Lifetime Benefits. This Letter of Understanding forms an integral part of the collective agreement, and is intended to continue in effect during the term of subsequent collective agreements to the extent provided for herein.
Lifetime Benefits. The Vested part of a Participant's Account will be available for distribution to the Participant when the Participant retires at Normal (or Early) Retirement Age, dies, and, if elected in the Adoption Agreement, attains age 59-1/2 or Terminates Service.
Lifetime Benefits. Provided the Executive’s employment is not terminated prior to March 31, 2025 pursuant to Section 6(c) [For Cause] or Section 6(f) [Voluntary Termination], the Executive and her spouse shall be entitled to continue, until their respective deaths, to participate (at no cost to the Executive and her spouse) in the following Company employee benefit plans and arrangements (or other benefit plans or arrangements providing substantially similar benefits) in which the Executive participates on the date hereof: executive medical, executive dental and executive vision insurance, provided, however, that Medicare will be the primary insurance coverage (collectively, “Benefits”). The Executive and her spouse shall be entitled to claims administration support (at no cost to Executive and her spouse) with respect to such Benefits. Subject to the last sentence of this paragraph 4(g), the Company shall not make any changes in such plans or arrangements that would adversely affect the Executive’s rights or benefits thereunder, unless such change occurs pursuant to a program applicable to all senior executives of the Company and does not result in a proportionately greater reduction in the rights of, or benefits to, the Executive as compared generally with the other senior executives of the Company. For purposes of this paragraph, in the event of a Change of Control, as defined in paragraph 8(e) of this Agreement, the “Company” shall include any other entity that is a successor to the Company, whether by merger, consolidation, liquidation, as a result of the sale, exchange or transfer of all or substantially all of the Company’s assets, or otherwise, and the provisions of this paragraph shall continue to be binding on and shall be performed by such successor for the benefit of the Executive and her spouse and their heirs and successors. Further, in the event of any such Change of Control the “senior executives of the Company” referred to in this paragraph shall mean the senior executives who are members of its (or a successor entity’s) executive committee, or equivalent, or, if there is no such committee, who hold the most senior rank in the successor entity. Notwithstanding the foregoing, the Executive and her spouse will be entitled to continue to receive until their respective deaths, at no cost to the Executive and her spouse, all Benefits available to the Executive and her spouse as of April 1, 2021 (or their cash equivalent, which shall be paid to the Executive (or h...
Lifetime Benefits. Lifetime Benefits under Section 4(i) shall become vested in full upon the Executive’s termination of employment under this Section 8(a). The Company shall have no further obligations to the Executive as a result of termination of employment described in this Section 8(a) except as set forth in Section 12.
Lifetime Benefits. TRANSFERS You may transfer all or a portion of the Policy Value among one or more of the Subaccounts, the LT-GIA and the non-loaned portion of the GIA. Transfers are made by Written Request. You may make up to 12 transfers per Policy Year from the Subaccounts and only one transfer per Policy Year from the non-loaned portion of the GIA unless the Dollar Cost Averaging (DCA) Program or Asset Rebalancing Program is elected. Except as otherwise provided under the DCA Program, the amount that may be transferred from the non-loaned portion of the GIA at any one time cannot exceed the higher of $1000 or 25% of the value of the non-loaned portion of the GIA. Under the DCA Program, funds may be transferred automatically among the Subaccounts on a monthly, quarterly, semi-annual or annual basis. Unless We agree otherwise, the minimum initial and subsequent transfer amounts are $25 monthly, $75 quarterly, $150 semi-annually or $300 annually. You must have an initial value of $2,000 in the non-loaned portion of the GIA or the Subaccount from which funds will be transferred. Funds may be transferred from only one sending Subaccount or the non-loaned portion of the GIA but may be allocated to multiple receiving Subaccounts, the LT-GIA or the non-loaned portion of the GIA. Under the DCA Program, You may transfer approximately equal amounts from the non-loaned portion of the GIA over a minimum 6-month period. Under the Asset Rebalancing Program, funds are transferred automatically among the Subaccounts on a monthly, quarterly, semi-annual or annual basis to maintain the allocation percentage elected by Written Request. Transfers to or from the GIA are not permitted under the Asset Rebalancing Program. V615 12 Transfers made under the DCA Program or Asset Rebalancing Program will be processed on the next Valuation Date following Your request for the month that applies. If the value in the sending Subaccount or non-loaned portion of the GIA is below the amount to be transferred, then the entire remaining balance will be transferred and the DCA or Asset Rebalancing Programs will be completed. You may terminate Your participation in the DCA or Asset Rebalancing Programs at any time by sending a Written Request to Us. Upon completion of the DCA or Asset Rebalancing Programs, You must send a Written Request to Us to start another DCA or Asset Rebalancing Program. The transfer charge is as shown on the Schedule Page. Any such charge will be deducted from the Subaccounts, the LT-...
Lifetime Benefits. 77 3.33 Excise Tax Liability.....................................................77 3.34 Brokers..................................................................77 3.35 Affiliate Transactions...................................................78 3.36 No Sensitive Transactions................................................78
Lifetime Benefits. The Executive and her spouse shall be entitled to the lifetime benefits specified in Section 4(g) of her Executive Employment Agreement, dated March 16, 2021 (the “2021 Agreement”), subject to the terms and conditions of such Section.
Lifetime Benefits. 55 6.3 Distributions Subject to Survivor Annuity Rules.........................59 6.4 Distributions Exempt From Survivor Annuity Rules........................60 6.5
Lifetime Benefits. The Company has never agreed or promised, directly or indirectly, to any actual, or purported, employee that it would provide, in whole or in part, lifetime medical benefits to retirees or former employees. The Company does not maintain or contribute to any Plan which provides, or purports to provide, lifetime medical benefits to retirees or former employees. To the Knowledge of the Company or the other Sellers, the Company does not contribute to any Multiemployer Plan which provides or purports to provide lifetime medical benefits to retirees or former employees.
Lifetime Benefits. Subject to the eligibility requirements set forth below, employees who retire on or after September 29, 2003, along with their eligible dependents, shall receive lifetime hospital/medical surgical, major medical, and prescription coverage. “Lifetime” means life of the retiree. Employees, and their eligible dependent(s), shall carry into retirement the same hospital/medical surgical, major medical, and prescription coverage as they received on their last day of employment with the Authority.
