Term Disability Insurance. You will be eligible to participate in the Company’s short-term disability plan on the 1st of the month following your date of hire. Premiums are employee paid. Premiums are automatically deducted from your paycheck on an after-tax basis. • Retirement Savings Plan (401k) - On the first of the month following your date of hire, the plan allows you to contribute up to the maximum annual limit imposed by the IRS, which is $17,500.00 for 2013 through automatic payroll deductions on a before-tax basis. Following completion of 6 months of service, for which you have worked at least 500 hours, the Company will match 100% of your contribution up to a maximum of the lesser of $7,650.00 or 3% of your salary. • Supplemental Executive Retirement Plan (SERP) - You are eligible to participate in the SERP Plan on October 1, 2013. The purpose of the SERP is to provide officers with financial security in exchange for a career commitment. The SERP is designed such that at age 65, you could be expected to have an accumulation (under certain assumptions) that is approximately equal to the present value of a life annuity sufficient to replace 40% of your final three-year average salary. If your years of service as an officer at age 65 are less than 20 years, a pro-rata reduction is applied to the 40% target. Further details will be provided upon employment. • Automobile - You are entitled to an automobile allowance of $14,000 per year. • Parking - You will be provided an officer parking spot in the garage adjacent to our building. • Additional - In addition to the standard benefits set forth above, the Company will pay you up to $15,000 promptly after your Start Date to reimburse you for employment transition expenses including legal expenses. In the event you travel for work, you will be entitled to non-economy travel for flights in excess of three (3) hours.
Term Disability Insurance. The Employer shall pay of the billed premium for the long term disability benefit that provided in Article ARTICLE RETROACTIVITY Increases to the salary schedule shall be retroactive to the dates specified in Schedule and apply to all employees in the bargaining unit as of April Any new employee hired since that date shall be entitled to adjustment to their remuneration from the date of their Former employees are eligible for retroactive pay for periods of employment since April The Employer shall be responsible to contact in writing, at their last known address, any employees who have since left employment and advise them of their entitlement to any retroactive adjustment and send a copy thereof to the Association. Such employees shall have a period of forty-five (45) days from the date of mailing to claim such adjustments. Former employees who are eligible for retroactive pay must apply by registered letter or by personal attendance to the Employer. Interest on retroactivity shall be payable eight
Term Disability Insurance. The Employer will continue, at no cost to the employee, insurance coverage based on employee earnings. APPENDIX PAGE
Term Disability Insurance. Employees shall participate in a Long Term Disability Insurance Policy with the paying one hundred percent (100%) of the regular monthly premiums. The agrees to continue its present practice with respect to contributions to the Policy covered by this sub-article on behalf of employees receiving payments under the Long Term Disability Insurance Policy. At the request of the employee and upon production of a doctor’s certificate or certificates acceptable to the medical consultant, the will advance the first month’s payment due from the insurance company in the case of a delay.
Term Disability Insurance. In accordance with the Long-Term Disability (LTD) insurance plan provisions, your coverage ends on your last day worked. Under the LTD contract there are no provisions for conversion. Retirement Savings Plan Contributions to your Retirement Savings Plan will cease as of your last regular paycheck. If you would like a distribution from the Plan, please contact Fidelity directly at 0(000)000-0000. In the interim, your balances will continue to be invested as described in the Retirement Savings Plan literature sent to you. Pension Plan You are vested in the Houghton Mifflin Pension Plan. I am requesting your assistance in obtaining from the Social Security Administration official information about your year-by-year "covered" earnings, including money earned before your employment with Houghton Mifflin Company. The enclosed form authorizes the Social Security Administration to release that information to the Company. Please sign, date, and return it to me. Houghton Mifflin will pay the filing fee charged by Social Security.
Term Disability Insurance. The City of Saco provides Short-Term Disability Insurance to all employees working a minimum of 30 hours per week. If a covered illness or injury keeps you from working, this employer-paid short term disability insurance replaces part of your income while you recover. For short-term disability, the City’s Income Protection Vendor covers 66.7% of the weekly gross salary up to $1,000 per week. To supplement the short-term coverage, an employee may use their accrued sick time first and then accrued vacation time if the employee chooses to make their check whole for each week. The elimination period for short-term disability coverage is 14 calendar days. Employees can use their available sick and vacation accruals to cover the elimination period. The benefit duration is up to 24 weeks for an eligible illness or injury, and six weeks for the birth of a child.
Term Disability Insurance. Effective August the Board will provide a Long Term Disability Insurance Plan and agrees to pay of the premium cost for such plan. At least of the eligible employees must be insured before the plan takes effect.
Term Disability Insurance. Effective first of month following date of hire. After 90 days of continuous disability, Sun Life of Canada, USF‟s long-term disability carrier, provides monthly income of 60% of monthly salary to a maximum income of $12,000 reduced by income from other sources. Minimum benefit is $100/month. Pre- existing conditions apply but will be waived if covered with previous employer. USF pays the entire premium. LONG-TERM CARE INSURANCE (OPTIONAL) Long-term care insurance helps protect against financial loss in the event that you need long-term care services. If you become unable to care for yourself due to chronic illness, injury, or the effects of aging, this insurance can help defray the costs of long-term care services. Premiums are remitted to Xxxx Xxxxxxx through payroll deduction. WORKERS’ COMPENSATION Effective as of date of hire. USF‟s workers‟ compensation carrier, St. Xxxx‟s Travelers provides financial assistance for work-related illness or injury. LIFE INSURANCE Effective as of date of hire. USF‟s life insurance carrier is through Sun Life of Canada. Basic group term life insurance is provided by USF. The amount of basic coverage is equal to 1X annual base salary rounded to the next $1,000 up to a maximum of $300,000. Additional accidental death and dismemberment coverage equal to the amount of life insurance. Benefits are reduced to 65% at age 70. SUPPLEMENTAL LIFE INSURANCE (OPTIONAL) Eligible upon hire. Effective 1st of month following completion of enrollment forms. Choice of 1X, 2X, or 3X base salary in additional term life insurance. Guaranteed approval up to $400,000 if purchased within 30 days of hire. Greater amounts up to a maximum of $500,000 are subject to evidence of insurability. Age based premium paid by payroll deduction. Benefits are reduced to 65% at age 70. DEPENDENT LIFE INSURANCE (OPTIONAL) Eligible upon hire. Effective 1st of month following completion of enrollment forms. $5,000 term life insurance available for spouse; $2,000 for each dependent child. Premium paid by payroll deduction.
Term Disability Insurance. The Company shall offer short-term disability coverage for purchase by all regular full-time employees, effective on the first day of the month following the commencement of full-time employment. The maximum weekly benefit shall be sixty percent (60%) of base straight-time wages, commencing with the first day of accident or hospitalization or the eighth day of illness, for a maximum of thirteen (13) weeks duration.
Term Disability Insurance. The Company shall offer long-term disability coverage for purchase by all regular full-time employees, effective on the first day of the month following the commencement of full-time employment. The maximum monthly benefit shall be sixty percent (60%) of base straight- time wages, up to a maximum of $3,000 per month, commencing in accordance with eligibility requirements set forth in the plan or policy. Extent of Obligations The Company may choose to arrange for funding of the foregoing benefits through insurance, self-funding, or a combination thereof. DTO reserves the right, in its sole and absolute discretion, to amend, modify or terminate, in whole or in part, any or all of the provisions of the benefit plans described herein. Further, DTO reserves the exclusive right, power and authority, in its sole and absolute discretion, to administer, apply and interpret the benefit plans described herein, and to decide all matters arising in connection with the operation or administration of such plans.
