Guaranteed Benefits Sample Clauses
The Guaranteed Benefits clause defines the specific benefits that a party is assured to receive under the terms of an agreement, regardless of other circumstances. This clause typically outlines the nature, amount, and duration of the guaranteed benefits, such as fixed payments, insurance payouts, or minimum returns, and may specify conditions under which these guarantees apply. Its core practical function is to provide certainty and security to the beneficiary by ensuring that they will receive the promised benefits, thereby reducing risk and potential disputes over entitlements.
Guaranteed Benefits. The Company shall pay all guaranteed benefits for Closed Block Business in accordance with the terms of the Policies contained in the Closed Block Business. To the extent provided in this Article VIII, cash shall be withdrawn from the Closed Block in respect of those benefits. The assets allocated to the Closed Block are the Company's assets and are subject to the same liabilities (in the same priority) as all assets in the Company's general account.
Guaranteed Benefits. (A) From the first full pay week after May 1 through the last full pay week before November 15 in each contract year except in the final year of this contract when the period runs to September 30, all fringe benefits including vacation pay and dues checkoff, but excluding pension fund contributions (see Article II, Section 5A) will be paid on the basis of a 40 hour work week regardless of the actual number of hours worked or paid, so long as the employee has actually worked one or more hours in that work week. During the first and last week of employment during the guaranteed period, benefits for all employees hired or laid off will be paid only on actual hours worked including in instances where the employee works greater than forty hours. An employee shall be deemed “hired” or “laid off” during this guarantee period only if there is at least a fourteen (14) calendar day interval between the dates of the purported lay off and the purported re-hire and if the lay off and recall were from and to the same employer and project. Fringe benefit contributions shall be paid for the actual number of hours worked for the weeks of Memorial Day, Independence Day and Labor Day.
(B) During all other times of the year fringe benefits including pension fund contributions shall be computed and paid on the basis of actual hours worked except that the Employer shall not be required to make fringe benefit fund contributions, excluding IUPAT Pension contributions, in excess of fifty (50) hours per calendar week for any employee covered by this Agreement.
Guaranteed Benefits. The Guaranteed Benefits associated with PIM Investment Class Units, PIM Estate Class Units and PIM Income Class Units are calculated in the same manner as the Guaranteed Benefits for Investment Class Units, Estate Class Units and Income Class Units, respectively.
Guaranteed Benefits. (A) During the periods May 1 to November 15 in each contract year except in the final year of this contract when the period runs to September 30, all fringe benefits including vacation pay but excluding pension fund contributions (see Article II, Section 5A) will be paid on the basis of a guaranteed 40 hour work week regardless of the actual number of hours worked. During the first and last week of employment during the guaranteed period, benefits for all employees hired or laid off will be paid only on actual hours worked including in instances where the employee works greater than forty hours. An employee shall be deemed “hired” or “laid off” during this guarantee period only if there is at least a fourteen (14) calendar day interval between the dates of the purported lay off and the purported re-hire and if the lay off and recall were from and to the same employer and project. Fringe benefit contributions shall be paid for the actual number of hours worked for the weeks of Memorial Day, Independence Day and Labor Day.
(B) During all other times of the year fringe benefits including pension fund contributions shall be computed and paid on the basis of actual hours worked except that the Employer shall not be required to make fringe benefit fund contributions, excluding IUPAT Pension contributions, in excess of fifty (50) hours per calendar week for any employee covered by this Agreement.
Guaranteed Benefits. With respect to matters not covered by this Agreement, the Village will not seek to diminish or impair, during the term of this agreement, any benefit or privilege provided by law, rule or regulation.