Post Retirement Health Coverage Clause Samples

Post Retirement Health Coverage. Effective January 1, 1998, employees who qualify for retirement under their pension plan, and who have twenty-five (25) or more years of credited service with ▇▇▇▇▇▇ Permanente, are eligible to receive post-retirement health coverage. The coverage will commence at age 65 or upon retirement, whichever is later. The Employer will pay $65 per month toward the cost of coverage which is supplemental to Medicare. The retiree must obtain and retain Medicare Part B coverage at his/her own expense.
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Post Retirement Health Coverage. Employees who qualify for retirement under their pension plan, and who have twenty-five (25) or more years of credited service with ▇▇▇▇▇▇ Permanente are eligible to receive post-retirement health coverage. The coverage will commence at age 65 or upon retirement, whichever is later. The Employer will pay $65 per month toward the cost of coverage which is supplemental to Medicare. The retiree must obtain and retain Medicare Part B coverage at his/her own expense. The supplemental coverage will continue for the life of the retiree. The retiree may elect coverage under the options offered to employees. If the option selected has a higher premium than ▇▇▇▇▇▇ Permanente coverage, the retiree will pay the difference in premium.
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Post Retirement Health Coverage. Seller has no post-retirement health coverage plans or agreements. Neither the Purchaser nor any of its Affiliates will be liable for the payment of any health expenses incurred by individuals who retired from the Seller's employment on or before the Closing Date.
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Post Retirement Health Coverage. The Agreement is hereby amended by adding the following sentences to the end of Section 7(d): “To the extent that any portion of the health insurance coverage under this Section 7(d) is provided pursuant to a self-insured arrangement as defined in Internal Revenue Code Section 105 or is otherwise taxable, the benefits provided in any one calendar year shall not affect the amount of benefits to be provided in any other calendar year, and the reimbursement of an eligible expense shall be made on or before December 31 of the year after the calendar year in which the expense was incurred. Executive’s rights pursuant to this Section 7(d) shall not be subject to liquidation or exchange for another benefit.”
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Related to Post Retirement Health Coverage

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Pre-Retirement Counseling Leave Each employee within four (4) years of chosen retirement age or date shall be granted, on a one-time basis, up to three and one-half (3-1/2) days leave with pay to pursue bona fide pre-retirement programs. Employees shall request the use of leave provided in this Section at least five (5) days prior to the intended day of use.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.