Qualified Beneficiaries definition

Qualified Beneficiaries has the meaning set forth in Section 4.12.

Qualified Beneficiaries as defined by COBRA (“COBRA Coverage”). The Company shall reimburse the amount of any COBRA premium paid for COBRA Coverage timely elected by and for the Executive and any Qualified Beneficiary of the Executive, and not otherwise reimbursed, during the period that ends on the earliest of (x) the date the Executive or the Qualified Beneficiary, as the case may be, ceases to be eligible for COBRA Coverage, (y) the last day of the consecutive eighteen (18) month period following the date of the Executive’s termination of employment and (z) the date the Executive or the Qualified Beneficiary, as the case may be, is covered by another group health plan. To reimburse any COBRA premium payment under this paragraph, the Company must receive documentation of the COBRA premium payment within ninety (90) days of its payment.

Qualified Beneficiaries and "qualifying event" shall have the meaning ascribed to them under Section 4980B of the Code and Sections 601-608 of ERISA.

Examples of Qualified Beneficiaries in a sentence

• The Plan will offer COBRA continuation coverage to Qualified Beneficiaries only after the Plan Administrator or its designee has been timely notified that a Qualifying Event has occurred.

• If the Qualifying Event causes the covered Employee, or the covered Spouse or a Dependent child of the covered Employee, to cease to be covered under the Plan under the same terms and conditions as in effect immediately before the Qualifying Event, the persons losing such coverage become Qualified Beneficiaries under COBRA if all the other conditions of COBRA are also met.

• COBRA continuation coverage is the temporary extension of group health plan coverage that must be offered to certain Plan Participants and their eligible family members (called "Qualified Beneficiaries") at group rates.

• Qualified Beneficiaries who are entitled to elect COBRA continuation coverage may do so even if they are covered under another group health plan or are entitled to Medicare benefits on or before the date on which COBRA is elected.

• If such a conversion option is not otherwise generally available, it need not be made available to Qualified Beneficiaries.

More Definitions of Qualified Beneficiaries

Qualified Beneficiaries as defined in the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) § 607, 29 U.S.C. § 1167. The Assuming Institution shall consult with the Receiver and not later than five (5) Business Days after the Bank Closing Date shall provide written notice to the Receiver of the number (if available), identity (if available) and addresses (if available) of the Eligible Individuals who are Qualified Beneficiaries of the Failed Bank and for whom a “qualifying event” (as defined in ERISA § 603, 29 U.S.C. § 1163) has occurred and with respect to whom the Failed Bank’s obligations under Part 6 of Subtitle B of Title I of ERISA, 29 U.S.C. §§ 1161-1169 have not been satisfied in full, and such other information as the Receiver may reasonably require. The Receiver shall cooperate with the Assuming Institution in order to permit it to prepare such notice and shall provide to the Assuming Institution such data in its possession as may be reasonably required for purposes of preparing such notice.

Qualified Beneficiaries as defined in Section 4980B of the Internal Revenue Code of 1986, as amended ("COBRA") for the lesser of (A) the Continuation Period or (B) the period Executive remains eligible for COBRA under law, at a cost which is no greater than is charged to active employees of the Company and their dependents, his COBRA premiums (the "COBRA Payments"); and

Qualified Beneficiaries means those beneficiaries of a trust specified in § 35-15-103(13); and

Qualified Beneficiaries means any individuals who are entitled to group health coverage continuation under applicable federal or state law. The term “qualifying event” shall refer to an event resulting in the loss of group health coverage to a qualified beneficiary as provided under applicable federal or state law.

Qualified Beneficiaries has the meaning set forth in Section 4.12. Module 1 — Whole Bank w/ Optional Shared Loss Agreements Sunshine State Community Bank Version 3.0 — Purchase and Assumption Agreement Port Orange, Florida December 8, 2010

Qualified Beneficiaries means all Beneficiaries other than those persons specifically excluded from such term in this Section 5.09(g) or by the applicable Section of this Agreement. The term “Qualified Beneficiaries” shall not include with respect to a given Transfer a Transferring Beneficiary, a Pledging Beneficiary, a Donor Beneficiary, an Involuntary Transfer Beneficiary, the estate of a Deceased Beneficiary, a Terminating Beneficiary, a Withdrawing Beneficiary, an Affected Beneficiary, or, for purposes of Section 5.08, the Beneficiary who was married to the Spouse.

Qualified Beneficiaries shall have the meaning provided in COBRA.