Continued Welfare Benefits definition

Continued Welfare Benefits. Until the earlier of the end of an Eligible Employee's Severance Period or the date on which such Eligible Employee becomes employed by a new employer, the Company shall, at its expense, provide such Eligible Employee with medical, dental, life insurance, disability and accidental death and dismemberment benefits at the highest level provided to such Eligible Employee during the period beginning immediately prior to the Change of Control and ending on the date of such Eligible Employee's Eligible Termination; provided, however, that if the Eligible Employee becomes employed by a new employer which maintains a major medical plan (or its equivalent) that either (i) does not cover the Eligible Employee with respect to a pre-existing condition which was covered under the Company's major medical plan, or (ii) does not cover the Eligible Employee for a designated waiting period, the Eligible Employee's coverage under the Company's major medical plan shall continue (but shall be limited in the event of noncoverage due to a preexisting condition, to the preexisting condition itself) until the earlier of the end of the applicable period of noncoverage under the new employer's plan or the end of the Severance Period. Following such Severance Period or the date of new employment, if earlier, the regular rights of an Eligible Employee to continuation of benefits under COBRA coverage, if any, shall apply.
Sample 1
Continued Welfare Benefits means benefits the same or substantially equivalent to those group health benefits which would have been provided to Officer in accordance with the plans described in Section 6(a) of this Agreement if Officer’s employment had not been terminated, or, upon the expiration of Officer’s eligibility for continuation in Bank’s welfare benefit plans through the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) or otherwise, a lump sum payment in lieu of such benefits equal to the cost to the Bank, of providing such benefits for such period if the Officer’s employment had not been terminated, grossed up for the effect of individual federal and state taxes on such payment at the combined marginal federal and state tax rate applicable to such officer for the calendar year preceding such termination. As a condition to any such benefits under this Agreement, the Bank Board’s Human Resources Committee may require the Officer to submit to such physical or mental evaluations and tests as it deems reasonably appropriate.
Sample 1

Examples of Continued Welfare Benefits in a sentence

  • The Continued Welfare Benefits shall be in satisfaction of the Company’s obligations under the Consolidated Omnibus Budget Reconciliation Act of 1985, to the extent applicable.

  • If Employee’s bi-weekly severance payments end before the one year Continued Welfare Benefits period, Employee will receive a monthly invoice from the Company for Employee’s share of the cost of coverage on an after-tax basis.

  • SEVERANCE BENEFITS Names (a) Cash Severance Benefit(1) (b) Value of Continued Welfare Benefits and Financial Planning Reimbursement(2) (c) Total Value of Termination Benefits Payable (d) Jacques Esculier $ 1,836,666 $ 8,317 $ 1,844,983 Nikhil M.

Related to Continued Welfare Benefits

  • Welfare Benefits means the types of benefits described in Section 3(1) of ERISA (whether or not covered by ERISA).

  • Health and Welfare Benefits means any form of insurance or similar benefit programs, which may include but not be limited to, medical, hospitalization, surgical, prescription drug, dental, optical, psychiatric, life, or long-term disability.

  • Welfare Benefit Plan means each welfare benefit plan maintained or contributed to by the Company, including, but not limited to a plan that provides health (including medical and dental), life, accident or disability benefits or insurance, or similar coverage, in which Executive was participating at the time of the Change in Control.

  • Employee Welfare Benefit Plan has the meaning set forth in ERISA Section 3(1).

  • Retiree Welfare Plan means, at any time, a Welfare Plan that provides for continuing coverage or benefits for any participant or any beneficiary of a participant after such participant's termination of employment, other than continuation coverage provided pursuant to Section 4980B of the IRC and at the sole expense of the participant or the beneficiary of the participant.

  • Dental means of or relating to the teeth and the work of a dentist.

  • Welfare Plan means a “welfare plan” as defined in Section 3(1) of ERISA.

  • Retiree means any person who has begun accruing a retirement

  • Fringe benefits means the amount of:

  • Welfare Plans shall have the meaning set forth in Section 3.2.4.

  • Welfare means that language referring to effects on welfare includes, but is not limited to, effects on soils, water, crops, vegetation, man-made materials, animals, wildlife, weather, visibility and climate, damage to and deterioration of property, and hazards to transportation, as well as effects on economic values and on personal comfort and well-being.

  • Benefit Continuation Period means the period beginning on the Date of Termination and ending on the last day of the month in which occurs the earlier of (i) the 24-month anniversary of the Date of Termination and (ii) the date on which you elect coverage for you and your covered dependents under substantially comparable benefit plans of a subsequent employer.

  • Continuation Period shall have the meaning set forth in Section 6.9(a).

  • Medicare benefit means the Medicare benefit payable within the meaning of Part II of the Health Insurance Act 1973 with respect to a professional service.

  • Compensation and Benefit Plans has the meaning set forth in Section 5.03(m)(i).

  • Health and Welfare Plans means any plan, fund or program which was established or is maintained for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or otherwise, medical (including PPO, EPO and HDHP coverages), dental, prescription, vision, short-term disability, long-term disability, life and AD&D, employee assistance, group legal services, wellness, cafeteria (including premium payment, health flexible spending account and dependent care flexible spending account components), travel reimbursement, transportation, or other benefits in the event of sickness, accident, disability, death or unemployment, or vacation benefits, apprenticeship or other training programs or day care centers, scholarship funds, or prepaid legal services, including any such plan, fund or program as defined in Section 3(1) of ERISA.

  • Dependents means dependents as defined in the Internal Revenue Code and as claimed in the taxpayer's federal income tax return for the taxable year or which the taxpayer would have been permitted to claim had the taxpayer filed a federal income tax return.

  • Benefits Continuation Period has the meaning set forth in Section 6.01(b).

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;

  • Continuation Coverage means the temporary continuation of PEBB benefits available to enrollees under the Consolidated Omnibus Budget Reconciliation Act (COBRA), 42 U.S.C. Secs. 300bb-1 through 300bb-8, the Uniformed Services Employment and Reemployment Rights Act (USERRA), 38 U.S.C. Secs. 4301 through 4335, or the public employees benefits board's policies.

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

  • Benefit Period means the period of time from the date of the Accident causing the Injury for which benefits are payable, as shown in the Schedule of Benefits, and the date after which no further benefits will be paid.

  • Multiple employer welfare arrangement means a multiple employer welfare arrangement

  • COBRA continuation provision means any of the following:

  • Company Benefit Plans has the meaning set forth in Section 3.16(a).

  • Benefit Plans shall have the meaning set forth in Section 3.13(a).