Common use of Retiree Programs Clause in Contracts

Retiree Programs. No member of the Company Group shall assume any Liability with respect to any Retiree Programs. Following December 31, 2012, no Company Employee shall accrue any additional benefits under the Retiree Programs, except as contemplated in this Section 9.1. Pfizer shall provide or cause to be provided to each Company Transferred Employee (and his or her eligible dependents) who was eligible to retire on or immediately prior to the Plan Transition Date and, upon such retirement, would have satisfied the eligibility requirements for retiree welfare coverage set forth in the applicable Retiree Program, with retiree welfare benefits and coverage following such Company Transferred Employee’s retirement from the Company Group, with such benefits to be provided under the Retiree Program that was applicable to such Company Transferred Employee immediately prior to the Plan Transition Date, as such applicable Retiree Program may be amended from time to time following the Effective Date as if such Company Transferred Employee had remained employed with Pfizer through the applicable retirement date. In addition, Pfizer or another member of the Pfizer Group shall amend the Retiree Programs to provide that until the date that is earlier to occur of (A) the Company Transferred Employee’s termination of employment and (B) December 31, 2017, Company Transferred Employees shall be given credit for service with members of the Company Group for purposes of eligibility for participation in the Retiree Programs, but not for purposes of the retiree medical subsidy under the Pfizer Retiree Medical Plan. The provisions of this Section 9.1 shall not be construed to require any member of the Pfizer Group to maintain a Retiree Program or to prevent the amendment in any manner of any Retiree Program. The participation by any Company Transferred Employee in a Retiree Program shall be subject to such right of amendment or termination.