Administration of Terminated Retirement Plan Sample Clauses

Administration of Terminated Retirement Plan. Effective as of the Effective Date, Dresser shall assume all responsibilities for the administration of the group annuity contracts issued by The Prudential Insurance Company of America (the "Group Annuity Contracts") in connection with the termination of the Dresser Industries, Inc. Retirement Income Plan under ERISA, as constituted on April 1, 1986 ("Plan 19") with respect to those participants (including retired and deferred vested participants) who are Continued Employees or Former Business Employees (including alternate payees related thereto) (such participants being hereafter referred to as the "Transferred Plan 19 Participants"). Effective immediately before the Effective Date, the members of the Parent Group shall relinquish administration of the Group Annuity Contracts with respect to Transferred Plan 19 Participants and shall not be responsible for providing any such administration with respect to such contracts. Dresser hereby indemnifies and holds the Parent and its ERISA Affiliates harmless from and against any and all damages, claims, liabilities and expenses associated with the administration of the Group Annuity Contracts with respect to the Transferred Plan 19 Participants.
Sample 1
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Administration of Terminated Retirement Plan. Effective as of -------------------------------------------- the Effective Date, the Acquiror and the Buyers shall assume all responsibilities for the administration of the group annuity contracts issued by The Prudential Insurance Company of America (the "Group Annuity Contracts") in connection with the termination of the Dresser Industries, Inc. Retirement Income Plan under ERISA, as constituted on April 1, 1986 ("Plan 19") with respect to those Halliburton Company Agreement and Plan of Recapitalization Appendix VI-7 participants (including retired and deferred vested participants) who are Continued Employees or Former Business Employees (including alternate payees related thereto) (such participants being hereafter referred to as the "Transferred Plan 19 Participants"). Effective immediately before the Effective Date, the members of the Parent Group shall relinquish administration of the Group Annuity Contracts with respect to Transferred Plan 19 Participants and shall not be responsible for providing any such administration with respect to such contracts. The Acquiror and the Buyers hereby jointly and severally indemnify and hold the Parent, the Seller, and their ERISA Affiliates harmless from and against any and all damages, claims, liabilities and expenses associated with the administration of the Group Annuity Contracts with respect to the Transferred Plan 19 Participants.
Sample 1

Related to Administration of Terminated Retirement Plan

  • Termination of 401(k) Plan The Company agrees to terminate its 401(k) plan immediately prior to the Closing, unless Parent, in its sole and absolute discretion, agrees to sponsor and maintain such plan by providing the Company with notice of such election at least five days before the Effective Time.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Benefits Termination Except for any right the Executive may have under the federal law known as “COBRA” or other applicable law to continue participation in the Company’s group health and dental plans at his cost, the Executive’s participation in all employee benefit plans shall terminate in accordance with the terms of the applicable benefit plans based on the date of termination of his employment, without regard to any continuation of the Base Salary or other payment to the Executive following termination of his employment, and the Executive shall not be eligible to earn vacation or other paid time off following the termination of his employment.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Compensation Following Termination In the event that Executive’s employment hereunder is terminated, Executive shall be entitled only to the following compensation and benefits upon such termination:

  • Death After Termination of Employment But Before Benefit Payments Commence If the Executive is entitled to benefit payments under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the benefit payments to the Executive's beneficiary that the Executive was entitled to prior to death except that the benefit payments shall commence on the first day of the month following the date of the Executive's death.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Meaning of Termination of Employment For all purposes of this Agreement, Executive shall be considered to have terminated employment with the Company when Executive incurs a “separation from service” with the Company within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code; provided, however, that whether such a separation from service has occurred shall be determined based upon a reasonably anticipated permanent reduction in the level of bona fide services to be performed to no more than 25% of the average level of bona fide services provided in the immediately preceding 36 months.

  • Disability; Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

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