Cash Balance Plan. 8.10.6.1 The District offers a STRS Cash Balance Plan for part-time faculty.
Cash Balance Plan. Prior to the Closing, Seller shall take all action necessary such that, immediately prior to the Closing, all employees of the Acquired Companies who participate in the Cash Balance Plan shall (i) become fully vested in any unvested portion of their Cash Balance Plan accrued benefit and (ii) be entitled to a distribution from the Cash Balance Plan as provided under the terms of the Cash Balance Plan as soon as practicable after the Closing.
Cash Balance Plan. The Purchasers shall designate a plan (the “Purchasers’ Designated Plan”) into which Employees may rollover cash distributions from the BOC Cash Balance Plan subject to the terms and conditions of the BOC Cash Balance Plan and the Purchasers’ Designated Plan. With respect to such rollover, (i) the Purchasers shall provide to the BOC Group written assurances that the Purchasers’ Designated Plan is an “eligible retirement plan” and (ii) Seller shall provide to the Purchasers written assurances from the BOC Group that each such distribution from the BOC Cash Balance Plan is an “eligible rollover distribution” within the meaning of Section 402(c)(4) of the Code. For purposes of this Section 6.2(b), the term “eligible retirement plan” shall have the meaning set forth in Sections 401(a)(31)(D) and 402(c)(8)(B) of the Code. The Purchasers shall indemnify each Seller Indemnified Party in accordance with Article IX against any Losses incurred by it, directly or indirectly, as a result of the failure of the Purchasers’ Designated Plan to qualify as an “eligible retirement plan” or the failure of such rollover to be made in accordance with the terms of the Purchasers’ Designated Plan. Similarly, the Seller shall indemnify each Purchaser Indemnified Party in accordance with Article IX against any Losses incurred by it as a result of the failure of the BOC Cash Balance Plan to qualify under Section 401(a) of the Code or a failure of any such distribution to be an “eligible rollover distribution” or to be made in accordance with the terms of the BOC Cash Balance Plan. With respect to any benefits accrued by any Employees under the BOC Cash Balance Plan and not distributed to such employees, from and after the Closing Date such benefits shall continue to be credited with the periodic adjustment percentage (as defined in the BOC Cash Balance Plan) in the same manner as accrued benefits of active employees who participate in such plan.
Cash Balance Plan. In addition to the benefits to which the Executive is entitled under each Cash Balance Plan (as defined below), the Company shall pay the Executive a lump sum amount, in cash, equal to the sum of (A) the amount that would have been credited to the Executive's account thereunder (whether as pay credits, interest credits, or otherwise) during the three years immediately following the date of Termination of Employment, determined (x) as if the Executive earned compensation during such period at an annual rate equal to the Executive's compensation (as defined in the Cash Balance Plan) during the twelve (12) months immediately preceding the date of Termination of Employment or, if higher, during the twelve months immediately prior to the first occurrence of an event or circumstance constituting Good Reason and (y) without regard to any amendment to the Cash Balance Plan made subsequent to a Change of Control and on or prior to the date of Termination of Employment, which amendment adversely affects in any manner the computation of benefits thereunder and (B) the excess, if any, of (x) the Executive's account balance under the Cash Balance Plan as of the Date of Termination over (y) the portion of such account balance that is nonforfeitable under the terms of the Cash Balance Plan as of the date of Termination of Employment.
Cash Balance Plan. Effective December 31, 2010, a cash balance plan component will be implemented under the Retirement Plan. The accrued benefits of all current participants (other than participants who satisfy the “75 Point” requirement described below and who elect to continue in the traditional retirement plan component) will be converted to an account under the cash balance plan component to be maintained for the participant. All eligible employees who are hired or rehired, or who transfer to a union position, on or after commencement date will be covered under (and, if applicable, converted to) the cash balance plan component. The conversion from the traditional retirement plan component to the cash balance plan component will be calculated by the actuary for the Retirement Plan based on legal requirements and reasonable actuarial factors. In connection with the conversion, actuarial adjustments based on the “Rule of 85” under the traditional retirement plan component will be applied to the traditional retirement plan component accrued benefit as of December 31, 2010, only for participants who satisfy the “Rule of 85” age plus benefit accrual service requirements. Thus, for participants who have not satisfied the “Rule of 85” requirements at the time of the cash balance conversion, the actuarial increase, if any, resulting from the application of the “Rule of 85” will be effective at the time of retirement, assuming the “Rule of 85” requirements are met at the time. Additionally, although the interest factor used in the conversion calculations will not include any “wear away” assumptions, benefits will be subject to “wearing away” in the future, based on a number of factors, including interest rates and time of retirement. Benefits under the cash balance plan component will be funded entirely by the Company. A participant’s cash balance account will be credited with contribution credits and interest credits. Beginning December 31, 2010, contribution credits will be made monthly (the first contribution credit to be made in February 2011). For active participants as of August 16, 2010, the contribution credit rate will be equal to a specified percentage of the participant’s eligible earnings as follows. Total Age + Service Percentage of Eligible at December 31, 2010 Earnings Under 55 4% 55-59 5% 60-64 6% 65-69 7% 70 or above 8% The contribution credit rate for new hires, rehires and transfers, on or after August 16, 2010, will be 4%. Interest credits will be subject to le...
Cash Balance Plan. Seller (a) shall use reasonable commercial efforts to terminate the Cash Balance Plan within one hundred twenty (120) days after the Closing and (b) shall provide Buyer with copies of all applicable termination documents. For the avoidance of doubt such Cash Balance Plan is and shall at all times be deemed an Excluded Asset.
Cash Balance Plan. The District shall provide bargaining unit members employed less than .50 FTE who are not current participants in the State Teachers Retirement System (STRS), the option of electing the Cash Balance Plan offered by the STRS. Contributions to this plan shall total a pretax amount equal to four percent (4%) of the bargaining unit member's creditable earned salary in accordance with Internal Revenue Code Section 414 (h) (2) and California Education Code. Participating bargaining unit members shall contribute four percent (4%) of their creditable earned salary deducted from each paycheck.
Cash Balance Plan. If the Executive is a participant in a Cash Balance Plan (as defined below), then in addition to the benefits to which the Executive is entitled under each Cash Balance Plan, the Company shall pay the Executive, not later than five (5) days after the Termination of Employment (or at such later date provided for in Section 2.g. hereof), a lump sum amount, in cash, equal to the sum of (A) the amount that would have been credited to the Executive’s account thereunder (whether as pay credits, interest credits, or otherwise) during the two years immediately following the date of Termination of Employment, determined (x) as if the Executive earned compensation during such period at an annual rate equal to the Executive’s compensation (as defined in the Cash Balance Plan) during the twelve (12) months immediately preceding the date of Termination of Employment or, if higher, during the twelve months immediately prior to the first occurrence of an event or circumstance described in clause (A), (B), (C), (D) or (E) of Section 1 h.(ii) hereof and (y) without regard to any amendment to the Cash Balance Plan made subsequent to a Change of Control and on or prior to the date of Termination of Employment, which amendment adversely affects in any manner the computation of benefits thereunder and (B) the excess, if any, of (x) the Executive’s account balance under the Cash Balance Plan as of the Date of Termination over (y) the portion of such account balance that is nonforfeitable under the terms of the Cash Balance Plan as of the date of Termination of Employment.
Cash Balance Plan. You are eligible to receive a Cash Balance Plan award for 2003. You will receive this award when the award is made to employees. You are not eligible for a Cash Balance Plan award for 2004.
Cash Balance Plan. The BUSD Board shall adopt a resolution electing to provide bargaining unit members employed less than .50 FTE who are not current participants in STRS with the option of electing the Cash Balance Plan offered by the State Teachers' Retirement System (STRS). Contributions to this plan shall total a pretax amount equal to 8% of the bargaining unit member's creditable earned salary in accordance with Internal Revenue Code Section 414 (h) (2). Participating bargaining unit members shall contribute 2.05% of their creditable earned salary deducted from each paycheck. The District shall make a contribution of 5.95% of each bargaining unit member's account who elects to participate in the cash balance plan.
