Deposit No. Within 10 business days after the Implementation Date, GM shall direct the trustee of the Existing Internal VEBA to transfer to the New VEBA the UAW Related Account’s share of assets in the Existing Internal VEBA, the amount of which shall be determined as provided in Section 6 of this Settlement Agreement. The Approval Order shall provide that, upon such transfer, the Existing Internal VEBA shall be deemed to be amended to terminate participation and coverage regarding Retiree Medical Benefits for the Class and the Covered Group, effective as of the Implementation Date. Accruals for trust expenses (this shall only include expenses to the extent permitted by ERISA) through the date of transfer will be made and an amount equal to the UAW Related Account’s share of such accruals will be retained within the Existing Internal VEBA to pay such expenses. After payment of these trust expenses is completed, a reconciliation of the accruals and the actual expenses (this shall only include expenses to the extent permitted by ERISA) will be performed. GM agrees to cause the payment to the New VEBA by the Existing Internal VEBA of any overaccruals for the UAW Related Account’s share of such expenses. Similarly, in the event of an underaccrual the New VEBA will return to the Existing Internal VEBA the amount of the underaccrual of expenses for the UAW Related Account.
Appears in 4 contracts
Samples: Settlement Agreement, Settlement Agreement, Settlement Agreement (General Motors Corp)
Deposit No. Within 10 business days after the Implementation Date, GM Ford shall direct the trustee of the Existing Internal VEBA to transfer to the New VEBA the UAW Related Account’s share of all assets in the Existing Internal VEBA, VEBA or cash in an amount equal to the amount Existing Internal VEBA balance on the date of which shall be determined as provided in Section 6 of this Settlement Agreementthe transfer. The Amendment Approval Order shall provide provides that, upon such transfer, the Existing Internal VEBA shall be deemed to be amended to terminate participation and coverage regarding Retiree Medical Benefits for the Class and the Covered Group, effective as of the day following the Implementation Date. Accruals for trust expenses (this shall only include expenses to the extent permitted by ERISA) through the date of transfer will shall be made and an amount equal to the UAW Related Account’s share of such accruals will be retained within the Existing Internal VEBA to pay such expenses. After payment of these trust expenses is completed, a reconciliation of the accruals and the actual expenses (this shall only include expenses to the extent permitted by ERISA) will shall be performed. GM Ford agrees to cause the payment to the New VEBA by the Existing Internal VEBA of any overaccruals for the UAW Related Account’s share of such expenses. Similarly, in the event of an underaccrual the New VEBA will shall return to the Existing Internal VEBA the amount of the underaccrual of expenses for the UAW Related Accountexpenses.
Appears in 2 contracts
Samples: Settlement Agreement (Ford Motor Co), Settlement Agreement
Deposit No. Within 10 business days after the Implementation Date, GM Ford shall direct the trustee of the Existing Internal VEBA to transfer to the New VEBA the UAW Related Account’s share of all assets in the Existing Internal VEBA, VEBA or cash in an amount equal to the amount Existing Internal VEBA balance on the date of which shall be determined as provided in Section 6 of this Settlement Agreementthe transfer. The Approval Order shall provide that, upon such transfer, the Existing Internal VEBA shall be deemed to be amended to terminate participation and coverage regarding Retiree Medical Benefits for the Class and the Covered Group, effective as of the day following the Implementation Date. Accruals for trust expenses (this shall only include expenses to the extent permitted by ERISA) through the date of transfer will shall be made and an amount equal to the UAW Related Account’s share of such accruals will be retained within the Existing Internal VEBA to pay such expenses. After payment of these trust expenses is completed, a reconciliation of the accruals and the actual expenses (this shall only include expenses to the extent permitted by ERISA) will shall be performed. GM Ford agrees to cause the payment to the New VEBA by the Existing Internal VEBA of any overaccruals for the UAW Related Account’s share of such expenses. Similarly, in the event of an underaccrual the New VEBA will shall return to the Existing Internal VEBA the amount of the underaccrual of expenses for the UAW Related Accountexpenses.
Appears in 2 contracts
Samples: Settlement Agreement, Settlement Agreement (Ford Motor Co)