MEDICAL BENEFITS UPON RETIREMENT Sample Clauses

MEDICAL BENEFITS UPON RETIREMENT. Upon Executive's retirement or other termination from the Company:
Sample 1
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MEDICAL BENEFITS UPON RETIREMENT. All employees hired prior to January 1, 2005 shall, upon retirement and for the duration of their lifetime, be provided continuing medical and prescription benefits at the same level as current Employees, at the full expense of the employer. The Employer shall pay the full premium for each Employee and, in cases where appropriate, for family-plan insurance coverage. All employees hired after January 1, 2005 shall, upon retirement, be allowed to elect to continue medical and prescription coverage within the township medical plan at their own expense, at a rate equivalent to the actual cost for the member. The Employer agrees that discussion regarding the removal or reduction of “medical benefits upon retirement,” shall be non-negotiable. Discussion regarding improvements to this section shall be allowed.
Sample 1
MEDICAL BENEFITS UPON RETIREMENT. All employees hired prior to January 1, 2007 shall, upon retirement and for the duration of their lifetime, be provided continuing medical and prescription benefits under the same coverage for said employee at the time of retirement and under such medical plan that is in effect by the Township at the time of the employees’ retirement, at the full expense of the employer. All employees hired after January 1, 2007 shall not be provided medical and prescription benefits, if any, by the Township. However, upon retirement, any employee hired after January 1, 2007 shall have the option to elect to continue medical and prescription coverage within the township medical plan in effect by the Township at the time of the employee’s retirement, at their own expense, and at a rate equivalent to the actual cost for the member. The Employer agrees that discussion regarding the removal or reduction of “medical benefits upon retirement,” shall be non-negotiable. Discussion regarding improvements to this section shall be allowed. For purposes of this article, “retirement” is defined to mean the end of employment with the Township after an employee reaches his or her fiftieth (50th) birthday and after the employee has accumulated twenty-five (25) years in the Public Employee Retirement System (PERS) and is eligible to collect a service retirement pension from PERS. Only those employees who have completed a total of twenty-five (25) years of government employment in PERS are eligible to purchase medical benefits through the township, although that service could include years other than in the Township. The following is a list of employees who are currently eligible, however may retire before they can qualify for this benefit. Name Date of Hire Signature Xxxxxxx Xxxxxxxx 9/16/1991 Xxxxxx Xxxxxxxx 11/24/1997 Xxxxxx Xxxxxxxxx 10/2/2000 Xxxxx Xxxxxxx 3/26/2001 Xxxxxxxxxxx Xxxx 5/29/2001 Xxxxxxx XxxXxxxxxx 7/2/2001 Xxxxx Xxxxx 1/7/2002 Xxxxxx Xxxxxx 2/22/2005 Xxxxx Xxxxxxxx 5/1/2006 Xxxxxxx Xxxxx 6/19/2006 B. DENTAL INSURANCE Employees shall be included in the same dental plan provided by the Township to all non-union employees. The Employer shall pay the full basic premium for each Employee and, in cases where appropriate, for family-plan insurance coverage. Dental coverage shall not be reduced during the life of this Agreement.
Sample 1
MEDICAL BENEFITS UPON RETIREMENT. 24.2.1 Effective January 1, 2003, a medical benefit (including medical, dental and vision) will be available to unit members upon retirement for a period of up to ten (10) years in accordance with the following schedule, or up to the age of Medicare eligibility, currently age 65. Years of Continuous MCOE Service Years of Medical Benefits 5 Years 5 Years 15 Years or More 10 Years To be eligible for these benefits unit members must meet the following criteria:
Sample 1

Related to MEDICAL BENEFITS UPON RETIREMENT

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Pre-Retirement Death Benefits Should the Executive die while --------- ----------------------------- in the service of the Bank and prior to the occurrence of his 55th birthday, the Bank will pay $2,070 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Executive. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any payments remaining unpaid at the Executive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Executive's estate.

  • Disability; Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Death, Disability, Retirement This Agreement shall terminate upon the death, disability or retirement of Executive. As used in this Agreement, the term "disability" shall mean Executive's inability, as a result of physical or mental incapacity, to substantially perform his duties with the Bank for a period of 180 consecutive days. Any question as to the existence of Executive's disability upon which the Executive and the Bank cannot agree shall be determined by a qualified independent physician mutually agreeable to Executive and the Bank or, if the parties are unable to agree upon a physician within ten (10) days after notice from either to the other suggesting a physician, by a physician designated by the then president of the medical society for the county in which Executive maintains his principal residence, upon the request of either party. The costs of any such medical examination shall be borne by the Bank. If Executive is terminated due to disability he shall be paid 100% of his Base Salary at the rate in effect at the time notice of termination is given for the remainder of the Employment Term, payable in substantially equal monthly installments less, in each case, any disability payments otherwise payable under plans provided by the Bank for disability or any governmental social security or workers compensation program, and actually paid to Executive in substantially equal monthly installments.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

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