Welfare Continuance Benefit Sample Clauses

Welfare Continuance Benefit. For 24 months following the Date of Termination, the Executive and his dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans and all other welfare benefit plans (as defined in Section 3(1) of ERISA) (“Welfare Plans”) in which the Executive or his dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”). The Company will pay all or a portion of the cost of the Welfare Continuance Benefit for the Executive and his dependents under the Welfare Plans on the same basis as applicable, from time to time, to active employees covered under the Welfare Plans and the Executive will pay any additional costs. If participation in any one or more of the Welfare Plans included in the Welfare Continuance Benefit is not possible under the terms of the Welfare Plan or any provision of law would create an adverse tax effect for the Executive or the Company due to such participation, the Company will provide substantially identical benefits directly or through an insurance arrangement. The Welfare Continuance Benefit as to any Welfare Plan will cease if and when the Executive has obtained coverage under one or more welfare benefit plans of a subsequent employer that provides for equal or greater benefits to the Executive and his dependents with respect to the specific type of benefit. The Executive or his dependents will become eligible for COBRA continuation coverage as of the date the Welfare Continuance Benefit ceases for all health and dental benefits.
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Welfare Continuance Benefit. For 36 months following the termination date, Employee and his dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans and all other welfare benefit plans (as defined in Section 3(1) of ERISA) (“Welfare Plans”) in which Officer or his dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”). The Company will pay all or a portion of the cost of the Welfare Continuance Benefit for Officer and his dependents under the Welfare Plans on the same basis as applicable, from time to time, to active employees covered under the Welfare Plans and Officer will pay any additional costs. If participation in any one or more of the Welfare Plans included in the Welfare Continuance Benefit is not possible under the terms of the Welfare Plan or any provision of law would create an adverse tax effect for Officer or the Company due to such participation, the Company will provide substantially identical benefits directly through COBRA or through an insurance arrangement. If Officer or his dependents receive continuation coverage through COBRA or any other insurance plan, the Company must pay all reimbursements to the Officer pursuant to this paragraph on or before the last day of the month following the month in which the expense is incurred. Officers may not exchange the right to reimbursement or to an in-kind benefit for another reimbursement or benefit and may not receive cash in lieu of an in-kind benefit or right to reimbursement. The Welfare Continuance Benefit as to any Welfare Plan will cease if and when Officer has obtained coverage under one or more welfare benefit plans of a subsequent employer that provides for equal or greater benefits to Officer and his dependents with respect to the specific type of benefit.
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Welfare Continuance Benefit. For thirty-six months following the Date of Termination, the Executive and his/her dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans and all other welfare benefit plans (as defined in Section 3(1) of ERISA) (“Welfare Plans”) in which the Executive or his/her dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”). The Employer will pay all or a portion of the cost of the Welfare Continuance Benefit for the Executive and his/her dependents under the Welfare Plans on the same basis as applicable, from time to time, to active employees covered under the Welfare Plans and the Executive will pay any additional costs. If participation in any one or more of the Welfare Plans included in the Welfare Continuance Benefit is not possible under the terms of the Welfare Plan or any provision of law would create an adverse tax effect for the Executive or the Employer due to such participation, the Employer will provide substantially identical benefits directly or through an insurance arrangement. The Welfare Continuance Benefit as to any Welfare Plan will cease if and when the Executive has obtained coverage under one or more welfare benefit plans of a subsequent employer that provides for equal or greater benefits to the Executive and his/her dependents with respect to the specific type of benefit. The Executive or his/her dependents will become eligible for COBRA continuation coverage as of the date the Welfare Continuance Benefit ceases for all health and dental benefits.
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Welfare Continuance Benefit. For eighteen (18) months following the Date of Termination, the Executive and his/her eligible dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans (including split dollar endorsement agreements related to Bank Owned Life Insurance policies), benefit and other compensatory programs or arrangements listed on Appendix A to this Agreement, and all other welfare benefit plans (as defined in Section 3(1) of the Employee Retirement Income Security Act) (“Welfare Plans”) in which the Executive and his/her dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”) to the extent permissible under the terms of the respective Welfare Plans and applicable law. Health and medical coverage will be provided under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). The Executive will pay only that portion of the applicable monthly premiums that he was paying as an active employee prior to the Date of Termination. The Company will pay any additional monthly premium costs and any increases in the premium costs. If the Executive elects to change coverage in accordance with the terms of the Welfare Plans, the Executive will pay only that portion of the applicable monthly premium that would have applied to an active employee electing such coverage prior to the Date of Termination. Notwithstanding the foregoing, (1) the Welfare Continuance Benefit as to any Welfare Plan will cease if and when the Executive has obtained coverage under one or more welfare benefit plans of a subsequent employer that provides for substantially equal or greater benefits to the Executive and his/her dependents with respect to the specific type of benefit; and (2) if the Company determines that it cannot provide a welfare benefit required under this Section 6(a)(iii) without potentially violating applicable law or incurring an excise tax or if the applicable insurer will not provide the welfare benefit required under this Section 6(a)(iii), the Company shall in lieu thereof pay to the Executive on a monthly basis for the remainder of the required period under this Section 6(a)(iii) a taxable amount (the “Cash Payment”) equal to the Company’s portion of the applicable monthly premium for Executive and/or the Executive’s family in effect on the date such welfare benefit can no longer be provided under the applicable Welfare Benefit Plan and, for any welfare benefi...
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Welfare Continuance Benefit. For 12 months following the Date of Termination, you and your eligible dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans and all other welfare benefit plans (as defined in Section 3(1) of ERISA) (“Welfare Plans”) in which you or your dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”). The Company will continue to pay the cost of the Welfare Continuance Benefit for you and your dependents under the Welfare Plans on the same basis as paid previously, and you will pay any additional costs. If participation in any one or more of the Welfare Plans included in the Welfare Continuance Benefit is not possible under the terms of the Welfare Plan or any provision of law would create an adverse tax effect for you or the Company due to such participation, the Company will provide substantially identical benefits directly or through a separate insurance arrangement. The Welfare Continuance Benefit as to any Welfare Plan will cease if and when you have obtained coverage under one or more welfare benefit plans of a subsequent employer that provides for equal or greater benefits to you and your dependents with respect to the specific type of benefit.
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Welfare Continuance Benefit. For eighteen (18) months following the Date of Termination, the Executive and his/her eligible dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans (including split dollar endorsement agreements related to Bank Owned Life Insurance policies), and all other welfare benefit plans (as defined in Section 3(1) of ERISA) (“Welfare Plans”) in which the Executive and his/her dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”) to the extent permissible under the terms of the respective Welfare Plans and applicable law. Health and medical coverage will be provided under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). The Executive will pay only that portion of the COBRA premiums that he was paying as an active employee prior to the Date of Termination. The Company will pay any additional premium costs. Notwithstanding the foregoing, the Welfare Continuance Benefit as to any Welfare Plan will cease if and when the Executive has obtained coverage under one or more welfare benefit plans of a subsequent employer that provides for substantially equal or greater benefits to the Executive and his/her dependents with respect to the specific type of benefit; and
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Welfare Continuance Benefit. For 24 months following the Date of Termination, the Officer and his eligible dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans and all other welfare benefit plans (as defined in Section 3(1) of ERISA) (“Welfare Plans”) in which the Officer and his eligible dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”). The Bank will pay all or a portion of the cost of the Welfare Continuance Benefit for the Officer and his dependents under the Welfare Plans on the same basis as in effect immediately before the Date of Termination, and the Officer will pay any additional costs. If participation in any one or more of the Welfare Plans included in the Welfare Continuance Benefit is not possible under the terms of the Welfare Plan or any provision of law would create an adverse tax effect for the Officer or the Bank due to such participation, the Bank will provide substantially identical benefits directly or through a separate insurance arrangement. The Welfare Continuance Benefit as to any Welfare Plan will cease if and when the Officer has obtained coverage under one or more welfare benefit plans of a subsequent employer that provides for equal or greater benefits to the Officer and his dependents with respect to the specific type of benefit.
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Welfare Continuance Benefit. For eighteen (18) months following the Date of Termination, the Executive and his/her eligible dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans (including split dollar endorsement agreements related to Bank Owned Life Insurance policies), and all other welfare benefit plans (as defined in Section 3(1) of the Employee Retirement Income Security Act) (“Welfare Plans”) in which the Executive and his/her dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”) to the extent permissible under the terms of the respective Welfare Plans and applicable law. Health and medical coverage will be provided under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). The Executive will pay only that portion of the COBRA premiums that he was paying as an active employee prior to the Date of Termination. The Company will pay any additional premium costs. Notwithstanding the foregoing, the Welfare Continuance Benefit as to any Welfare Plan will cease if and when the Executive has obtained coverage under one or more welfare benefit plans of a subsequent employer that provides for substantially equal or greater benefits to the Executive and his/her dependents with respect to the specific type of benefit; and
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Welfare Continuance Benefit. The Company shall pay you a welfare continuance benefit (the “Welfare Continuance Benefit”) in an amount equal to the product of (x) the amount of the Company’s monthly contribution pursuant to its current plan, or plans, in effect as of the Date of Termination to provide group health insurance and certain related benefits made available to similarly situated officers of the Company (for avoidance of doubt, that monthly contribution is $522 as of the date of this Agreement), times (y) twenty-four (24). The Welfare Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than 30 days following the effective date of the Release, subject to compliance with Section 16 of this Agreement regarding the requirements of Section 409A of the Code.
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Related to Welfare Continuance Benefit

  • Salary Continuance The Employer will continue the salary and benefits coverage of an Employee who is granted leave without pay in accordance with Article 13.01 and will bill the relevant Union for the Employee’s salary. If the leave extends beyond three calendar months, the Employer will, from that point, bill the relevant Union 1.2 times the Employee’s salary until the leave is concluded.

  • Benefit Continuation (a) For leaves taken pursuant to Clause 21.1, 21.2 and 21.3 the Employer shall maintain coverage for medical, extended health, dental, group life and long-term disability, and shall pay the Employer’s share of these premiums. (b) Notwithstanding Clause 21.4(a) above, should an employee be deemed to have resigned in accordance with Clause 21.5 the Employer will recover monies paid pursuant to this clause.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • Welfare Benefits Subject to the terms and conditions of this Agreement, for a period of six (6) months following the date of the Involuntary Termination (and an additional twelve (12) months if the Executive provides consulting services under Section 14(f) hereof), the Executive and his dependents shall be provided with group medical benefits which are substantially similar to those provided from time to time to similarly situated active employees of the Company (and their eligible dependents) (“Medical Continuation Benefits”). Without limiting the generality of the foregoing, such Medical Continuation Benefits shall be provided on substantially the same terms and conditions and at the same cost to the Executive as apply to similarly situated active employees of the Company. Such benefits shall be provided in a manner that complies with Treasury Regulation Section 1.409A-1(a)(5). Notwithstanding the foregoing, if Sempra Energy determines in its sole discretion that the Medical Continuation Benefits cannot be provided without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act) or that the provision of Medical Continuation Benefits under this Agreement would subject Sempra Energy or any of its Affiliates to a material tax or penalty, (i) the Executive shall be provided, in lieu thereof, with a taxable monthly payment in an amount equal to the monthly premium that the Executive would be required to pay to continue the Executive’s and his covered dependents’ group medical benefit coverages under COBRA as then in effect (which amount shall be based on the premiums for the first month of COBRA coverage) or (ii) Sempra Energy shall have the authority to amend the Agreement to the limited extent reasonably necessary to avoid such violation of law or tax or penalty and shall use all reasonable efforts to provide the Executive with a comparable benefit that does not violate applicable law or subject Sempra Energy or any of its Affiliates to such tax or penalty.

  • Sick Leave Benefit Plan The Sick Leave Benefit Plan will provide sick leave days and short term disability days for reasons of personal illness, personal injury, including personal medical appointments and personal dental appointments.

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