Benefits Only Option Clause Samples

Benefits Only Option. 14.2.2.1 The District shall contribute the following toward employee medical, dental or vision insurance coverage for unit members who retire between the ages of 50 and 65 years who have rendered at least fifteen (15) years of continuous service including Board-approved leave in the District immediately prior to retirement. Such District-paid insurance shall in no event continue (a) for more than five (5) years or (b) past age 65 or (c) until the employee otherwise receives medical or dental insurance, whichever occurs first. Such District-paid insurance shall be the same or equivalent to the insurance benefits furnished to regular fulltime employees. Amount Applied for Health Benefits $2,500 3,000 3,500 14.2.2.2 The retiree shall have the choice to participate in a medical, vision, and/or dental insurance plan offered by the District. 14.2.2.3 The employee may choose to have an amount taken from yearly compensation to be held by the District in an interest bearing account for medical and dental benefits to be used for up to the number of years until the employee reaches the age of 65 to pay for medical, vision, and dental benefits. If for any reason, the employee no longer wishes to receive medical, vision, and dental benefits from the District, the District will return the balance of the withheld monies within thirty (30) days of written notification to the District. Accrued interest, if any, will be remitted to the employee at the end of the last year the employee receives benefits under this program.
View SourceView Similar (2)
Benefits Only Option. 14.2.2.1 The District shall contribute the following toward employee medical, dental or vision insurance coverage for unit members who retire between the ages of 55 and 65 years and have rendered at least fifteen (15) years of continuous service including Board-approved leave in the District immediately prior to retirement. Such District-paid insurance shall in no event continue (a) for more than five (5) years or (b) past age 65 or (c) until the employee otherwise receives medical or dental insurance, whichever occurs first. Such District-paid insurance shall be the same or equivalent to the insurance benefits furnished to regular full time employees. For retirements prior to July 1st, 2023 Years of District Service Annual Amount Applied for Health Benefits 15 $2,500 20 $3,000 25 $3,500 For retirements after July 1st, 2023 Years of District Service Annual Amount Applied for Health Benefits 20 $5,650 25 $7,150 14.2.2.2 The retiree shall have the choice to participate in a medical, vision, and/or dental insurance plan offered by the District. 14.2.2.3 The employee may choose to have an amount taken from yearly compensation to be held by the District in an interest bearing account for medical and dental benefits to be used for up to the number of years until the employee reaches the age of 65 to pay for medical, vision, and dental benefits. If for any reason, the employee no longer wishes to receive medical, vision, and dental benefits from the District, the District will return the balance of the withheld monies within thirty (30) days of written notification to the District. Accrued interest, if any, will be remitted to the employee at the end of the last year the employee receives benefits under this program.
View SourceView Similar (2)

Related to Benefits Only Option

  • Annual Equity Awards (i) TCCC shall not grant any equity-based awards to any Continuing Employee from the date of this Agreement through the Closing other than equity-based awards made (A) to newly hired employees, within one year following the employee’s date of hire, that are in the ordinary course of business and in accordance with TCCC and the Nordic Companies’ past practice of compensating newly hired employees or (B) with the consent of CCE, which consent shall not be unreasonably, withheld, conditioned or delayed. Notwithstanding the foregoing, in the event that as of December 16, 2010, the parties reasonably determine that the Closing shall not occur prior to March 15, 2011, following consultation with CCE, TCCC may make grants of equity-based awards no later than March 15, 2011 to Continuing Employees that are in accordance with past practice and guidelines with respect to annual grants made most recently in February 2010 to the Continuing Employees and that do not have an aggregate value as of the grant date (based on a reasonable Black-Scholes valuation or grant date fair value methodology, as applicable, to be agreed upon between CCE and TCCC) that is greater than the aggregate value as of the grant date of the aggregate annual equity awards made by TCCC in February 2010 to the Continuing Employees. (ii) To the extent that (x) the Closing occurs during the period beginning on October 15, 2010 and ending on December 15, 2010 (the “Interim Period”), and (y) CCE makes an annual grant of equity-based awards during such Interim Period to eligible CCE employees, Splitco shall make a grant of equity-based awards to the Continuing Employees immediately following the Closing Date, with such grant made in a manner consistent with TCCC’s target award levels, award ranges, and performance adjustment criteria employed in such February 2010 annual equity grant by TCCC; provided, however, that such grants shall only be made to those Continuing Employees who were eligible to receive an annual equity grant in February 2010, or would be eligible to receive an annual equity grant in February 2011; and provided, further, that, in no event shall such grant have an aggregate value as of the grant date (based on a reasonable Black-Scholes valuation or grant date fair value methodology, as applicable, to be agreed upon between TCCC and Splitco) that is greater than the aggregate value on the grant date of the aggregate annual equity awards made by TCCC in February 2010 to such employees. (iii) To the extent that the Closing occurs after December 15, 2010, at such time after the Closing as Splitco makes its regular annual equity awards to its employees in 2011, Splitco shall provide equity-based awards to Continuing Employees who hold a position that was (or, in the case of a new hire, would have been) eligible to receive an equity grant from TCCC in 2010, having a substantially comparable value in the aggregate, for a comparable number of employees, as of the grant date (based on a reasonable Black-Scholes value for stock option grants and based on the grant date fair value for whole share-based awards) as awarded by TCCC to employees providing services to the Nordic Companies in February 2010, with such grant made in a manner consistent with TCCC’s target award levels, award ranges, and performance adjustment criteria employed in such February 2010 annual equity grant by TCCC; provided, however, that Splitco shall have no obligation to replicate the form of award or the terms and conditions of awards previously granted by TCCC, including, without limitation, the number of shares to be subject to such Splitco equity-based awards and the vesting conditions and exercise or purchase price of such Splitco equity-based awards.

  • Optional Benefits Employees may enroll themselves and dependents in optional life insurance plans or other optional benefits at their own expense.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Accelerated Vesting of Equity Awards One hundred percent (100%) of Executive’s then-outstanding and unvested Equity Awards will become vested in full. If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then the Equity Award will vest as to one hundred percent (100%) of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s).

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future: