Continued Welfare Benefits definition

Continued Welfare Benefits. Until the earlier of the end of an Eligible Employee's Severance Period or the date on which such Eligible Employee becomes employed by a new employer, the Company shall, at its expense, provide such Eligible Employee with medical, dental, life insurance, disability and accidental death and dismemberment benefits at the highest level provided to such Eligible Employee during the period beginning immediately prior to the Change of Control and ending on the date of such Eligible Employee's Eligible Termination; provided, however, that if the Eligible Employee becomes employed by a new employer which maintains a major medical plan (or its equivalent) that either (i) does not cover the Eligible Employee with respect to a pre-existing condition which was covered under the Company's major medical plan, or (ii) does not cover the Eligible Employee for a designated waiting period, the Eligible Employee's coverage under the Company's major medical plan shall continue (but shall be limited in the event of noncoverage due to a preexisting condition, to the preexisting condition itself) until the earlier of the end of the applicable period of noncoverage under the new employer's plan or the end of the Severance Period. Following such Severance Period or the date of new employment, if earlier, the regular rights of an Eligible Employee to continuation of benefits under COBRA coverage, if any, shall apply.
Sample 1
Continued Welfare Benefits means benefits the same or substantially equivalent to those group health benefits which would have been provided to Officer in accordance with the plans described in Section 6(a) of this Agreement if Officer’s employment had not been terminated, or, upon the expiration of Officer’s eligibility for continuation in Bank’s welfare benefit plans through the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) or otherwise, a lump sum payment in lieu of such benefits equal to the cost to the Bank, of providing such benefits for such period if the Officer’s employment had not been terminated, grossed up for the effect of individual federal and state taxes on such payment at the combined marginal federal and state tax rate applicable to such officer for the calendar year preceding such termination. As a condition to any such benefits under this Agreement, the Bank Board’s Human Resources Committee may require the Officer to submit to such physical or mental evaluations and tests as it deems reasonably appropriate.
Sample 1

Examples of Continued Welfare Benefits in a sentence

  • If Employee’s bi-weekly severance payments end before the one year Continued Welfare Benefits period, Employee will receive a monthly invoice from the Company for Employee’s share of the cost of coverage on an after-tax basis.

Related to Continued Welfare Benefits

  • Welfare Benefits means the types of benefits described in Section 3(1) of ERISA (whether or not covered by ERISA).

  • Health and Welfare Benefits means any form of insurance or similar benefit programs, which may include but not be limited to, medical, hospitalization, surgical, prescription drug, dental, optical, psychiatric, life, or long-term disability.

  • Welfare Benefit Plan means each welfare benefit plan maintained or contributed to by the Company, including, but not limited to a plan that provides health (including medical and dental), life, accident or disability benefits or insurance, or similar coverage, in which Executive was participating at the time of the Change in Control.

  • Employee Welfare Benefit Plan has the meaning set forth in ERISA Sec. 3(1).

  • Retiree Welfare Plan means, at any time, a Welfare Plan that provides for continuing coverage or benefits for any participant or any beneficiary of a participant after such participant's termination of employment, other than continuation coverage provided pursuant to Section 4980B of the IRC and at the sole expense of the participant or the beneficiary of the participant.

  • Dental means of or relating to the teeth and the work of a dentist.

  • Welfare Plan means a “welfare plan” as defined in Section 3(1) of ERISA.

  • Retiree means any person who has begun accruing a retirement

  • Fringe benefits means the amount of:

  • Welfare Plans shall have the meaning set forth in Section 3.2.4.

  • Benefit Continuation Period means the period beginning on the Date of Termination and ending on the last day of the month in which occurs the earlier of (i) the 24-month anniversary of the Date of Termination and (ii) the date on which you elect coverage for you and your covered dependents under substantially comparable benefit plans of a subsequent employer.

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

  • Compensation and Benefit Plans has the meaning set forth in Section 5.03(m).

  • Health and Welfare Plans means any Benefit Plan that was established or is maintained for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or otherwise, medical (including preferred provider organization, exclusive provider organization, and high deductible health plan coverages), dental, prescription, vision, short-term disability, long-term disability, life and accidental death and dismemberment, employee assistance, group legal services, wellness, cafeteria (including premium payment, health flexible spending account, and dependent care flexible spending account components), travel reimbursement, transportation, or other benefits in the event of sickness, accident, disability, death, or unemployment, vacation benefits, apprenticeship or other training programs, day care centers, scholarship funds, or prepaid legal services, including any such plan, fund, or program as defined in Section 3(1) of ERISA.

  • Dependents means dependents as defined in the Internal Revenue Code and as claimed in the taxpayer's federal income tax return for the taxable year or which the taxpayer would have been permitted to claim had the taxpayer filed a federal income tax return.

  • superannuation benefits means pensions, gratuities and other allowances payable on resignation, retirement or death;

  • Benefits Continuation Period has the meaning set forth in Section 6.01(b).

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;

  • Continuation Coverage means coverage under a COBRA continuation provision or a similar state program. Coverage provided by a plan that is subject to a COBRA continuation provision or similar state program, but that does not satisfy all the requirements of that provision or program, will be deemed to be continuation coverage if it allows an individual to elect to continue coverage for a period of at least 18 months. Continuation coverage does not include coverage under a conversion policy required to be offered to an individual upon exhaustion of continuation coverage, nor does it include continuation coverage under the Federal Employees Health Benefits Program.

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

  • 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.

  • Multiple employer welfare arrangement means a “multiple employer welfare arrangement” within the meaning of Section 3(40) of ERISA.

  • Company Benefit Plans has the meaning set forth in Section 3.16(a).