Defined Contribution Pension Plans Sample Clauses

Defined Contribution Pension Plans. Buyer covenants that, effective as of the expiration of the Transition Period, Buyer or Buyer’s Affiliates’ defined contribution pension plans in which the Transferred Employees participate shall be amended to recognize such Transferred Employees’ participation and vesting periods of service with Seller Group for purposes of determining participation, vesting and the level of company contributions to the extent permissible under Law.
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Defined Contribution Pension Plans. Buyer agrees that, effective as of the Closing Date, Buyer's defined contribution pension plans that Transferred Employees participate in shall be amended to recognize such Transferred Employees' participation and vesting periods of service with Seller and other members of the BP Group for purposes of determining participation, vesting and the level of company contributions.
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Defined Contribution Pension Plans. 2.1 For purposes of this Article II of Schedule 3.3, the following capitalized terms shall have the meanings set forth below:
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Defined Contribution Pension Plans. (i) Effective as of the Closing Date, or as promptly thereafter as may be administratively practicable, Purchaser shall cause a Purchaser Employee Plan that is intended to be a U.S. tax-qualified defined contribution pension plan (the “Purchaser U.S. Pension Replacement Plan”) to accept the enrollment of the Transferred Employees who participated in any of Seller’s U.S. tax-qualified defined contribution or defined benefit pension plans immediately prior to the Closing Date. Purchaser shall take all reasonable steps necessary to permit each Transferred Employee, if any, who shall receive an eligible rollover distribution (as defined in Section 402(c)(4) of the Code) from any of Seller’s U.S. tax-qualified defined contribution or defined benefit pension plans to rollover such eligible rollover distribution, including any associated loan of cash as part of any lump sum distribution to the extent permitted by the applicable Seller plan and applicable Law, into an account under a Purchaser U.S. Pension Replacement Plan as of the Closing Date (or, if applicable, the Deferred Employee Transfer Date), or as promptly thereafter as may be administratively practicable.
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Defined Contribution Pension Plans. (i) Neither Buyer nor its subsidiaries or affiliates shall become sponsoring employers under the Seller's Retirement Plus Savings Plan or Seller's Retirement Plus Savings Plan for Wage Employees (collectively, "SELLER'S INVESTMENT PLANS"). As of the Closing, Seller shall have caused all Former PM Employees to become fully vested in their accrued benefits under the Seller's Investment Plans. As soon as practicable after the Closing Date, Buyer shall establish and maintain or cause to be established and maintained, a defined contribution plan (the "BUYER'S INVESTMENT PLAN") to provide benefits to the Former PM Employees who, on the Closing Date, are participants ("INVESTMENT PLAN PARTICIPANTS") in the Seller's Investment Plans. The Buyer's Investment Plan shall provide the Investment Plan Participants credit for service with Seller and its affiliates and their respective predecessors prior to the Closing Date for all purposes of such plan.
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Defined Contribution Pension Plans. Parent agrees that, for the Benefit Protection Period, it shall provide, or shall cause to be provided, to the Company Employees benefits under a tax-qualified defined contribution pension plan that provides (i) employer contributions and (ii) the opportunity for employee 57 contributions that both are no less favorable to the Company Employees than those provided under the defined contribution pension plan maintained for such Company Employees immediately prior to the Closing Date.
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Defined Contribution Pension Plans. Delta Pilots Money Purchase Pension Plan - The Company sponsors the Delta Pilots Money Purchase Pension Plan (MPPP) to which the Company contributes 5% of covered pay for each eligible pilot. The MPPP is a continuation of the Delta Pilots Target Benefit Plan and is related to the Delta Pilots Retirement Plan through a floor-offset arrangement whereby the defined benefit pension payable to a pilot is subject to reduction by the actuarial equivalent of the accumulated account balance in the MPPP. During fiscal 1998, 1997 and 1996, the Company recognized expense of $54 million, $49 million and $2 million, respectively, for these plans. Employee Stock Ownership Plan -- The Company sponsors the Savings Plan, a qualified defined contribution pension plan under which eligible Delta personnel may contribute a portion of their earnings. The Savings Plan includes an employee stock ownership plan (ESOP) feature. Subject to certain conditions, the Company matches 50% of a participant's contributions to the Savings Plan, up to a maximum employer contribution of 2% of a participant's earnings. The Company's contributions are made quarterly through the allocation of Series B ESOP Convertible Preferred Stock (ESOP Preferred Stock), Common Stock or cash, and are recorded as salaries and related costs in the Company's Consolidated Statements of Operations. Delta's contributions to the Savings Plan were $49 million in fiscal 1998 and $45 million in fiscal 1997 and fiscal 1996. In connection with the adoption of the ESOP in 1989, the Company sold 6,944,450 shares of ESOP Preferred Stock to the Savings Plan for approximately $500 million. The Company has recorded unearned compensation to reflect the value of ESOP Preferred Stock sold to the Savings Plan but not yet allocated to participants' accounts. As shares of the ESOP Preferred Stock are allocated to participants' accounts, unearned compensation is reduced. Dividends on unallocated shares of ESOP Preferred Stock are used by the ESOP for debt service on the Series C ESOP Notes and are not considered dividends for financial reporting purposes. Dividends on allocated shares of ESOP Preferred Stock are credited to participants and considered dividends for financial reporting purposes. For purposes of computing basic and diluted income per common share, allocated shares of ESOP Preferred Stock are considered outstanding, but unallocated shares of ESOP Preferred Stock are not considered outstanding. Postretirement Benefits Othe...
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Defined Contribution Pension Plans. As of the Operating Expiration Date, or as of the date such individuals become Hired Employees as provided herein, Buyer shall take, or cause to be taken, all action as may be necessary to cause such Hired Employees to become participants in a qualified defined contribution plan established or to be established by Buyer (the “Buyer Defined Contribution Plan”) as of such date, subject to any applicable age and service requirements. Service of each Hired Employee recognized under terms of a qualified defined contribution pension plan sponsored by Seller or Seller’s Affiliate (the “Seller Defined Contribution Plan”) for periods prior to such date shall be credited to the Hired Employee for all purposes (including eligibility and vesting) under the Buyer Defined Contribution Plan. Buyer shall take all appropriate action to permit the Hired Employees who were participants in the Seller Defined Contribution Plan and who received distributions of their account balances from the Seller Defined Contribution Plan in connection with the termination of their employment with Seller to make a direct rollover pursuant to Section 401(a)(31) of the Code to the Buyer Defined Contribution Plan. Buyer and Seller may agree to allow Hired Employees who are participants in Seller Defined Contribution Plan to include any loan notes outstanding as of the time of such distribution from such Seller Defined Contribution Plan as a part of such direct rollover in accordance with Section 402 of the Code.
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Defined Contribution Pension Plans 
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Related to Defined Contribution Pension Plans

  • Defined Contribution Plans The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • 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.

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the 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, the 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.

  • Employer Profit Sharing Contributions An Employee will be eligible to become a Participant in the Plan for purposes of receiving an allocation of any Employer Profit Sharing Contribution made pursuant to Section 11 of the Adoption Agreement after completing 1 (enter 0, 1, 2 or any fraction less than 2)

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Qualified Plans With respect to each Employee Benefit Plan intended to qualify under Code Section 401(a) or 403(a) (i) the Internal Revenue Service has issued a favorable determination letter, true and correct copies of which have been furnished to Medical Manager, that such plans are qualified and exempt from federal income taxes; (ii) no such determination letter has been revoked nor has revocation been threatened, nor has any amendment or other action or omission occurred with respect to any such plan since the date of its most recent determination letter or application therefor in any respect which would adversely affect its qualification or materially increase its costs; (iii) no such plan has been amended in a manner that would require security to be provided in accordance with Section 401(a)(29) of the Code; (iv) no reportable event (within the meaning of Section 4043 of ERISA) has occurred, other than one for which the 30-day notice requirement has been waived; (v) as of the Effective Date, the present value of all liabilities that would be "benefit liabilities" under Section 4001(a)(16) of ERISA if benefits described in Code Section 411(d)(6)(B) were included will not exceed the then current fair market value of the assets of such plan (determined using the actuarial assumptions used for the most recent actuarial valuation for such plan); (vi) all contributions to, and payments from and with respect to such plans, which may have been required to be made in accordance with such plans and, when applicable, Section 302 of ERISA or Section 412 of the Code, have been timely made; and (vii) all such contributions to the plans, and all payments under the plans (except those to be made from a trust qualified under Section 401(a) of the Code) and all payments with respect to the plans (including, without limitation, PBGC (as defined below) and insurance premiums) for any period ending before the Closing Date that are not yet, but will be, required to be made are properly accrued and reflected on the Current Balance Sheet.

  • 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.

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