COBRA Premium Payment Period definition

COBRA Premium Payment Period means that number of months equal to the quotient of (x) the Participant’s Cash Severance Amount, divided by (y) the Participant’s Regular Monthly Salary, rounded up to the nearest whole number of months.
Sample 1

Examples of COBRA Premium Payment Period in a sentence

  • During the Participant’s COBRA Premium Payment Period (as defined in Section 3(l) above), the Company shall pay the full amount of the premiums required to continue the Participant’s group health coverage under the Company’s group health plan(s), on the same terms as applied immediately prior to the date of termination of the Participant’s employment with the Company.

  • Such payment shall be subject to the applicable provisions of the Consolidated Omnibus Reconciliation Act of 1985, as amended (“COBRA”), provided, that the Participant elects such coverage and otherwise remains eligible for benefits under COBRA during the remainder of the COBRA Premium Payment Period.

  • At the conclusion of the COBRA Premium Payment Period, the Eligible Executive Officer will be responsible for the entire payment of premiums required under COBRA for the remainder of the COBRA period, if any, except to the extent that the Eligible Executive Officer qualifies under ARRA as an “assistance eligible individual” who is entitled to COBRA premium assistance without recapture.

  • No provision of this Plan will affect the continuation coverage rules under COBRA, except that the Company’s payment of any applicable premiums during the COBRA Premium Payment Period will be credited, except for purposes of COBRA premium assistance under the American Recovery and Reinvestment Act of 2009 (the “ARRA”), as payment by the Eligible Executive Officer for purposes of his or her payment required under COBRA.

  • If Executive continues to be eligible (under Federal law) and chooses to continue COBRA continuation coverage after the COBRA Premium Payment Period ends, Executive will be required to pay the full monthly COBRA Premium in a timely fashion.

  • Upon expiration of the Participant’s COBRA Premium Payment Period, the Participant shall be solely responsible for the continued payment of COBRA premiums, and, subject to the requirements of ERISA, the Participant’s COBRA coverage shall terminate upon failure of the Participant to continue to pay the applicable premiums.

Related to COBRA Premium Payment Period

  • COBRA Period means the period beginning on the Date of Termination and ending on the six-month anniversary thereof; provided, however, that in the event the Qualifying Termination occurs on or within 24 months following a Change in Control, then the COBRA Period instead shall end on the 12-month anniversary thereof.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • COBRA Continuation Period means the continuation period for medical and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month following the month in which the date of termination falls and generally shall continue for an 18 month period.

  • Severance Period means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control and (ii) the Executive’s death.

  • Payment Period means the three months following each Collection Quarter.

  • Non-Payment Period means a period commencing on and including a Dividend Payment Date or redemption date for which the Trust shall fail to (i) declare, prior to the close of business on the second Business Day preceding such Dividend Payment Date, for payment on or (to the extent permitted by Section 11.2(c)(i) of these Bylaws) within three Business Days after such Dividend Payment Date to the Holders as of 12:00 noon, New York City time, on the Business Day preceding such Dividend Payment Date, the full amount of any dividend on APS payable on such Dividend Payment Date, provided, however, that if the Trust is not able to make such declaration in compliance with the foregoing because an unforeseen event or unforeseen events causes or cause a day that otherwise would have been a Business Day not to be a Business Day, then the Trust may make such declaration on the Business Day immediately preceding the Dividend Payment Date, if possible, or, if not possible, on the Dividend Payment Date, and in such case the Trust shall not be deemed to have failed to declare a dividend otherwise required to be declared, or (ii) deposit, irrevocably in trust, in same-day funds, with the Auction Agent by 12:00 noon, New York City time, (A) on such Dividend Payment Date the full amount of any cash dividend on such shares payable (if declared) on such Dividend Payment Date or (B) on any such redemption date for any shares of APS called for redemption, the Mandatory Redemption Price per share of such APS or, in the case of an optional redemption, the Optional Redemption Price per share, and ending on and including the Business Day on which, by 12:00 noon, New York City time, all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have otherwise been made available to Holders in same-day funds; provided that, a Non-Payment Period shall not end unless the Trust shall have given at least five days’ but no more than 30 days’ written notice of such deposit or availability to the Auction Agent, all Existing Holders (at their addresses appearing in the Share Books) and the Securities Depository. Notwithstanding the foregoing, the failure by the Trust to deposit funds as provided for by clauses (ii)(A) or (ii)(B) above within three Business Days after any Dividend Payment Date or redemption date, as the case may be, in each case to the extent contemplated by Section 11.2(c)(i) of these Bylaws, shall not constitute a “Non-Payment Period.”

  • COBRA Continuation Coverage means the health care benefit continuation coverage mandated by the Consolidated Omnibus Budget Reconciliation Act and similar provisions of state law.

  • Continuation Period shall have the meaning set forth in Section 6.9(a).

  • Pay Period means a two (2) calendar week period beginning on a Sunday and ending on the second Saturday thereafter.

  • Premium Payment Date in respect of any Option, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation.

  • COBRA Coverage means continuation coverage required under Section 4980B of the Code and Part 6 of Title I of ERISA.

  • Retention Period means the minimum time that must pass after the creation, recording, or receipt of a record, or the fulfillment of certain actions associated with a record, before it is eligible for destruction.

  • Premium pay Per the statute, recipients have broad latitude to designate critical infrastructure sectors and make grants to third-party employers for the purpose of providing premium pay or otherwise respond to essential workers. While the interim final rule generally preserves the flexibility in the statute, it does add a requirement that recipients give written justification in the case that premium pay would increase a worker’s annual pay above a certain threshold. To set this threshold, Treasury analyzed data Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Rules and Regulations 26817 from the Bureau of Labor Statistics to determine a level that would not require further justification for premium pay to the vast majority of essential workers, while requiring higher scrutiny for provision of premium pay to higher- earners who, even without premium pay, would likely have greater personal financial resources to cope with the effects of the pandemic. Treasury believes the threshold in the interim final rule strikes the appropriate balance between preserving flexibility and helping encourage use of these resources to help those in greatest need. The interim final rule also requires that eligible workers have regular in-person interactions or regular physical handling of items that were also handled by others. This requirement will also help encourage use of financial resources for those who have endured the heightened risk of performing essential work.

  • Benefit Period means the period of time from the date of the Accident causing the Injury for which benefits are payable, as shown in the Schedule of Benefits, and the date after which no further benefits will be paid.

  • COBRA means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

  • Severance Multiplier means, with respect to any termination of Employee’s employment hereunder by the Company without Cause or by Employee with Good Reason, 1; provided, however, that in the event such termination occurs within the two (2) year period following a Change in Control, the Severance Multiplier shall instead equal 2.

  • Severance Term means the twenty-four (24) month period following Executive’s termination by the Company without Cause (other than by reason of death or Disability) or by Executive for Good Reason.

  • Coverage Period means the time period specified on the Declarations Page beginning on the effective date and ending on the expiration date. All dates are as of 12:01 AM in the time zone of the Policyholder.

  • Severance Amount means:

  • Premium Termination Date With respect to the Series A Certificates, the scheduled maturity date of the Series A Certificates, with respect to the Series B Certificates, the scheduled maturity date of the Series B Certificates and with respect to the Series C Certificates, the scheduled maturity date of the Series C Certificates.

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).

  • Severance Multiple means 2.50; provided, however, that notwithstanding the foregoing, for each full month that elapses during the period beginning on the date the Executive attains age 63 and ending on the date the Executive attains age 65, the Severance Multiple shall be reduced by an amount equal to the product of (i) 1/24 and (ii) the excess of (A) the original Severance Multiple set forth above over (B) 1.0 (rounded to the nearest hundredth).