Wage Premiums in Lieu of Benefits Sample Clauses

Wage Premiums in Lieu of Benefits. In lieu of all fringe benefits provided for in this Agreement, except for shift differential, callback pay, standby pay, certification premium pay, weekend premium pay and longevity increments, full-time and part-time nurses may elect a fifteen percent (15%) wage premium or a eight and one-half percent (8.5%) wage premium [with additional benefit participation only in the Employer’s retirement program (i.e., 401(A) pension program)]. Premium paid nurses shall accrue seniority but shall not be eligible for any other benefits provided for in this Agreement (except for participation in the 457 Plan). This election must occur annually on dates designated in advance by the Hospital, providing the nurse presents the Hospital with written evidence that the nurse is covered by health insurance elsewhere, and providing the application for enrollment is approved by the insurance carrier. Nurses will be given advance notice of the enrollment dates. After the wage premium in lieu of benefits decision (compensation plus benefits, compensation plus premium pay in lieu of benefits, or compensation plus premium pay in lieu of benefits/except for retirement) has been made by the nurse, no change in that compensation status will be allowed except as provided herein.
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Related to Wage Premiums in Lieu of Benefits

  • Payment in Lieu of Benefits a) All employees not transferred to the Trust who received pay in lieu of benefits under a collective agreement in effect as of August 31, 2014, shall continue to receive the same benefit.

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree. 2. A surviving eligible retiree who qualifies for a monthly retirement allowance who was married to a retiree who was also eligible for a Grant shall receive the survivor benefit described in D.1., above, or his or her own Grant, whichever is greater. Such retiree shall not be eligible for both Grants.

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.