Optional Plan Sample Clauses
The optional-plan clause allows parties to choose whether to participate in a specific plan or program offered under the agreement. In practice, this means that a party is not automatically enrolled or obligated to join the plan; instead, they must actively opt in if they wish to take advantage of its benefits or services. This clause provides flexibility and autonomy, ensuring that participation is voluntary and tailored to each party's needs, thereby preventing unwanted obligations or costs.
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Optional Plan. Each employee may apply for an additional one hundred thousand dollars ($100,000) Group Life and one hundred thousand dollars ($100,000) Accidental Death and Dismemberment Insurance. This insurance requires medical evidence of insurability from each applicant and coverage will become effective only with the written approval of the insurer. No employee shall have present benefits reduced by a change in carrier.
Optional Plan. Each employee may apply for up to an additional $300,000.00 Group Life and $300,000.00 Accidental Death and Dismemberment Insurance. The Optional Group Life insurance requires medical evidence of insurability from each applicant and coverage will become effective only with the written approval of the insurer. No employee shall have their present benefits reduced by a change in carrier.
Optional Plan. Lump sum payment of 75% of accrued sick leave with a maximum of $l8,000.00.
Optional Plan. The Optional Plan is a defined contribution plan and is intended to meet the qualification requirements of Section 401(a) of the Internal Revenue Code of 1986. The University will make contributions each year to your account in the Optional Plan. You will have the ability to direct the investment of your account among the Optional Plan’s selected investment options. The benefits to be provided through the Optional Plan are not the obligations of the State of Oklahoma but are the obligation of the University. The only benefit to be provided under the Optional Plan is the vested portion of contributions (and investment earnings thereon) made to the Plan by the University. All contributions by the University are fully vested after three consecutive years of service in the plan.
Optional Plan. A. An additional $10,000 life with AD & D.
Optional Plan. Each employee may elect to take optional Group Life Insurance and/or optional Accidental Death & Dismemberment Insurance, at their own cost, in multiples of ten thousand dollars ($10,000) to a maximum of two hundred and fifty thousand dollars ($250,000.00). The optional group life insurance requires medical evidence of insurability from each applicant and coverage will become effective only with the written approval of the insurer. No employee shall have their present benefits reduced by a change in carrier. The cost of the basic plan shall be paid one hundred percent (100%) by the employer. The cost of the optional plan shall be paid one hundred percent (100%) by the employee through payroll deductions.