Common use of Termination of Disability Benefits Clause in Contracts

Termination of Disability Benefits. The disability benefits cease at the earliest of the following: • Date at which disability cease • Date of eligibility for unreduced pension • Date at which employee attains 65 years old • Death of the employee Schedule Of Amounts Classification Long Term Disability Insurance All Employees *An amount equal to 55% of regular straight time hourly rate multiplied by 2,080 and divided by 12. During the term of the agreement, effective May 1st of each year, general wage increases will be incorporated into the benefit up to the maximum payment of $2,400.00. Maximum $2,600.00 per month for those actively employed as of September 19, 2005. Maximum $2,700.00 per month for those actively employed as of May 1, 2007. • Amounts of monthly benefit which are not integral multiples of $1.00 are rounded to the next higher dollar. Note: Generally, your monthly benefit is considered taxable income. If it is not taxable, the 85% limit would apply to your basic earnings after deductions have been made for income tax and pension plan. Estimates of disability income from any of these sources will be used until the actual benefits have been established. While receiving benefits under this Plan, an employee will continue to accrue pension benefits at no cost to him. Rehabilitation Rehabilitative employment means any part-time occupation or work for a period not exceeding 24 months approved by The Insurance Company. Your monthly benefit will be reduced by 50% of these earnings. If A Disability Recurs If you become totally disabled again within six months due to the same or related cause and not receiving any income disability benefits, payments will commence again without the necessity of completing the 52 weeks. Disabilities occurring after the six month period will be treated as if no prior disability had occurred and the 52 week period must be completed again.

Appears in 2 contracts

Samples: Terms of Labour Agreement, Terms Of

AutoNDA by SimpleDocs

Termination of Disability Benefits. The disability benefits cease at the earliest of the following: Date at which disability cease Date of eligibility for unreduced pension Date at which employee attains 65 years old Death of the employee Schedule Of of Amounts Classification Long Term Disability Insurance All Employees *An amount equal to 55% of regular straight time hourly rate multiplied by 2,080 and divided by 12. During the term of the agreement, effective May 1st of each year, general wage increases will be incorporated into the benefit up to the maximum payment of $2,400.00. Maximum $2,600.00 2,800.00 per month for those actively employed as of September 19April 2, 20052015. Maximum $2,700.00 per month for those actively employed as of May 1, 2007. • Amounts of monthly benefit which are not integral multiples of $1.00 are rounded to the next higher dollar. Note: Generally, your monthly benefit is considered taxable income. If it is not taxable, the 85% limit would apply to your basic earnings after deductions have been made for income tax and pension plan. Estimates of disability income from any of these sources will be used until the actual benefits have been established. While receiving benefits under this Plan, an employee will continue to accrue pension benefits at no cost to him. Rehabilitation Rehabilitative employment means any part-time occupation or work for a period not exceeding 24 months approved by The Insurance Company. Your monthly benefit will be reduced by 50% of these earnings. If A Disability Recurs If you become totally disabled again within six months due to the same or related cause and not receiving any income disability benefits, payments will commence again without the necessity of completing the 52 weeks. Disabilities occurring after the six month period will be treated as if no prior disability had occurred and the 52 week period must be completed again.

Appears in 1 contract

Samples: Terms of Labour Agreement

AutoNDA by SimpleDocs

Termination of Disability Benefits. The disability benefits cease at the earliest of the following: Date at which disability cease Date of eligibility for unreduced pension Date at which employee attains 65 years old Death of the employee Schedule Of Amounts Classification Long Term Disability Insurance All Employees *An amount equal to 55% of regular straight time hourly rate multiplied by 2,080 and divided by 12. During the term of the agreement, effective May 1st of each year, general wage increases will be incorporated into the benefit up to the maximum payment of $2,400.00. Maximum $2,600.00 2,800.00 per month for those actively employed as of September 19April 2, 20052015. Maximum $2,700.00 2,900.00 per month for those actively employed as of November 1, 2018. Maximum $3,000.00 per month for those actively employed as of May 1, 20072021. Amounts of monthly benefit which are not integral multiples of $1.00 are rounded to the next higher dollar. Note: Generally, your monthly benefit is considered taxable income. If it is not taxable, the 85% limit would apply to your basic earnings after deductions have been made for income tax and pension plan. Estimates of disability income from any of these sources will be used until the actual benefits have been established. While receiving benefits under this Plan, an employee will continue to accrue pension benefits at no cost to him. Rehabilitation Rehabilitative employment means any part-time occupation or work for a period not exceeding 24 months approved by The Insurance Company. Your monthly benefit will be reduced by 50% of these earnings. If A Disability Recurs If you become totally disabled again within six months due to the same or related cause and not receiving any income disability benefits, payments will commence again without the necessity of completing the 52 weeks. Disabilities occurring after the six month period will be treated as if no prior disability had occurred and the 52 week period must be completed again.

Appears in 1 contract

Samples: Terms of Labour Agreement

Time is Money Join Law Insider Premium to draft better contracts faster.