Continuation of Kerr XXX Union Retirement Plan Required Sample Clauses

Continuation of Kerr XXX Union Retirement Plan Required. (a) SDS Kerr XXX Union Retirement Plan. Effective as of the Effective Date, SDS or the Dental Business Subsidiaries shall continue to maintain the SDS Kerr XXX Union Retirement Plan and its related trust for the benefit of eligible Dental Business Employees and their beneficiaries. Prior to the Effective Date, the Dental Business Subsidiaries maintained such Plan as the Sybron Kerr XXX Union Retirement Plan. As of the Effective Date, the SDS Kerr XXX Union Retirement Plan shall continue to be identical, in all material respects, to the Sybron Kerr XXX Union Retirement Plan which the Dental Business Subsidiaries maintained prior to the Effective Date. Thereafter, however, and in accordance with Section 3.1, SDS in its sole discretion shall determine the features of the SDS Kerr XXX Union Retirement Plan; provided, however, that any protected benefit (including any optional form of distribution) under section 411(d)(6) of the Code, and any service rules, vesting rules or other features which must be preserved under the SDS Kerr XXX Union Retirement Plan in order to comply with applicable Code requirements with respect to all or any portion of the accrued benefits thereunder shall continue to be in effect, on and after the Effective Date, with respect to all or any portion of such accrued benefits. As of the Effective Date, the trustee of the trust which relates to the SDS Kerr XXX Union Retirement Plan shall be the same as the trustee of the trust which related to the Sybron Kerr XXX Union Retirement Plan prior to the Effective Date. Thereafter, however, and in accordance with Section 3.1, SDS in its sole discretion may appoint a successor trustee of the trust which relates to the SDS Kerr XXX Union Retirement Plan. Sybron and SDS shall cooperate with one another and with the trustee of the SDS Kerr XXX Union Retirement Plan in facilitating SDS's or the Dental Business Subsidiaries' continued maintenance of such Plan on and after the Effective Date. SDS hereby further agrees to take all actions necessary to obtain, as soon as practicable, an Internal Revenue Service determination that the SDS Kerr XXX Union Retirement Plan continues to meet the applicable requirements of section 401(a) of the Code and that the trust which relates to the SDS Kerr XXX Union Retirement Plan meets the applicable requirements of section 401(a) of the Code and is exempt from tax under section 501(a) of the Code.
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Related to Continuation of Kerr XXX Union Retirement Plan Required

  • Termination of 401(k) Plan At Parent’s written request, delivered no later than fifteen (15) days prior to the Closing, the Company shall terminate the Furmanite Corporation 401(k) Savings and Investment Plan (the “Company 401(k) Plan”) effective immediately prior to the Closing Date and contingent upon the occurrence of the Closing, and upon such termination, shall cease all further contributions to the Company 401(k) Plan for pay periods beginning on and after the Closing Date and, to the extent the Company 401(k) Plan provides for loans to participants, and upon such termination, shall cease making any such additional loans effective immediately prior to the Closing Date. If Parent does not instruct the Company to terminate the Company 401(k) Plan, nothing herein shall be deemed to prevent the Surviving Corporation or Parent from terminating the Company 401(k) Plan following the Closing in accordance with applicable Law. In the event that Parent instructs the Company to terminate the Company 401(k) Plan, (a) prior to the Closing Date and thereafter (as applicable), the Company and Parent shall take any and all action as may be required, including amendments to the Company 401(k) Plan and/or the corresponding 401(k) plan sponsored or maintained by Parent or one of its Subsidiaries (the “Parent 401(k) Plan”) to comply with applicable Law, (b) subject to the receipt of a favorable IRS determination letter with respect to the termination of the Company 401(k) Plan, to permit each employee of the Company and its Subsidiaries who continues to be employed by Parent or its Subsidiaries (including, for the avoidance of doubt the Surviving Corporation and its Subsidiaries) immediately following the Effective Time (each, a “Continuing Employee”) to make rollover contributions of “eligible rollover distributions” (within the meaning of Section 401(a)(31) of the Code, including of loans) in cash or notes (in the case of loans) in an amount equal to the eligible rollover distribution portion of the account balance distributable to such Continuing Employee from the Company 401(k) Plan to the corresponding Parent 401(k) Plan, and (c) upon any termination of the Company 401(k) Plan in accordance with this Section 6.03, the Continuing Employees shall be eligible to participate, effective as of the Effective Time, in the Parent 401(k) Plan.

  • Continuation of Health Benefits An employee on an approved Military Caregiver Leave shall be entitled to continue participation in health plan coverage (medical, dental, and optical) as if on pay status during the leave.

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

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Accumulation of Vacation Leave Credits An employee shall earn vacation leave credits for each calendar month during which the employee receives pay for at least ten (10) days at the following rate:

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.02(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or the Government Employees Compensation Act prevents her from receiving Employment Insurance or Québec Parental Insurance Plan maternity benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.02(a), other than those specified in sections (A) and (B) of subparagraph 17.02(a)(iii), shall be paid, in respect of each week of maternity allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of her weekly rate of pay and the gross amount of her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.02 for a combined period of no more than the number of weeks during which she would have been eligible for maternity benefits under the Employment Insurance or Québec Parental Insurance Plan had she not been disqualified from Employment Insurance or Québec Parental Insurance maternity benefits for the reasons described in subparagraph (a)(i).

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

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