Component Benefit definition

Component Benefit means an employee welfare benefit that is designated on Schedule 1 as one of the Component Benefits of the Plan and described in the Incorporated Documents. Incorporated Documents describing the specific benefits provided by each Component Benefit, the terms of eligibility and other terms and conditions, as they may be amended from time to time by the PEBP, are incorporated herein by reference, and are considered part of the Component Benefits.

Component Benefit means the specific benefit arrangements identified in Exhibit D through which the Plan provides welfare benefits permissible under Code Section 501(c)(9). UNM may replace Exhibit D from time to time.

Examples of Component Benefit in a sentence

• External review is not available for a denial, reduction, termination, or failure to provide payment for a benefit based on a determination that an Employee, Retiree or Dependent fails to meet the requirements for eligibility under the terms of the Component Benefit.

• Benefits under any Component Benefit Program will terminate for all participants if that Component Benefit Program is terminated, and will terminate for a particular participant if his or her participation is ended due to loss of eligibility or termination of employment or other reason.

• The Consortium reserves the right to make any amendment or restatement to the Plan or any individual Component Benefit Program from time to time, including those which are retroactive in effect.

• Some of these Component Benefit Programs require you to make an annual election to enroll for coverage.

• If the Plan or any individual Component Benefit Program is amended, covered persons may be entitled to receive different benefits or benefits under different conditions.

• The Plan Administrator for the Component Benefit Programs of the Plan is identified in Section 2.

• The liability of the Plan, PEBP, the Plan Administrator, and, if applicable, the Insurer or other third-party provider to provide benefits under a Component Benefit shall be limited by the terms of this Plan instrument and the applicable Incorporated Document(s).

• The Incorporated Documents shall specify the claims fiduciary for each Component Benefit.

• The various Component Benefit Programs of the Plan shall pay the compensation of such counsel, accountants, and other person or persons and any other reasonable expenses incurred by the Plan Administrator in the administration of the various Component Benefit Programs of the Plan.

• The Plan Administrator may enter into contracts with other Insurers or through other funding arrangements as the Plan Administrator may establish for the purpose of providing the Component Benefit.