Supplemental Disability Benefit definition
Examples of Supplemental Disability Benefit in a sentence
If Executive becomes disabled while employed by the Company and is entitled to receive benefits under the Company's Long-Term Disability Program, then the Company will pay to Executive a Monthly Supplemental Disability Benefit (as hereinafter defined) for so long as Executive is entitled to receive disability payments under the Company's Long-Term Disability Program (or under any similar disability program maintained by the Company).
The amount of the Monthly Supplemental Disability Benefit shall be equal to the difference between (i) one-twelfth (1/12) of sixty percent (60%) of Executive's annual base salary for the year in which Executive becomes disabled and (ii) the amount of the monthly disability benefit payable to Executive under the Company's Long-Term Disability Program.
If Executive becomes Permanently and Totally Disabled prior to reaching his Normal Retirement Date, while covered by the provisions of this Agreement, Executive shall be entitled to a Supplemental Disability Benefit commencing within thirty (30) days after a determination by the Board of Directors that the Executive is Permanently and Totally Disabled.
The Board shall provide a Supplemental Disability Benefit which, when added to the Illinois Teacher Retirement Act benefits, shall total sixty-six and two-thirds percent (66 2/3%) of the staff member’s current salary rate; but in no event shall the Supplemental Disability Benefit be greater than thirty percent (30%) of the staff member’s current salary rate.
If Executive becomes Disabled prior to reaching his Normal ---------- Retirement Date, while covered by the provisions of this Agreement, Executive shall be entitled to a Supplemental Disability Benefit commencing within thirty (30) days after a determination by the Board of Directors that the Executive is Disabled.
Employer shall pay directly to Employee the Supplemental Disability Benefit in equal monthly installments, subject to all applicable withholding as required by law, and shall provide Employee with the Supplemental Disability Benefit until Employee attains the age of sixty-six (66).
The Supplemental Disability Benefit will be payable to Employee provided Employee has satisfied and continues to satisfy the eligibility provisions and been determined to be disabled under Employer’s long-term disability plan provided to all employees of Employer.
The Board shall provide a Supplemental Disability Benefit which, when added to the Illinois Teacher Retirement Act benefits, shall total sixty-six and two- thirds percent (66 2/3%) of the staff member’s current salary rate; but in no event shall the Supplemental Disability Benefit be greater than thirty percent (30%) of the staff member’s current salary rate.
If Executive becomes Disabled prior to reaching his Normal Retirement Date, while covered by the provisions of this Agreement, Executive shall be entitled to a Supplemental Disability Benefit commencing within thirty (30) days after a determination by the Board of Directors that the Executive is Disabled.
The Employer shall provide the Employee with the Supplemental Disability Benefit until Employee attains the age of sixty-six (66).