Common use of BENEFIT ALLOWANCES Clause in Contracts

BENEFIT ALLOWANCES. Effective June 1, 1999, the Company will provide a Pre-Medicare Medical Benefit Allowance equal to 50% of Medical Option 04 (subject to a Company cap of $3200/year for Retiree only; $6400/year for Retiree plus one; $8800/year for Retiree plus two or more) to eligible employees who retire before age sixty five. Effective June 1, 1999, the Company will provide a Pre-65 Dental Benefit Allowance of 50% of Dental Option 02 (subject to a Company cap of $260/year for retiree only; $520/year for Retiree plus one; $780/year for Retiree plus two or more) to eligible employees who retire before age sixty five. Post-Medicare Retiree Healthcare - Retirees that met eligibility requirements for Pre-Medicare Benefit Allowances who are enrolled in a Company group medical insurance plan at the time they become eligible for Medicare, will be eligible for a post-Medicare Medical Benefit Allowance of $500 for single coverage and $1000 for retiree plus spouse. Post-65 Dental coverage is not available. Eligible employees retiring at age 65 or higher, who are enrolled in a Company group medical insurance plan immediately prior to retirement, will be eligible for a Post-Medicare Medical Benefit Allowance of $500 for single coverage and $1000 for retiree plus spouse. Post-Medicare Dental coverage is not available. The Innophos Inc. 401(k) plan described in the plan booklet is available to the employees covered by this Agreement. The Company reserves the right to alter, modify and/or discontinue the 401(k)Plan at any time. Perfect Attendance - Employees who achieve perfect attendance for the six month period January 1 to June 30 or July 1 to December 31 will receive a perfect attendance award of two (2) days base pay. Employees who achieve perfect attendance for the calendar year (January 1 to December 31) will receive an additional award of three (3) days base pay. The maximum individual payout in any calendar year will be five (5) days base pay.