Benefits After Separation Sample Clauses
The "Benefits After Separation" clause defines the rights and entitlements an employee retains or receives regarding benefits after their employment ends. Typically, this clause outlines which benefits, such as health insurance, retirement contributions, or severance pay, will continue, terminate, or be converted following separation. For example, it may specify the duration of continued health coverage or eligibility for unused vacation payout. Its core function is to provide clarity and certainty for both employer and employee about post-employment benefits, reducing disputes and ensuring a smooth transition.
Benefits After Separation ln the event of separation not for cause as above specified or in,the event of retirement at any time after the term of the Agreement or by agreement at any time during the time of the Agreement, the Corporation agrees, to the extent possible under such health insurance contracts, if any, as the Corporation has in effect from time to time, to make available to the said Gord▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇d benefits, the cost of which benefits would be handled as with any other active officer of the Corporation.
Benefits After Separation. In the event of (i) separation not for Cause, as above specified, (ii) retirement at any time after the term of the Agreement, or (iii) retirement during the term of the Agreement if such retirement is agreed to by the Banks and the Executive, the Banks agree to make available to the Executive and his spouse (if such spouse was covered by the Banks' health benefits program before the separation or retirement) health benefits which are substantially similar to the health benefits provided to the Executive and his spouse (if applicable) prior to the termination or retirement. The Executive shall pay the same portion of the cost of such benefits as is paid by any other active officer of the Banks.