Defined Benefit and Defined Contribution Plans Sample Clauses
The 'Defined Benefit and Defined Contribution Plans' clause outlines the employer's obligations and policies regarding retirement benefit plans offered to employees. It typically specifies whether employees are eligible for a defined benefit plan, which guarantees a specific retirement payout, or a defined contribution plan, where the employer and/or employee contribute set amounts to an individual account. This clause clarifies the types of retirement plans available, the contributions required, and the benefits employees can expect, thereby ensuring transparency and helping both parties understand their rights and responsibilities regarding retirement savings.
Defined Benefit and Defined Contribution Plans. Defined benefit plan and defined contribution plan have the meanings assigned to those terms by section 415(k)(1) of the Code. Whenever reference is made to defined benefit plans and defined contribution plans in this Appendix, it shall include all such plans maintained by the Employer and all controlled group members.
Defined Benefit and Defined Contribution Plans. For each Plan Year in which the Plan is Super Top-Heavy or for each Plan Year in which the Plan is Top-Heavy and the additional minimum benefits or contributions required by Section 416(h) of the Code are not provided, the dollar limitations in the denominator of the defined benefit plan fraction and defined contribution plan fraction as defined in Section 415(e) of the Code shall be multiplied by 100 percent rather than 125 percent. If the application of the provisions of this Section 12.8 would cause any Participant to exceed 1.0 for any Limitation Year as set forth in Section 9.4, then the application of this Section 12.8 shall be suspended as to such Participant until such time as he no longer exceeds 1.0. During the period of such suspension, there shall be no accruals for such Participant under this Plan and no Group Employer contributions, forfeitures or voluntary nondeductible contributions allocated to such Participant under any defined contribution plan of the Group Employer.
Defined Benefit and Defined Contribution Plans. The Contractor shall become a sponsor of the existing pension and other benefit plans listed below, (or if continuation of the existing plans is not practicable, comparable successor plans), including other PRB plans, as applicable, with responsibility for management and administration of the plans. The Contractor shall be responsible for maintaining the qualified status of those plans consistent with the requirements of Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC). The Contractor shall carry over the length of service credit and leave balances accrued as of the date of the Contractor’s assumption of Contract performance.
Defined Benefit and Defined Contribution Plans