Retiree Plan Sample Clauses
The Retiree Plan clause defines the terms and conditions under which retired employees are eligible to participate in a company's benefit plans, such as health insurance or pension programs. It typically outlines eligibility criteria, the scope of benefits provided, and any cost-sharing arrangements between the retiree and the employer. This clause ensures that retirees understand their post-employment benefits and helps the employer manage ongoing obligations to former employees.
Retiree Plan. A new Section 8(c) is hereby inserted in the Employment Agreement and shall read as follows: “Upon the termination of the Employee’s employment by reason of “retirement” (as defined in the Corporation’s Health and Welfare Plan for Early Retirees (the “Retiree Plan”)), the Employee (and his or her eligible spouse and dependents) shall be entitled to receive post-retirement medical insurance coverage pursuant to the terms of the Retiree Plan, for which the cost of premiums shall be paid by the Employee (or such spouse and/or dependents). In the event that the Retiree Plan is no longer in effect (or if otherwise necessary for tax and legal purposes), the Corporation shall make available equivalent coverage to the Employee (and such spouse and/or dependents) at substantially the same cost to the Employee (and such spouse and/or dependents) as would have been charged under the Retiree Plan as of the earlier of the date the Retiree Plan is terminated and the time of the Employee’s retirement (“Equivalent Retiree Coverage”); provided, however, that the Corporation may increase the premium charged to the Employee (and such spouse and/or dependents) based on the increase in cost, if any, to provide the Retiree Plan that may arise after the Employee’s retirement. The Corporation shall take all action necessary to ensure that the Equivalent Retiree Coverage, if any, shall be provided other than pursuant to the terms of a self-insured medical reimbursement plan that does not satisfy the requirements of Section 105(h)(2) of the Internal Revenue Code of 1986, as amended.”
Retiree Plan. New Employees Employee contributions for new members in the IBEW LOCAL 1245 bargaining unit shall not begin until such time as all other unions have reached agreement or PEPRA becomes effective for employees of the District, whichever occurs first. Should AC Transit agree to more favorable terms on a 2nd Tier pension plan with any other employee group, IBEW LOCAL 1245 shall receive the more favorable terms.
Retiree Plan. Coverage: Beginning 7/1/96, retiree health benefits include medical, dental, prescription, and vision coverage equivalent to the active plan. Any coverage changes subsequently agreed to through the collective bargaining/meet and confer process for the active plan will also apply to retiree coverage.
Retiree Plan. The Retiree Plan made available hereunder from time to time shall be no less favorable to Retirees than (a) the Active Plan, or (b) if providing such level of coverage would cause an “excess benefit” which results in the application of an excise tax under Section 4980I of the Code, or the application of any other penalties under the Code, the most favorable group health plan coverage provided to participants in Parent’s retiree medical plan from time to time (it being understood that, if at any time Parent ceases to maintain a retiree medical plan, the Retiree Plan shall thereafter be no less favorable to Retirees than the Active Plan). If more than one Active Plan is maintained at any time by the Company or Parent, as applicable, then corresponding Retiree Plans will be made available under this Plan, subject in each case to the preceding sentence, and each Retiree (and after the death of a Retiree, the Retiree’s eligible spouse), shall be permitted to select among the Retiree Plans during each annual enrollment period in the same manner and to the same extent that active senior executives of the Company and Parent are permitted to select among the corresponding Active Plans.
Retiree Plan. New Employees For new employees/members hired on or after January 1, 2015, the AC Transit Employee Retirement Plan will be amended in a manner that is equivalent to the plan set forth in Government Code Section 7522 et seq., and known as the California Public Employees’ Pension Reform Act of 2013 (“PEPRA”). Employee contributions for new members in the IBEW bargaining unit shall not begin until such time as all other unions have reached agreement or PEPRA becomes effective for employees of the District, whichever occurs first. Should AC Transit agree to more favorable terms on a 2nd Tier pension plan with any other employee group, IBEW shall receive the more favorable terms.