SERO Offset Sample Clauses

SERO Offset. The value of pension benefits resulting from the election of the Plant Closing Pension Option, and retirement health benefits (medical and dental), if applicable, will be offset against any severance or layoff pay from the Company under any other Company benefit plan or collective bargaining agreement to which an employee electing the Plant Closing Pension Option benefit is entitled. - Interest rate discount assumption used to calculate the offset will be the “Applicable Interest Rate” under the Pension Plan. - The portion of offset attributable to any health benefits will be calculated by multiplying $9,941 by the number of whole years between the date of termination for retirement and the date when first eligible for Medicare. The resulting number shall be reduced by a factor equivalent to the percent of employee contributions toward the average value of health coverage at the time of the Plant Closing Pension Option election. For Permanent Job Loss Events occurring after 2023, the $9,941 figure shall be adjusted annually based on annual increases in the medical component of the Consumer Price Index for all urban consumers. The annual adjustment will be made at the end of the calendar year based on the year over year increases of the October index figures. - Employees who are entitled to severance or layoff pay from the Company under any other Company benefit plan or collective bargaining agreement will be eligible for the Plant Closing Pension Option only if the plan or collective bargaining agreement provides for the offset described in this paragraph 4.
Sample 1
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SERO Offset. The value of pension and health (medical and dental) benefits resulting from the election of the Special Early Retirement Option will be offset against any severance or layoff pay from the Company under any other Company benefit plan or collective bargaining agreement to which an employee electing the Special Early Retirement Option is entitled. – Interest rate discount assumption used to calculate the offset will be whichever of the following two interest rates applicable to the first day of the calendar year in which the participant retires produces the smaller offset: (1) the lump sum interest rate for private sector payments as may be published by the PBGC, or (2) the “Applicable Interest Rate” under the GE Pension Plan. – The portion of offset attributable to health benefits will be calculated by multiplying $8,707 by the number of whole years between the date of termination for retirement and the date when first eligible for Medicare. The resulting number shall be reduced by a factor equivalent to the percent of employee contributions toward the average value of health coverage at the time of the Special Early Retirement Option election. For Permanent Job Loss Events occurring after 2019, the $8,707 figure shall be adjusted annually based on annual increases in the medical component of the Consumer Price Index for all urban consumers. The annual adjustment will be made at the end of the calendar year based on the year over year increases of the October index figures. – Employees who are entitled to severance or layoff pay from the Company under any other Company benefit plan or collective bargaining agreement will be eligible for the Special Early Retirement Option only if the plan or collective bargaining agreement provides for the offset described in this paragraph 5.
Sample 1

Related to SERO Offset

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  • Deductions from Sick Leave A deduction shall be made from accumulated sick leave of all normal working days (exclusive of holidays) absent for sick leave.

  • Vacation Cash Out In each calendar year, an employee may make a one-time request to cash out and receive payment for up to forty (40) hours of vacation. In order to be eligible to cash out vacation hours, the employee must be a regular status employee and have a remaining vacation balance of sixty (60) hours or more. Vacation leave that has been pre-approved will be considered when the request is made in order to determine if they will maintain the minimum vacation balance requirement.

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  • Settlement Payments On the first Business Day of each month ("Interest Settlement Date"), Collateral Agent will advise each Lender by telephone, fax or telecopy of the amount of such Lender's share of interest and fees on each of the Loans as of the end of the last day of the immediately preceding month. Provided that such Lender has made all payments required to be made by it under this Agreement, Collateral Agent will pay to such Lender, by wire transfer to such Lender's account (as specified by such Lender on the signature page of this Agreement or the applicable Assignment and Acceptance Agreement, as amended by such Lender from time to time after the date hereof or in the applicable Assignment and Acceptance Agreement) not later than 3:00 p.m. Chicago time on the next Business Day following the Interest Settlement Date, such Lender's share of interest and fees on each of the Loans. Such Lender's share of interest on each Loan will be calculated for that Loan by adding together the Daily Interest Amounts for each calendar day of the prior month for that Loan and multiplying the total thereof by the Interest Ratio for that Loan. Such Lender's share of the Unused Line Fee described in subsection 2.3(A) shall be an amount equal to (a)(i) such Lender's average Revolving Loan Commitment during such month, less (ii) the sum of (x) such Lender's average Daily Loan Balance of the Revolving Loans, plus (y) such Lender's Pro Rata Share of the average daily aggregate amount of Letter of Credit Reserve, in each case for the preceding month, multiplied by (b) the percentage required by subsection 2.3(A). Such Lender's share of all other fees paid to Collateral Agent for the benefit of Lenders hereunder shall be paid and calculated based on such Lender's Commitment with respect to the Loans on which such fees are associated. To the extent Collateral Agent does not receive the total amount of any fee owing by Borrowers under this Agreement, each amount payable by Collateral Agent to a Lender under this subsection 9.8(A)(4) with respect to such fee shall be reduced on a pro rata basis. The Collateral Agent and the Lenders hereby acknowledge and agree that in no event shall the aggregate fee payments received by such Lenders pursuant to this subsection 9.8(A)(4) exceed the total amount of fees pursuant to subsection 2.3.

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