Examples of Premium Payment Component in a sentence
These are, superannuation pension, invalidity pension and survivors lump sum.
Notwithstanding the above, an election to participate in the Premium Payment Component will be reinstated only to the extent that coverage under the Group Sponsored Insurance is reinstated.
No Grace Period applies to the Premium Payment Component of this Plan.
Upon becoming eligible, a Participant may elect in writing on an Enrollment Form provided and filed with the Employer, can (a) elect benefits under the Premium Payment Component by electing to pay for his or her share of the Contributions for Group Sponsored Insurance on a pre-tax Salary Reduction basis; or (b) elect no benefits under the Premium Payment Component and pay for his or her share of the Contributions, if any, for Group Sponsored Insurance with after-tax deductions outside of this Plan.
The premium insurance benefits that may be offered under the Premium Payment Component for premium- type benefits pursuant to an insurance policy issued by an insurance company, or a contract with a point of service organization are medical, dental, vision, or other qualified benefits under Section 125.
An Eligible Employee can (a) elect benefits under the Premium Payment Component by electing to pay for his or her share of the Contributions for Medical Insurance Benefits on a pretax Salary Reduction basis (Premium Payment Benefits); or (b) elect no benefits under the Premium Payment Component and to pay for his or her share of the Contributions, if any, for Medical Insurance Benefits with after-tax deductions outside of this Plan.
Notwithstanding the above, an election to participate in the Premium Payment Component will be reinstated only to the extent that coverage under the Premium Insurance Benefits is reinstated.
Except as described in the QSC Matrix, a Participant’s election under the Premium Payment Component of this Plan is irrevocable for the duration of the Plan Year to which it relates.
The Cafeteria Plan includes the following benefit plans: Premium Payment Component (currently including Premium Insurance Benefits) - permits an Employee to pay for his or her share of contributions for the Medical Insurance Plan with pre-tax dollars.
Premium insurance benefits that may be offered under the Premium Payment Component for premium-type benefits pursuant to an insurance policy issued by an insurance company, or a contract with a point of service organization to provide medical, dental, vision, or other qualified benefits under Section 125.