welfare benefit means any prescribed benefit, allowance, payment or credit.
welfare benefit has the meaning set forth in Section 4.2.
welfare benefit means a lump sum payment in lieu of continued participation in those Benefit Plans that provide health, medical, dental and life insurance benefits an amount equal to the estimated cost that the Company would have incurred to provide benefits under such plans to the Executive through the end of the Continued Employment Period (as reasonably determined by the Committee in its sole discretion on the Date of Termination).
Examples of welfare benefit in a sentence
With respect to the provision of Other Benefits, the term “Other Benefits” as utilized in this Section 8(b) shall mean, and Executive’s estate and/or beneficiaries shall be entitled to receive, all benefits under the Employer’s Welfare Benefit Plans relating to death benefits.
The coverage period for purposes of the group health continuation requirements of Section 4980B of the Code shall commence at the expiration of the Welfare Benefit Continuation Period.
All premiums or other payments due for all periods ending on or before the Closing Date have been paid with respect to each such Employee Benefit Plan which is an Employee Welfare Benefit Plan.
The requirements of Part 6 of Subtitle B of Title I of ERISA and of Code Section 4980B have been met with respect to each such Employee Benefit Plan which is an Employee Welfare Benefit Plan.
With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section 8(c) shall include, without limitation, and Executive shall be entitled after the Date of Termination to receive, (1) all disability benefits under all Welfare Benefit Plans relating to disability, and (2) for the remainder of the Remaining Employment Period all benefits available to Executive under all Welfare Benefit Plans.
More Definitions of welfare benefit
welfare benefit means, in relation to Cyprus, any benefit payable under the Public Assistance Law of 1991 and any law to provide a similar means tested benefit from public funds that subsequently amends, supplements or replaces it and any rent allowance payable out of the Fund established under the Rent Control Laws of 1983 and 1991 and any law to provide a similar means‑tested rent allowance from public funds that subsequently amends, supplements or replaces them;
welfare benefit means a lump sum payment (in lieu of continued participation in the Benefit Plans) equal to an amount equal to the Company's estimated cost of providing the Benefit Plans to the Executive throughout the Transition Period and the Continued Employment Period (as reasonably determinable by the Committee in its sole discretion on the Date of Termination).
welfare benefit means, with respect to an Executive whose employment with the Company terminates in a Qualifying Termination, a lump sum payment in lieu of such Executive’s continued participation during the Aggregate Separation Pay Period in the Benefit Plans determined as set forth in Appendix A hereto.
welfare benefit funds" (as defined in Section 419(e) of the Code) maintained by the Employer, (c) "individual medical accounts" (as defined in Section 415(1)(2) of the Code) maintained by the Employer and (d) "simplified employee pensions" (as defined in Section 408(k) of the Code) maintained by the Employer, and the denominator of which is the sum of the maximum aggregate amounts for the current and all prior Limitation Years of service with the Employer (regardless of whether the Employer maintained a defined contribution plan). The maximum aggregate amount in any Limitation Year is the lesser of 125% of the dollar limit under Section 415(b) and (d) of the Code in effect under Section 415(c)(1)(A) of the Code or 35% of the Participant's 415 Compensation for that Year. If the Employee was a Participant as of the end of the first day of the first Limitation Year beginning after December 31, 1986, in one or more defined contribution plans maintained by the Employer which existed on May 6, 1986, the numerator of this Fraction is adjusted if the sum of this Fraction and the Defined Benefit Plan Fraction would otherwise exceed 1.0 under the terms of this Plan. Under the adjustment, an amount equal to the product of (i) the excess of the sum of the Fractions over 1.0, multiplied by (ii) the denominator of this Fraction, is permanently subtracted from the numerator of this Fraction. The adjustment is calculated using the Fractions as they would be computed as of the end of the last Limitation Year beginning before January 1, 1987, and disregarding any changes in the terms and conditions of the Plan made after May 5, 1986, but using the limit under Section 415 of the Code that applied on the first Limitation Year beginning on or after January 1, 1987. The Annual Addition for any Limitation Year beginning before January 1, 1987, is not recomputed to treat all Employee contributions as Annual Additions.
welfare benefit means continuation of group welfare coverage comparable to the coverage provided to similarly-situated active employees for 12 months following the Participant’s termination of employment (the “Extended Coverage”), followed immediately by coverage for a period, and on a basis, that is substantially similar to the COBRA continuation coverage that would apply if the Participant’s termination of employment occurred at the conclusion of the Extended Coverage period. The premium contribution for the Extended Coverage shall be the same as the premium contribution for similarly-situated active employees, except that the Participant’s premium contribution shall be paid by the Participant on an after-tax basis and the Company will impute taxable income to the Participant equal to the difference between the premiums paid by the Participant and the full premium cost for similarly situated COBRA participants. Provision of the Welfare Benefit is subject to the Participant satisfying and continuing to satisfy all requirements necessary to maintain such coverage, including without limitation, paying his/her share of all required premiums on a timely basis. The Company will not provide the Participant with any compensation in lieu of the Welfare Benefit.
welfare benefit. FUND Any fund that is part of a plan of the Employer, or has the effect of a plan, through which the Employer provides welfare benefits to Employees or their beneficiaries. For these purposes, Welfare Benefits means any benefit other than those with respect to which Code Section 83(h) (relating to transfers of property in connection with the performance of services), Code Section 404 (relating to deductions for contributions to an Employee's trust or annuity and Compensation under a deferred payment plan), and Code Section 404A (relating to certain foreign deferred compensation plans) apply. A "Fund" is any social club, voluntary employee benefit association, supplemental unemployment benefit trust or qualified group legal service organization described in Code Section 501(c)(7), (9), (17) or (20); any trust, corporation, or other organization not exempt from income tax; or to the extent provided in regulations, any account held for an Employer by any person.
welfare benefit. FUND Any fund that is part of a plan of the Employer, or has the effect of a plan, through which the Employer provides welfare benefits to Employees or their beneficiaries. For these purposes, Welfare Benefits means any benefit other than those with respect to which Code Section 83(h) (relating to transfers of property in connection with the performance of services), Code Section 404 (relating to deductions for contributions to an Employees' trust or annuity and Compensation under a deferred payment plan), Code Section 404A (relating to certain foreign deferred compensation plans), and the election under Code Section 463 (relating to the accrual of vacation pay) apply. For purposes of this paragraph a "Fund" is any social club, voluntary employee benefit association, supplemental unemployment benefit trust or qualified group legal service organization described in Code Section 501(c)(7), (9), (17) or (20); any trust, corporation, or other organization not exempt from income tax, or to the extent provided in regulations, any account held for an Employer by any person. 37