Buyer’s 401(k) Plan Sample Clauses

Buyer’s 401(k) Plan. The Buyer currently maintains a defined contribution profit-sharing plan with a cash or deferred arrangement that is intended to qualify under Section 401(a) and 401(k) of the Code (“Buyer’s 401(k) Plan”). Buyer’s 401(k) Plan shall provide credit to Hired Employees for all of their service with the Seller, solely for purposes of eligibility to participate and vesting, to the same extent such service would have been credited if the service had been performed for the Buyer prior to the Closing Date. Buyer’s 401(k) Plan shall permit elective deferral contributions by each eligible Hired Employee as soon as administratively feasible after the Hired Employee is employed with the Buyer. After the Closing Date, the Buyer shall permit Hired Employees who are entitled and elect to receive an “eligible rollover distribution” (as described in Section 402(f)(2)(A) of the Code) from the JCI Investment Savings Plan to direct that the eligible rollover distribution be transferred to Buyer’s 401(k) Plan in accordance with Section 402(c) of the Code and the Buyer shall cause Buyer’s 401(k) Plan to contain provisions permitting such transfers.
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Buyer’s 401(k) Plan. Buyer’s 401(k) Plan (as defined in Section 8.1(c)) has been operated in all material respects in accordance with its terms and the requirements of ERISA, the Code and other Applicable Law. Buyer has obtained a favorable determination letter from the IRS for Buyer’s 401(k) Plan covering all tax law changes prior to the Economic Growth and Tax Relief Reconciliation Act of 2001.
Sample 1
Buyer’s 401(k) Plan. Buyer maintains a qualified defined contribution plan with a cash-or-deferred arrangement under Code Section 401(k) (the “Buyer’s 401(k) Plan”). After the Company has received a favorable determination letter from the IRS on the Form 5310 filed as provided in Section 6.11 of this Agreement, Buyer shall cause Buyer’s 401(k) Plan to be amended to permit Buyer’s 401(k) Plan to accept the rollover of an asset consisting of a loan to a participant in the Company’s 401(k) Plan, but only if such participant is a current employee of Buyer or the Company and the loan is not the only asset rolled over to Buyer’s 401(k) Plan by such employee.
Sample 1
Buyer’s 401(k) Plan. US Buyer shall ensure that the 401(k) plan sponsored by it or one of its Affiliates in which the Transferred Employees who are employees will participate after the Closing will accept a rollover contribution of each such Transferred Employee’s account balance from the 401(k) plan sponsored by US Seller or one of its Affiliates in accordance with US Buyer’s usual procedures.
Sample 1
Buyer’s 401(k) Plan. Buyer has established and maintains a defined contribution profit-sharing plan with a cash or deferred arrangement that is intended to be qualified under Sections 401(a) and 401(k) of the Code (the “Buyer’s 401(k) Plan”). The Buyer’s 401(k) Plan shall provide credit to Business Employees for all of their service with RESTAT, solely for purposes of eligibility to participate and vesting, to the same extent such service would have been credited if the service had been performed for Buyer prior to the Closing. After the Closing Date, Buyer shall permit Business Employees who are entitled and who elect to receive an “eligible rollover distribution” (as described in Section 402(f)(2)(A) of the Code) from the Dohmxx 000(k) Plan to direct that the eligible rollover distribution be transferred to the Buyer’s 401(k) Plan in accordance with Section 402(c) of the Code, and the administrative procedures established under Buyer’s 401(k) Plan for the transfer of “eligible rollover distributions,” unless the administrator of Buyer’s 401(k) Plan reasonably concludes that such transfers are not valid “eligible rollover distributions” under Code Section 401(a)(31) and the regulations thereunder. Transfers of eligible rollover distributions shall not include any outstanding loan of a Business Employee under the Dohmxx 000(k) Plan.
Sample 1

Related to Buyer’s 401(k) Plan

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended. 2.2 In accordance with the procedures established in Schedule 2.1 entitled “Third Party Administrator Procedures,” as may be amended by the Transfer Agent and the Fund from time to time (“Schedule 2.1”), the Transfer Agent shall: (a) Treat Shareholder accounts established by the Plans in the name of the Trustees, Plans or TPAs, as the case may be, as omnibus accounts; (b) Maintain omnibus accounts on its records in the name of the TPA or its designee as the Trustee for the benefit of the Plan; and (c) Perform all Services under Section 1 as transfer agent of the Funds and not as a record-keeper for the Plans. 2.3 Transactions identified under Sections 1 and 2 of this Agreement shall be deemed exception services (“Exception Services”) when such transactions: (a) Require the Transfer Agent to use methods and procedures other than those usually employed by the Transfer Agent to perform transfer agency and recordkeeping services; (b) Involve the provision of information to the Transfer Agent after the commencement of the nightly processing cycle of the TA2000 System; or (c) Require more manual intervention by the Transfer Agent, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System, than is normally required.

  • 401(k) Plan Executive shall be entitled to participate in the Company’s 401K plan in accordance with its terms and conditions.

  • Flexible Spending Accounts Employees in the unit shall have access to the County’s flexible spending account program, which provides employees with the options of dependent care assistance benefits with a calendar year maximum of $5,000, and medical expense reimbursement benefits with a calendar year maximum of $2,400. The County shall maintain this plan in compliance with IRC §125. Employee premiums for flexible spending account benefits shall be deducted on a pre-tax basis from employee pay.

  • Flexible Working Arrangements In accordance with the Employment Relations Act 2000, an employee affected by family violence may request a short-term (two months or less) variation of their employment arrangements to assist the employee to deal with the effects of family violence.

  • Health and Welfare Benefit Plans During the Employment Period, Executive and Executive’s immediate family shall be entitled to participate in such health and welfare benefit plans as the Employer shall maintain from time to time for the benefit of senior executive officers of the Employer and their families, on the terms and subject to the conditions set forth in such plan. Nothing in this Section shall limit the Employer’s right to change or modify or terminate any benefit plan or program as it sees fit from time to time in the normal course of business so long as it does so for all senior executives of the Employer.

  • Flexible Spending Account The parties agree that the State shall have the right to use State Employee Health Plan funds to cover the administrative costs of operating the medical and dependent care flexible spending account programs.

  • 125 Plan The Board will maintain a Section 125 plan for premiums only in addition to a flexible account that includes eligible medical expenses and dependent care expenses with participating employees paying whatever the administrative charge is to run the 125 Plan.

  • Section 125 Plan The Trustees shall continue the Section 125 plan to allow pretax treatment of the employee’s share of health and dental insurance premiums. The plan will be available as soon as practicable, but no later July 1, 1998. The plan will be amended to include a medical reimbursement account and a dependent care reimbursement account to be available for enrollment no earlier than July 1, 2003, but no later than December 31, 2003.

  • Health and Welfare Benefits applies to full-time nurses only)

  • HEALTH AND WELFARE PLAN 9.01 The Employer shall make available the following or similar benefits as mutually agreed between the Employer and the Union to eligible regular full-time employees (as defined below). The cost of the benefits under Sections 9.07, 9.08, 9.09, 9.10, 9.11, 9.12 and 9.13 below shall be paid one hundred percent (100%) by the Employer. An eligible full-time employee shall be one who has three (3) consecutive months current employment at the effective date of the Plan. Benefits for full-time employees who are laid off will be maintained by the Employer for one half (½) of the employee's recall period as specified in Section 14.04 on the following basis: - B.C. Medical Services Plan (M.S.P.) - Group Life Insurance - Hearing aid, eyeglasses and prescription drug coverage A regular full-time employee who does not have three (3) months' current consecutive full-time service at the effective date of the Plan, or a new employee, shall be eligible the day following the date their current consecutive full-time service reaches three (3) months. 9.02 A regular full-time employee reduced to part-time shall continue to be eligible to participate in the Plan. Full-time employees reducing to below thirty-two (32) hours per week shall receive proportionate Weekly Indemnity benefits. Employees shall return completed enrollment forms as soon as possible. The Employer will only offer benefits after first eligibility test is met. If refused at that time by the employee, further testing is not required. If an employee later wants coverage, it is his or her responsibility to make application to the Employer. If he or she is eligible for coverage, the same rules regarding late enrollment as apply to full- time staff may be imposed. 9.03 The Employer shall also make available the benefits to employees (except students) who work an average of thirty-two (32) hours per week for a period of three (3) consecutive months. Such employees shall receive the same benefits as set out for full-time employees in this Section of the Agreement. 9.04 For the purposes of entitlement and disentitlement, the conditions set out below will apply: A. Employees who average thirty-two (32) hours per week for a three (3) month period will be eligible for all benefits under Section 9 on the first of the month following meeting this requirement. Eligibility verifications will be done each month ending on the last Saturday of the month on a 4, 4, 5 basis, i.e.: if an employee had averaged thirty-two (32) hours per week in the three (3) months prior to April 25, he/she would become eligible for the benefit package on May 1. B. If an employee fails to meet the eligibility test, he/she will continue to be eligible for three (3) months. At that time he/she will be tested again and, if eligible, will continue receiving benefits. If not eligible, will cease receiving benefits. Thereafter at the end of each month, the employee's eligibility will be tested and, as soon as he/she becomes eligible again, benefits will be reinstated. 9.05 The Employer shall also make available: - Medical Services Plan (M.S.P.) - Extended Health Benefit (E.H.B.) - Hearing Aid, Eyeglass, Prescription Drug Plan (H.E.P.) to employees (except students) who work an average of twenty-four (24) hours per week for a period of three (3) consecutive months. For the purposes of entitlement and disentitlement, the hours' tests set out above will apply, but will be based on twenty-four (24) hours instead of thirty-two (32) hours per week. New employees who are covered by the B.C. Medical Services Plan at the date of their employment can elect to maintain their continuity of coverage to be paid as defined above. 9.06 Enrollment of group benefits shall be compulsory at the option of the Employer. The Employer, at his option, may require all enrollment cards to be signed within three (3) months from the date that regular full-time employment commenced. If, under exceptional circumstances, an employee does not sign an enrollment card within three (3) months of employment, he or she may be allowed a further month of grace at the option of the Employer. A period of grace longer than one (1) month may be allowed by the Employer; but, in such cases, a medical examination at the employee's own expense shall be compulsory and a three (3) month penalty period may be imposed.

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