Benefits Continuation means for the referenced period of time following the date of Executive's termination of employment with the Company, that the Company shall use its best efforts to provide or otherwise make available to Executive, his spouse and his dependents (as applicable), an election (with respect to health and dental coverage in lieu of coverage under the group health plan continuation coverage provisions of ERISA and the Code) to continue coverage under the Company's heath and dental benefit plans and group term life insurance plan (collectively, the "Continuation Plans") on the same terms and conditions that such plans are then provided to the Company's employees. The Company shall use its best efforts to arrange for such coverage with its insurance providers. The cost to Executive of including Executive, his spouse and his dependents in the Continuation Plans shall be no more than that paid by the Company's other employees and may be deducted from any regular payments made to Executive under this Agreement. If at any time the Company is precluded by the terms of any of the Continuation Plans from providing such coverage to Executive, his spouse, or his dependents, for reasons reasonably determined to be beyond the control of the Company, such coverage shall cease, provided, however, that the Executive, his spouse and his dependents shall be entitled to continuation of coverage under the Company's medical and/or dental benefit plans pursuant to any statutory rights Executive, his spouse or his dependents may then have under the group health plan continuation coverage provisions of ERISA and the Code, or otherwise, at Company's expense, so long as Executive timely complies with all applicable statutory requirements. The prior provisions notwithstanding, the right of Executive, his spouse or dependents to coverage as provided by the group health plan continuation coverage provisions of ERISA and the Code or otherwise shall be deemed to run concurrently with the continuation of health and/or dental benefits under the first sentence of this paragraph.
Benefits Continuation means that the Company shall reimburse a Participant for the difference between the monthly COBRA premium (other than for health flexible savings account coverage) paid by such Participant for Participant and Participant’s dependents and the monthly premium amount for such group health plan coverage paid by similarly situated active executives of the Company. For the avoidance of doubt, if the Participant is not covered under the medical, dental and/or vision portions of the Company’s group health plan as of the date of termination, then he or she is ineligible for Benefits Continuation.
Benefits Continuation means the continuation of medical, dental and life benefits that are paid over the Salary Continuation Period, as described in Section III.
Examples of Benefits Continuation in a sentence
Subject to the provisions of any other agreement between the Employee and the Company, the Employee shall remain an employee at will and nothing herein shall confer upon the Employee any right to continued employment and shall not affect the right of the Company to terminate the Employee for any reason not prohibited by law; provided, however, that any such removal shall be without prejudice to any rights the Employee may have to Salary and Benefits Continuation hereunder.
Refer to the Benefits Continuation (COBRA) Policy for more information.
Refer to the Benefits Continuation (COBRA) policy for more information.
For the avoidance of doubt, if a Participant dies during such Participant’s applicable Severance Period, Benefits Continuation will continue for the Participant’s applicable dependents for the remainder of the Participant’s Severance Period.
Similarly, in the event the Executive becomes eligible for dental insurance benefits from a new employer during the Benefits Continuation Period, the Company’s obligations under this Section 3(e) shall immediately cease and the Executive shall not be entitled to any additional monthly premium payments for dental insurance.
More Definitions of Benefits Continuation
Benefits Continuation means the continuation of a Participant’s healthcare coverage in accordance with applicable law.
Benefits Continuation means the continuation of medical, dental and vision benefits that are provided, as described in Section III.
Benefits Continuation means that the Company shall reimburse a Participant for the difference between the monthly COBRA premium paid by such Participant for Participant and Participant’s dependents and the monthly premium amount for such group health plan coverage paid by similarly situated active employees of the Company.
Benefits Continuation is defined as Company reimbursement of the COBRA premiums for continuation of the Company group health plan coverage for yourself and your eligible dependents that was in effect as of the date of your termination; provided, however, that such reimbursement shall terminate if and to the extent you become eligible to receive group health coverage from a subsequent employer (and any such eligibility shall be promptly reported to the Company). Notwithstanding the foregoing, if reimbursement of COBRA premiums hereunder would violate the Patient Protection and Affordable Care Act of 2010, the parties agree to reform this as necessary to comply with said law and the regulations issued thereunder.
Benefits Continuation shall have the meaning set forth in Section 8(a) hereof.
Benefits Continuation means, upon Executive’s timely election of COBRA, continued coverage for Executive and his eligible dependents in the Company’s medical, dental, vision and prescription drug plans at active employee rates through the earlier of the date on which Executive becomes eligible for Medicare coverage (or, in the case of a termination pursuant to Section 5(b) only, the date on which Executive would have attained age 65) or the date on which he becomes eligible for coverage under the healthcare plans of a subsequent employer; provided, that, in the event that COBRA expires or the Company cannot continue coverage under the Company plans for any reason, then the Company shall instead pay Executive a monthly payment in an amount equal to the Company’s portion of the healthcare premiums under the Company plans and assist Executive in obtaining comparable coverage from a third party healthcare provider. For the avoidance of doubt, Executive will not receive the Benefit Continuation if his employment is terminated pursuant to Section 5(c).
Benefits Continuation. If all or part of the Termination Payment is made by way of continuation of the Executive's Base Pay, the Executive's pension and group benefits will continue until the earlier (a) the last day of continuation of the Executive's Base Pay, to the extent permitted by the plan terms and the insurer; or (b) the date that the Executive obtains replacement coverage for such benefits from new employment, provided that in any case benefits will continue for at least the minimum period mandated by the Ontario Employment Standards Act. If the Termination Payment is made in a lump sum, the Executive's pension and group benefits will continue only for the minimum period mandated by the Ontario Employment Standards Act. The Executive's entitlements under this clause are subject to the Executive's obligation to search out and accept reasonable alternative employment during the period in which the Executive is entitled to termination payments. In the event that the Executive obtains income from employment or self-employment during said period, the Executive's entitlement to the Termination Payment shall e reduced by the amount of such income, except that the Executive's entitlements from the Employer shall not be less than the minimum entitlements, if any, mandated by the Ontario Employment Standards Act. No Further The Employee acknowledges and agrees that the Termination Payment and benefit continuation described in Article 5.4(b) are reasonable. Upon provision of the Termination Payment and benefit continuation specified herein. the Employer has satisfied all obligations to provide notice and severance including those arising pursuant to the Ontario Employment Standards Act, and the Executive shall not be entitled to any further notice, payment in lieu of notice, termination pay, severance pay, damages, costs or compensation in respect of her employment or the termination thereof, whether under statute, common law or contract, and the Executive agrees to execute a formal release document in a form satisfactory to the Employer in consideration of such payment.