Benefit Guarantees Clause Samples
A Benefit Guarantees clause establishes the obligation of one party, typically an employer or service provider, to ensure that certain benefits—such as health insurance, retirement contributions, or other specified perks—are provided to another party, usually an employee or beneficiary. This clause outlines the types of benefits covered, the minimum standards or levels of those benefits, and the duration for which they must be maintained. By including this provision, the agreement protects the recipient from unexpected reductions or loss of promised benefits, thereby providing security and predictability regarding compensation or entitlements.
Benefit Guarantees. On and after the Distribution Date, a Retained Employee's or a Terminee's right, if any, to receive benefits under the Manor Care, Inc. Supplemental Executive Retirement Plan shall be the responsibility of Manor Care. However, the payment of any benefits due under the Manor Care, Inc. Supplemental Executive Retirement Plan for the first thirty (30) months following the Distribution Date shall be guaranteed by Choice, to the extent not otherwise paid by Manor Care. On and after the Distribution Date, a Choice Individual's right to receive benefits under the Choice Hotels International, Inc. Supplemental Executive Retirement Plan shall be the responsibility of Choice. However, the payment of any benefits due under the Choice Hotels International, Inc. Supplemental Executive Retirement Plan which are attributable to the transferred accrued benefits earned under the Manor Care, Inc. Deferred Compensation Plan shall be guaranteed by Manor Care for the first thirty (30) months following the Distribution Date, to the extent not otherwise paid by Choice.
Benefit Guarantees. On and after the Distribution Date, a Retained Employee's and Terminee's right, if any, to receive benefits under the Manor Care, Inc. Nonqualified Retirement Savings and Investment Plan shall be the responsibility of Manor Care. However, the payment of any benefits due under the Manor Care, Inc. Nonqualified Retirement Savings and Investment Plan for the first thirty (30) months following the Distribution Date shall be guaranteed by Choice, to the extent not otherwise paid by Manor Care. On and after the date of the establishment of the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan, a Choice Individual's right to receive benefits under the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan shall be the responsibility of Choice. However, the payment of any benefits due under the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan which are attributable to the transferred accrued benefits earned under the Manor Care, Inc. Deferred Compensation Plan shall be guaranteed by Manor Care for the first thirty (30) months following the Distribution Date, to the extent not otherwise paid by Choice.
Benefit Guarantees. On and after the Distribution Date, a ------------------ Retained Employee's, Terminee's or Sunburst director's right to receive benefits under the Sunburst Hospitality Corporation Deferred Compensation Plan shall be the responsibility of Sunburst. However, the payment of any benefits due under the Sunburst Hospitality Corporation Deferred Compensation Plan for the first thirty (30) months following the Distribution Date shall be guaranteed by Choice, to the extent not otherwise paid by Sunburst. On and after the Distribution Date, a Choice Individual's right to receive benefits under the Choice Hotels International, Inc. Deferred Compensation Plan shall be the responsibility of Choice. However, the payment of any benefits due under the Choice Hotels International, Inc. Deferred Compensation Plan which are attributable to the transferred accrued benefits earned under the Sunburst Hospitality Corporation Deferred Compensation Plan shall be guaranteed by Sunburst for the first thirty (30) months following the Distribution Date, to the extent not otherwise paid by Choice.
Benefit Guarantees. Benefit guarantee
(a) Subject to rule 3.5(c) , where:
(i) a Member became a member of the Accumulation section of the Former WSSP Fund under rule A2.2 of the Former WSSP Deed (as it was prior to 15 June 2007) prior to either 30 September 1999 or such later date as the Participating Employer determined before 30 June 2007;
(ii) the Member dies or b ecomes entitled to a total and permanent disablement benefit before 30 June 2019, the benefit payable (other than any Purchased Benefit) shall be:
(iii) subject to rule 3.5(a)(i v), the greater of:
(A) the amount payable un der rules 3.4(a) and (b), but not including any Purchased Benefit; or
(B) the lump sum benefit that the Member would have been entitled to if the Member had died or become Totally and Permanently Disabled on the day prior to the date of becoming an Accumulation Member (including any balance under any SuperSave Account under the Pre-1999 Rules of the Former WSSP Deed or Parts 4 to 11 (inclusive) of this Participation Schedule) reduced by 10% on 1 July 2009 and on 1 July of each subsequent financial year; or
(iv) if at any time prior to the death or Total and Permanent Disablement of the Member, the benefit calculated (other than any Purchased Benefit) under rule 3.5(a)(iii)(B) (as if the Member died or became Totally and Permanently Disabled at that time) would be less than the amount calculated under rule 3.5(a)(iii)(A), then from that time, if the Member dies or becomes entitled to a total and permanent disablement benefit, the benefit payable shall be the amount calculated under rules 3.4(a) and (b), but not including any Purchased Benefit.
(b) Subject to rule 3.5(c) , where either:
(i) a person became an A ccumulation Member of the Former WSSP Fund or Former WSSP Plan following upon a transfer under clause 32 of the Former WSSP Deed and the Participating Employer approved that rule A10.7 of the Former WSSP Deed applied to the transfer; or
(ii) a person is an Accum ulation Member following upon a transfer from another Benefit Arrangement and the Participating Employer approves that this rule 3.5(b) applies to the transfer, and the Trustee accepts money or assets from the Benefit Arrangement in respect of the Member, then:
(iii) if the Member dies or becomes entitled to a total and permanent disablement benefit prior to 1 July next occurring after the 10th anniversary of the date on which the Member became an Accumulation Member of the Former WSSP Fund or Former WSSP Plan or becomes an Accumu...