Company Savings Plan Sample Clauses

Company Savings Plan. The Company shall establish a qualified defined contribution plan (the “Company Savings Plan”), effective as of the Plan Transition Date. The Company shall be responsible for taking all necessary, reasonable and appropriate action to establish, maintain and administer the Company Savings Plan so that it is qualified under Section 401(a) of the Code and that the related trust thereunder is exempt under Section 501(a) of the Code, and as soon as reasonably practicable following the Plan Transition Date, the Company shall take all steps reasonably necessary to obtain a favorable determination from the IRS or obtain an opinion as to such qualification. Immediately prior to the Plan Transition Date, the Company Transferred Employees shall cease to participate in the Pfizer Savings Plan and in the Legacy Savings Plan, and upon the Plan Transition Date, the Company Transferred Employees shall be eligible to commence participation in the Company Savings Plan. Any minimum age or service requirements contained in the Company Savings Plan with respect to eligibility to participate generally or eligibility to share in any employer contributions under such plan shall be waived or deemed satisfied for Company Transferred Employees to the extent waived or satisfied under the Pfizer Savings Plan and Legacy Savings Plan immediately prior to the Plan Transition Date.
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Company Savings Plan. Effective as of the Transfer Date (as defined below), Buyer shall have established a defined contribution plan (the “Buyer Savings Plan”) and related trust under Section 501(a) of the Code (the “Buyer Savings Trust”) to accept a transfer of assets and corresponding liabilities from the Deaconess Savings Plan and the related trust of the Deaconess Savings Plan (the “DAI Savings Trust”), in accordance with this §6(g). As soon as practicable after the Closing, but in no event later than 180 consecutive calendar days after the Closing (the “Transfer Date”), Seller shall direct the trustee of the DAI Savings Trust to transfer to the trustee of the Buyer Savings Trust the account balances in the DAI Savings Plan (the “Transferred Accounts”) of all Employees of Company and its Subsidiaries set forth on Schedule 4(f) (“Company Employees”). Except as specified in the last sentence of this §6(g), such transfer shall be made in cash and/or as freely transferable securities that are reasonably acceptable to Buyer, and as transfers of outstanding participant loans to Company Employees. The transfer described herein shall be subject to the requirements of Section 414(l) of the Code and Section 1.414(l)-1 of Treasury Regulations. In carrying out any transfer in cash, Buyer shall cause the Transferred Accounts to be reinvested in investment options in the Buyer Savings Plan to the extent that such options are substantially the same as the investment options elected by the Company Employees (whether current or former) for such portion of the account balances in the DAI Savings Plan. If, with respect to a specific investment option in the DAI Savings Plan, there is no investment option in the Buyer Savings Plan that is substantially the same, the portion of a Transferred Account that is invested in such investment option shall be transferred to the most conservative investment option in the Buyer Savings Plan until such time as the participant reallocates his or her account investment under the Buyer Savings Plan. All outstanding participant loans to Company Employees (whether current or former) shall be transferred to the Buyer Savings Plan in kind.” (c) The following new §6(h) is hereby added to the Purchase Agreement:
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Company Savings Plan. Eligibility for the 401(k) Company Savings Plan is set forth in Schedule F, which is attached to this Agreement, and made a part thereof.
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Company Savings Plan. The Company’s matching contribution under its Savings Plan related to the Executive’s deferrals and eligible wages in the year ended December 31, 2008 shall be made by December 31, 2009 as required by such plan.
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Company Savings Plan. Prior to the Closing, the Company shall -------------------- determine whether any participant in the Company Savings Plan received an insufficient matching contribution as a result of the failure to comply with the terms of the Company Savings Plan in effect in 1994. At the Closing, the Company shall provide Buyer with a certification that either (i) no participant received an insufficient matching contribution; or (ii) any shortfall in matching contributions was eligible to be corrected and was corrected fully pursuant to the Administrative Policy Regarding Self Correction of the Internal Revenue Service; or (iii) any shortfall in matching contributions is eligible to be corrected and either (x) was corrected fully pursuant to the Voluntary Compliance Resolution Program of the Internal Revenue Service, and an appropriate compliance statement was issued by the Internal Revenue Service or (y) an appropriate application for a compliance statement was submitted to the Internal Revenue Service.
Sample 1
Company Savings Plan. Effective as of the Closing, -------------------- Buyer shall have established a defined contribution plan (the "Buyer Savings Plan") and related trust under Section 501(a) of the Code (the "Buyer Savings Trust") to accept a transfer of assets and corresponding liabilities from the Cyprus Amax Savings Plan and the related trust of the Cyprus Amax Savings Plan (the "Cyprus Amax Savings Trust"), in accordance with this Section 5.1.
Sample 1

Related to Company Savings Plan

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Savings Plans Employee shall be entitled to participate in Employer’s 401(k) plan, or other retirement or savings plans as are made available to Employer’s other executives and officers and on the same terms which are available to Employer’s other executives and officers.

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • 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.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator. Subd. 1. All ASF Members who receive severance pay as defined in Section A of this article must participate in the health care savings plan. Subd. 2. All severance pay as defined in Section B of this article shall be transferred to the severed employee's health care savings plan account. At the time of separation, if an ASF Member has an approved exception to participation in the health care savings plan account from the plan administrator, then the ASF Member shall receive this payment in one lump sum payment of cash.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Salaried Employees Employees in this unit who qualify for exemption from the FLSA overtime provisions based upon duties and who are receiving the Project Manager bonus, as provided for in this MOU, shall be treated as salaried employees, in accordance with the provisions of the FLSA as identified in LAAC section 4.113(b). Salaried employees may be assigned 5/40, 4/10 9/80 or other schedules at the discretion of Management. Notwithstanding any LAAC and MOU provisions, or other City department rules and regulations to the contrary, these employees shall not be required to record specific hours of work for compensation purposes, although hours may be recorded for other purposes. These employees will be paid the predetermined salary for each biweekly pay period, as indicated in the appropriate salary appendices, and shall not receive overtime compensation. Salaried employees shall not be subject to deductions from salary or any leave banks for absences from work of less than a full workday. This provision applies to occasional partial day absences from work which are authorized by the appropriate supervisor designated by management. This provision does not apply to long-term or recurring partial day absences (e.g., intermittent leave/reduced work schedule for purposes of Family/Medical Leave). Salaried employees shall not be subject to disciplinary suspension for a period of less than a workweek (seven days; half of the biweekly pay) unless based on violations of a safety rule of major significance. This requirement shall be superseded by the revised Department of Labor FLSA regulations pertaining to disciplinary suspensions of FLSA-exempt employees on the operative date of the FLSA regulations. The appointing authority of each City department may grant time off for hours worked due to unusual situations.

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