Defined Benefit Retirement and Pension Plans Sample Clauses

Defined Benefit Retirement and Pension Plans. At the Effective Time (i) each Security First employee shall be credited with their past service for eligibility and vesting purposes (but not for benefit accrual purposes) as of the Effective Date of the Merger, and (ii) each Security First employee who satisfies the age and service eligibility requirements of the FirstMerit defined benefit plan (including the past service credit referred to in (i) above) shall be eligible to participate in the FirstMerit defined benefit plan and accrue benefits thereunder on and after the date of the Merger in accordance with the provisions thereof.
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Defined Benefit Retirement and Pension Plans. At such time on or after the Effective Time as FirstMerit shall deem appropriate, FirstMerit will either (a) cause the merger of the CoBancorp pension plan into the FirstMerit defined benefit plan, in which case (i) each CoBancorp employee shall be credited with the service for eligibility and vesting purposes (but not for benefit accrual purposes) with which he was credited under the CoBancorp pension plan as of the date of such merger, (ii) each participant in the CoBancorp pension plan shall be entitled to his benefit accrued under the CoBancorp plan as of the date of such merger, but only to the extent such participant is otherwise eligible therefor under the terms of the FirstMerit defined benefit plan, and (iii) each CoBancorp employee who satisfies the age and service eligibility requirements of the FirstMerit defined benefit plan (including the past service credit referred to in (i) above) shall be eligible to participate in the FirstMerit defined benefit plan and accrue benefits thereunder on and after the date of such merger in accordance with the provisions thereof; or (b) terminate the CoBancorp pension plan and provide benefits in accordance with the terms thereof, and extend the FirstMerit defined benefit plan to CoBancorp employees as of the effective date of the CoBancorp pension plan termination, in which case such CoBancorp employees shall be credited with service for eligibility and vesting purposes (but not for benefit accrual purposes) under the FirstMerit defined benefit plan for periods of their CoBancorp employment. CoBancorp may at any time prior to the Effective Time make amendments to the CoBancorp pension plan to assure that all accrued pension plan benefits shall be fully vested in the pension plan participants.
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Defined Benefit Retirement and Pension Plans. Signal does not have in effect any defined benefit retirement, pension or similar type plan for its employees. FirstMerit maintains the Pension Plan for Employees of FirstMerit Corporation and Subsidiaries ("FirstMerit Pension Plan"). No credit for years of service at Signal or of any of the Signal Subsidiaries for purposes of determining eligibility, vesting, for benefit accrual purposes, or as "participating" or "credit service" under the FirstMerit Pension Plan will be granted to employees of Signal or Signal Subsidiaries.
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Related to Defined Benefit Retirement and Pension Plans

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • 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.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • Defined Benefit Plans The Company has not maintained or contributed to a defined benefit plan as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). No plan maintained or contributed to by the Company that is subject to ERISA (an “ERISA Plan”) (or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) that could subject the Company to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified” within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section 401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Company has never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • 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.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement and Welfare Benefits During the Term, the Executive shall be eligible to participate in the Company’s health, life insurance, long-term disability, retirement and welfare benefit plans, and programs available to similarly-situated employees of the Company, pursuant to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any Affiliate (as defined below) of the Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date.

  • 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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