Post-Retirement Medical Coverage. Upon the termination of employment with the Bank at any time on or after attainment of age 62, the Executive shall be eligible to maintain participation in the group medical insurance plan sponsored by the Bank from time to time for the benefit of the Executive and Executive's dependent family at the Bank's expense, until such time that the Executive and Executive's spouse shall be eligible for coverage under the Federal Medicare System, or any successor program. The provisions of this Section shall survive the termination of this Agreement.
Post-Retirement Medical Coverage. Upon the termination of employment with the Bank at any time on or after attainment of age 62, the Executive shall be eligible to receive reimbursement for the costs of maintaining participation in the group medical insurance plan sponsored by the Bank from time to time for the benefit of the Executive and Executive’s dependent family to the extent that such participant is permissible under the Bank’s plan without the Bank incurring penalties or taxes associated with such coverage, or in the alternative, the Executive will receive reimbursement for participation in other comparable coverage, until such time that the Executive and Executive’s spouse shall be eligible for coverage under the Federal Medicare System, or any successor program. The provisions of this Section shall survive the termination of this Agreement. If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, applicable rules and regulations prohibit such benefits or the payment of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. Such cash payment will be made on the Bank’s first payroll date immediately following the 30th day after the later of: (i) Executive’s date of termination; or (ii) the effective date of the rules or regulations prohibiting such benefits or subjecting the Bank to penalties.
Post-Retirement Medical Coverage. Commencing on the Executive’s separation from service (for any reason) and continuing for the longer to live of the Executive and his spouse, the Executive and his spouse shall be deemed participants in the Company’s medical benefit plan offered to all employees of the Company (the “Medical Plan”) and be deemed to be eligible to receive the benefits under the Medical Plan subject to the terms and conditions applicable to participants in the Medical Plan from time to time. The Executive (or, if applicable after the Executive’s death, his spouse) shall be charged for such deemed participation at a rate equal to the monthly rate the Medical Plan charges former participants and spouses eligible for continuation coverage under COBRA, plus the rate payable by the employer, as each such COBRA rate is adjusted from time to time. The Company may impute the amounts due from the Executive and his spouse in lieu of creating an administrative system for monthly payment and collection of the COBRA rate.
Post-Retirement Medical Coverage. Upon the termination of employment with the Company at any time on or after attainment of age 62, the Executive shall be eligible to receive reimbursement for the costs of maintaining participation in the group medical insurance plan sponsored by the Company or the Bank from time to time for the benefit of the Executive and Executive’s dependent family to the extent that such participant is permissible under the Company’s or the Bank’s plan without the Company or the Bank incurring penalties or taxes associated with such coverage, or in the alternative, the Executive will receive reimbursement for participation in other comparable coverage, until such time that the Executive and Executive’s spouse shall be eligible for coverage under the Federal Medicare System, or any successor program. The provisions of this Section shall survive the termination of this Agreement.
Post-Retirement Medical Coverage. Upon the termination of employment with the Bank at any time on or after attainment of age 62, the Executive shall be eligible to receive reimbursement for the costs of maintaining participation in the group medical insurance plan sponsored by the Bank from time to time for the benefit of the Executive and Executive's dependent family to the extent that such participant is permissible under the Bank’s plan without the Bank incurring penalties or taxes associated with such coverage, or in the alternative, the Executive will receive reimbursement for participation in other comparable coverage, until such time that the Executive and Executive's spouse shall be eligible for coverage under the Federal Medicare System, or any successor program. The provisions of this Section shall survive the termination of this Agreement.
Post-Retirement Medical Coverage. Post-retirement Medical Coverage will be provided in accordance with the Benefits Manual for Non- Represented Staff as updated 8/4/20, an electronic copy of which will be provided to the Union.
Post-Retirement Medical Coverage. Upon the termination of employment with the Company at any time on or after attainment of age 62, the Executive shall be eligible to maintain participation in the group medical insurance plan sponsored by the Company (or its subsidiaries) from time to time for the benefit of the Executive and Executive’s dependent family, until such time that the Executive and Executive’s spouse shall be eligible for coverage under the Federal Medicare System, or any successor program; provided that the Executive shall reimburse the Company no less frequently than monthly for such coverage based upon the comparable COBRA continuation premium amount in effect during such period; and further, provided that such coverage is permissible in accordance with the applicable group medical insurance plans being maintained. The provisions of this Section shall survive the termination of this Agreement.
Post-Retirement Medical Coverage. (Added 1/1/98) “It would not be fiscally responsible (nor meaningful) for SPPCo to “guarantee” Post-Retirement medical coverage indefinitely into the future. Since current retiree medical and insurance costs are paid from current earnings each year, a change in the control of the Company or bankruptcy could very well defeat the purpose of any such “guarantee”. To protect this benefit for SPPCo’s current and future retirees, the Company in 1993 established an irrevocable trust for post retirement medical and life insurance costs. Beginning in 1993 the Company has contributed the maximum amount permitted by tax code each year to this trust. This trust falls under ERISA laws and protections and cannot be used for any purpose other than post retirement medical benefit costs. As of January, 1997, the assets in the trust for Bargaining Unit employees totaled $17,993,852. The present value Accumulated Benefit Obligation (APBO) was projected at $29,915,693. Assuming continued Company contribution, no change in Plan design, and other economic and asset growth assumptions are realized, it is expected that the trust will be adequately funded by 2013 to meet current Accumulated Post Retirement Medical Benefits Obligations. Based upon prior rate orders and the recent stipulation with the Nevada Public Service Commission, the Company is required to fund post retirement medical to the maximum amount permitted by the tax code.”
Post-Retirement Medical Coverage. Upon the termination of employment with the Bank at any time on or after attainment of age 62, the Executive shall be eligible to receive reimbursement for the costs of maintaining participation in the group medical insurance plan sponsored by the Bank from time to time for the benefit of the Executive and Executive’s dependent family to the extent that such participant is permissible under the Bank’s plan without the Bank incurring penalties or taxes associated with such coverage, or in the alternative, the Executive will receive reimbursement for participation in other comparable coverage, with such reimbursement not to exceed the premiums under the Bank’s group medical insurance plan, until such time that the Executive and Executive’s spouse shall be eligible for coverage under the Federal Medicare System, or any successor program. The provisions of this Section shall survive the termination of this Agreement. If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, applicable rules and regulations prohibit such benefits or the payment of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay Executive a cash lump sum payment reasonably estimated to be equal to the value of such insurance premiums or the value of the remaining insurance premiums at the time of such determination. Such cash payment will be made on the Bank’s first payroll date immediately following the 30th day after the later of: (i) Executive’s date of termination; or (ii) the effective date of the rules or regulations prohibiting such benefits or subjecting the Bank to penalties.
Post-Retirement Medical Coverage. SPX FLOW shall have no obligation to provide retiree medical benefits of any kind to Executive and the failure to offer retiree medical shall not constitute “Good Reason” under the Original Change of Control Agreement. Notwithstanding anything to the contrary, (a) the years of continuation coverage provided under Section 4(b)(iii) of the Original Change of Control Agreement shall count for purposes of determining the Executive’s eligibility for post-retirement medical reimbursements under the Executive’s Employment Agreement, and (b) nothing herein shall be deemed to limit Executive’s right to reimbursement for post-retirement medical coverage pursuant to Section 4(g) of the Executive’s Employment Agreement, as amended.
