reduced based on the executive’s age at death, but to no less than 18 months. The Salary Protection Plan provides for a monthly disability benefit equal to an executive’s monthly base salary at the time of disability for the first twelve months and sixty percent of the executive’s monthly base salary at the time of disability until the executive attains age 65. The number of monthly benefits after the first twelve months may be reduced based on the executive’s age at disability. Disability benefits also are reduced by the amount of benefits payable to the executive under the Company’s long-term disability plan, social security disability benefits and, upon attainment of age 62, the amount of any retirement benefits provided under a Company retirement plan. You must meet all of the terms and conditions of the Salary Protection Plan to be eligible for these benefits. You will be eligible for severance benefits under the Change in Control Agreement in the event that there is a change in control of the Company and either you resign for good reason or your employment is terminated involuntarily for reasons other than cause as defined in the Change in Control Agreement. At your current level, the Change in Control Agreement provides for a single lump sum payment equal to three times the sum of your annual base salary plus your target bonus as of your employment termination date as well as payment of a pro-rated bonus for the fiscal year in which your employment termination date occurs. In addition to these cash payments, you would be eligible for continuation of medical, dental and vision benefits at the rate you would pay as an active employee for up to twenty four (24) months after your employment termination date. You must meet all of the terms and conditions of the Change in Control Agreement to be eligible for these benefits. You will be eligible for an annual physical performed at a Boston area medical center and paid for b...
