Common use of Retiree Welfare Benefits Clause in Contracts

Retiree Welfare Benefits. For purposes of determining the Employee’s eligibility for post-retirement benefits under any welfare plan maintained by the IR Group (or any member thereof) prior to the occurrence of a Change in Control Event, the Employee shall be credited with any combination of additional years of service and age which together shall not exceed 10 years, for the purpose of determining eligibility for such benefits. If, after taking into account such additional age and service, the Employee is eligible for any such post-retirement welfare benefits (or would have been eligible under the terms of such plans as in effect prior to the occurrence of the Change in Control Event), the Employee shall receive, commencing on the month following the date that is two and one-half years after the Termination Date, post-retirement welfare benefits no less favorable than the benefits the Employee would have received under the terms and conditions of the applicable plans in effect immediately prior to the occurrence of the Change in Control Event. For the purpose of determining years of service under this paragraph, years of service shall be determined in accordance with the definition of “Year of Vesting Service” as set forth under Section 1.42 of the Xxxxxxxxx-Xxxx Pension Plan One (as in effect immediately prior to the Change in Control Event) in addition to the additional years provided herein.

Retiree Welfare Benefits. For purposes of determining the Employee’s eligibility for post-retirement benefits under any welfare plan maintained by the IR Group (or any member thereof) prior to the occurrence of a Change in Control Event, the Employee shall be credited with any combination of additional years of service and age which together shall not exceed 10 years, for the purpose of determining eligibility for such benefits. If, after taking into account such additional age and service, the Employee is eligible for any such post-retirement welfare benefits (or would have been eligible under the terms of such plans as in effect prior to the occurrence of the Change in Control Event), the Employee shall receive, commencing on the month following the date that is two and one-half three years after the Termination Date, post-retirement welfare benefits no less favorable than the benefits the Employee would have received under the terms and conditions of the applicable plans in effect immediately prior to the occurrence of the Change in Control Event. For the purpose of determining years of service under this paragraph, years of service shall be determined in accordance with the definition of “Year of Vesting Service” as set forth under Section 1.42 of the Xxxxxxxxx-Xxxx Pension Plan One (as in effect immediately prior to the Change in Control Event) in addition to the additional years provided herein.