Buyer’s Benefit Plans; Service Credit; Waiver of Limitations and Credit for Deductibles Sample Clauses

Buyer’s Benefit Plans; Service Credit; Waiver of Limitations and Credit for Deductibles. On or as soon as practicable after the Closing Date, Buyer shall permit (i) eligible salaried Transferred Employees who are not covered by a collective bargaining agreement to participate in 401(k) plans that it offers its similarly situated salaried employees; and (ii) eligible hourly Transferred Employees who are covered by an applicable collective bargaining agreement to participate in 401(k) and/or pension benefit plans that are reasonably comparable to those included in the applicable collective bargaining agreements. At Closing, Buyer will permit all Transferred Employees to enroll in its health and welfare plans as provided in Section 5.12(a), and shall credit each Transferred Employee with service for his or her service with Transferor and its Subsidiaries prior to the Closing for all purposes under any employee benefit plan, program or arrangement made available to such Transferred Employee by Buyer following the Closing; provided that, no service credit need be provided to any such Transferred Employee (i) for benefit accrual purposes under any defined benefit plan or (ii) to the extent it would result in the Transferred Employee being entitled to receive benefits under any Buyer plan that are duplicative of any vested benefits that such Transferred Employee is entitled to receive under any Transferor Employee Plan. Buyer shall (A) waive all limitations as to pre-existing conditions, exclusions and waiting periods and actively-at-work requirements with respect to participation and coverage requirements applicable to the Transferred Employees and their dependents and beneficiaries under any welfare benefit plans made available to such Transferred Employees following the Closing and (B) Buyer shall (I) provide each Transferred Employee and his or her eligible dependents and beneficiaries with credit under Buyer’s medical benefit plans, programs and arrangements that it generally makes available to its own similarly situated employees (“Buyer’s Standard Medical Plans”) for any co-payments, other out-of-pocket expenses and deductibles with respect to claims that were reported under the medical benefits plan made available to such Transferred Employees from and after January 1 of the year in which the Closing Date occurs and through and including the date prior to the date the Transferred Employees become participants in the Buyer’s Standard Medical Plans (the “Medical Transition Date”), and use reasonable commercial efforts without undue administrati...