Establishment and Retention of UpstreamCo Pension Plans. As of the Operational Separation Date, UpstreamCo shall establish the UpstreamCo Pension Plans, each of which shall initially have substantially the same terms as those of the corresponding Parent Divided Pension Plan as in effect immediately prior to the Operational Separation Date. At least 30 days prior to the Operational Separation Date, Parent shall have filed the notice required under Section 6058(b) of the Code. On, or as soon as practicable after, the Operational Separation Date and after receipt by Parent of (i) a copy of the UpstreamCo Pension Plans; and (ii) a copy of certified resolutions of the UpstreamCo Board (or its authorized committee or other delegate) evidencing adoption of the UpstreamCo Pension Plans and the UpstreamCo Pension Trust and the assumption by the UpstreamCo Pension Plans of the Liabilities described in Section 5.01(b), Parent shall direct the trustee of the Parent Pension Trust to transfer assets of the UpstreamCo Pension Plans to the UpstreamCo Pension Trust in the amounts described in Section 5.01(b).
Appears in 4 contracts
Samples: Employee Matters Agreement, Employee Matters Agreement (Arconic Inc.), Employee Matters Agreement (Alcoa Corp)
