Statute or Regulatory Requirement Sample Clauses

Statute or Regulatory Requirement. The benefits provided in this Article, including any benefits remaining to be paid as the result of the retiring employee’s election to utilize the sick leave conversion to purchase health insurance coverage as provided in Section III D2 shall not be paid if the Employer is required, on or after the effective date of the employee’s retirement, by any statute or regulation to provide or contribute to the payment for health insurance coverage for retired employees. In the event of such a statutory or regulatory requirement, the parties agree forthwith to begin negotiations toward an amendment to Section D 1 and 2 that meets the concerns of both the Employer and the employee. In the event the parties are unable to reach an agreement, all such benefits will expire on the effective date of such statutory or regulatory requirement.