Additional Payment in Lieu of Health Benefit Sample Clauses

The "Additional Payment in Lieu of Health Benefit" clause provides employees with a monetary payment as an alternative to receiving employer-sponsored health insurance. Typically, this applies to employees who already have health coverage through another source, such as a spouse’s plan, and therefore opt out of the employer’s health benefits. By offering a cash payment instead, the clause compensates employees who do not utilize the company’s health plan, while also potentially reducing the employer’s overall benefits costs and administrative burden.
Additional Payment in Lieu of Health Benefit. The Company will pay you a lump sum amount equal to the product of (A) twelve (12) and (B) the monthly amount the Company was paying on behalf of you and your eligible dependents pursuant to the Company’s health insurance plans in which you or your dependents were participants as of the day of your Separation. Subject to the Company’s having first received an effective Release pursuant to Section 5(a) above, such payment will be made within sixty (60) days after your Separation; however, if such sixty (60)-day period spans two calendar years, then the payment will be made in the second calendar year.
View SourceView Similar (13)
Additional Payment in Lieu of Health Benefit. If Executive is subject to a Termination Without Cause, the Company will pay Executive an additional lump-sum amount equal to the product of (x) the monthly amount the Company was paying on behalf of Executive and Executive’s eligible dependents with respect to the Company’s health insurance plans in which Executive and Executive’s eligible dependents were participants as of the day of Executive’s Separation multiplied by (y) six. Such payment will be made in accordance with the Company’s standard payroll procedures and subject to the Company’s having first received effective releases pursuant to Section 5(a) above, will be paid within 60 days after Executive’s Separation. However, if the 60-day period described in the preceding sentence spans two calendar years, then the payment will in any event be made in the second calendar year.
View SourceView Similar (2)
Additional Payment in Lieu of Health Benefit. The Company will pay you a lump-sum cash amount equal to the product of (A) twelve and (B) the monthly amount the Company was paying on behalf of you and your eligible dependents pursuant to the Company’s health insurance plans in which you or your dependents were participants as of the day of your Separation (the “Additional Payment”). Subject to the Company’s having first received an effective Release pursuant to Section 5(a) above, such Additional Payment will be made within 60 days after your Separation; however, if such 60-day period spans two calendar years, then the Additional Payment will be made in the second calendar year. Following release of regulations or other guidance related to enforcement of Section 2716 of the Public Health Service Act, you and the Company agree to review in good faith the benefits described in this Subsection 5(b)(iii) to determine if the Additional Payment can be made in a more tax-efficient manner (or if equivalent, but more tax-efficient, payments or benefits can be substituted for the Additional Payment); provided, however, that no modification will be made that would (i) materially increase the cost to the Company or (ii) result in adverse tax consequences to either party.
View SourceView Similar (2)
Additional Payment in Lieu of Health Benefit. The Company will cover your cost of medical benefits continuation coverage (the “COBRA Benefits”) for you and your eligible dependents with respect to the Company’s health insurance plans in which you and your dependents were participating as of your Separation for a period ending on the earlier of (A) eighteen (18) months following your Separation or (B) the date on which you become eligible for medical benefits coverage provided by another employer. This amount will be made on a tax-free basis, if permitted under applicable law in the Company’s sole determination, or on a taxable basis to you if not so permitted.
View Source

Related to Additional Payment in Lieu of Health Benefit

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • SUPPLEMENTAL PAYMENT LIMITATION Notwithstanding the foregoing: A. the total of the Supplemental Payments made pursuant to this Article shall not exceed for any calendar year of this Agreement an amount equal to the greater of One Hundred Dollars ($100.00) per student per year in average daily attendance, as defined by Section 48.005 of the TEXAS EDUCATION CODE, or Fifty Thousand Dollars ($50,000.00) per year times the number of years beginning with the first complete or partial year of the Qualifying Time Period identified in Section 2.3.C and ending with the year for which the Supplemental Payment is being calculated minus all Supplemental Payments previously made by the Application; B. Supplemental Payments may only be made during the period starting the first year of the Qualifying Time Period and ending December 31 of the third year following the end of the Tax Limitation Period. C. the limitation in Section 6.2.A does not apply to amounts described by Section 313.027(f)(1)–(2) of the TEXAS TAX CODE as implemented in Articles IV and V of this Agreement. D. For purposes of this Agreement, the calculation of the limit of the annual Supplemental Payment shall be the greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance as calculated pursuant to Section 48.005 of the TEXAS EDUCATION CODE, based upon the District’s Average Daily Attendance for the previous school year.