Establishment of Schlage Lock Company LLC Pension Plan Sample Clauses

Establishment of Schlage Lock Company LLC Pension Plan. No later than the Effective Time, Schlage Lock Company LLC, a Transferred Group Entity, shall establish a defined benefit pension plan (such new defined benefit pension plan, the “Schlage Lock Company LLC Pension Plan”) that is intended to meet the requirements of Section 401(a) of the Code and related trust that is intended to meet the requirements of Section 501(a) of the Code to provide retirement benefits to Allegion Group Employees and Former Allegion Group Employees who immediately prior to the Effective Time were participants in the IR Pension Plan, the Retirement Plan for Former Employees of Xxxxxxxxx-Xxxx Company or the Trane Merged Hourly Pension Plan, as applicable (collectively, the “Parent Pension Plans”). The Allegion Group Employees and Former Allegion Group Employees described here shall be known as the “Schlage Lock Company LLC Pension Plan Participants.” Effective as of the Effective Time, either Schlage Lock Company LLC shall remain the plan sponsor of the Schlage Lock Company LLC Pension Plan or Allegion shall or shall cause another Allegion Entity to assume the Schlage Lock Company LLC Pension Plan. Allegion shall be responsible for taking all necessary, reasonable, and appropriate action to establish, maintain, and administer the Schlage Lock Company LLC Pension Plan so that it is qualified under Section 401(a) of the Code and that the related trust thereunder is exempt under Section 501(a) of the Code. Allegion (acting directly or through members of the Allegion Group) shall be responsible for any and all Liabilities (including Liability for funding) and other obligations with respect to the Schlage Lock Company LLC Pension Plan.
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