Applied Materials Retiree Health Care Coverage Policy for Executive Officers
Contract Categories:
Human Resources
›
Retirement Agreements
Summary
Applied Materials offers continued health care coverage at the active employee premium rate to executive officers who retire at age 55 or older with at least ten years of service, for 18 months under COBRA. After reaching age 65, retirees receive Medicare supplement coverage through a third-party policy. These benefits are only available to executive officers first elected before 2013.
EX-10.35 5 ait-2017630x10kexx1035.htm EXHIBIT 10.35 Exhibit
EXHIBIT 10.35
RETIREE HEALTH CARE COVERAGE
Applied provides continuation health care coverage, at the active employee premium rate, to executive officers who retire after reaching age 55, with at least ten years of service, for the 18-month period under the Consolidated Omnibus Budget Reconciliation Act of 1986. In addition, when the retiree attains age 65, Applied provides Medicare supplement coverage through a third-party policy. Individuals first elected as executive officers after 2012 are not eligible for these benefits.
