Income Replacement definition

Income Replacement means the percentage of your Monthly Salary paid to you as your STD benefit. Your STD benefit is calculated by multiplying your Monthly Salary amount by the percentage of Income Replacement benefit you elected (either the Core benefit of 70% or the Additional Benefit of 100/80%.) You are paid a daily rate for each day that you are entitled to STD benefits. Note: Once your STD claim is approved, you must be placed on a 5-day/40-hour work schedule.
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Examples of Income Replacement in a sentence

  • The following provisions apply to the Supplementation of Compensation Award provisions, Income Replacement Plan, Income Protection Plan, Group Life Insurance Plan, the Long Term Disability Plan, the Supplementary Health Care Plan, the Dental Plan and Health Care/Flexible Spending Account, as contained in this Agreement.

  • Coverage ends for all group benefits (with the exception of the Income Replacement Plan and Spousal Optional Life/Optional AD&D which ended post Normal Retirement Date).

  • All entitlements under the Income Replacement Plans including Long Term Disability, shall be fifty percent (50%) of those received by the member in their full time position.

  • All entitlements under the Income Replacement Plans including Long Term Disability, shall be 50% of those received by the member in their full time position.

  • Employees in receipt of Short-term or Long-term Income Replacement benefits on the first normal working day in January will receive their new allotment of 100% weeks when they have returned to work on a full-time basis for one full work week.

  • Income Replacement Plan All entitlements under the Income Replacement Plans including Long Term Disability, shall be of those received by the member in their full time position.

  • All employees who are eligible to participate in a UBC long term disability plan (Disability Benefit Plan or Income Replacement Plan) will be required to join the appropriate plan upon meeting conditions of eligibility that are provided for in that plan.

  • The Company’s present policy and subsequent amendments (in accordance with bylaws of the plans concerned) providing, Group Income Replacement Insurance, Group Life Insurance, Accidental Death and Dismemberment, Group Dental Plan and Extended Health including Vision shall be continued during the term of this agreement.

  • Employees will turn back to the Company all Income Replacement Allowances received.

  • An employee shall not be entitled to use sick leave because of an illness or disability paid by The Workers’ Compensation Act or for which Income Replacement Benefits are paid under The Automobile Accident Insurance Act or when the employee is receiving wage replacement from any other agency.