Excess Pension Plans Sample Clauses

Excess Pension Plans. Effective as of the Distribution Date, ITT shall cause the transfer of the sponsorship of the ITT US Non-Qualified DB Plans identified as Items 1-7 on Schedule 3(a)(ii) to Defense; provided, that Defense shall recognize the additional service credit as specified in Section 3(c)(iv) of this Agreement. Defense does hereby assume liability for all benefits accrued prior to the Distribution Date under the ITT Excess Pension Plans, the ITT Enhanced Pension Plan, Federal Labs Unfunded 1, EDO Excess Plan — SERP and the Retirement Plan for Non-Management Directors of ITT Corp. identified as Items 1, 3-7 on Schedule 3(a)(ii) for all Preexisting ITT Employees, except as provided in the Ancillary Agreements.
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Excess Pension Plans i. Except as provided below in this Section 4.b., effective as of the Destinations Distribution Date, Destinations will assume all liabilities accrued as of the Destinations Distribution Date under the ITT Corporation Excess Pension Plan I-A, ITT Corporation Excess Pension Plan I-B and ITT Corporation Excess Pension Plan II (the "Excess Pension Plans") and assets under the grantor trust established with respect thereto by ITT with Bankers Trust Company as trustee (the "Excess Pension Trust"). ii. Effective as of the Earlier Distribution Date, ESI will establish a new excess pension plan and grantor trust. The new excess pension plan established by ESI for ESI Employees shall recognize all service for benefit eligibility, vesting and benefit accrual purposes rendered by such ESI Employees including service prior to the Earlier Distribution Date (such service prior to the Earlier Distribution Date to be as determined under the Excess Pension Plans as in effect on the Earlier Distribution Date). ITT may establish, as of the Destinations Distribution Date, a new excess pension plan and grantor trust. The new excess pension plan, if any, established by ITT for ITT Employees shall (A) recognize all service for benefit eligibility, vesting and benefit accrual purposes rendered by such ITT Employees including service prior to the Destinations Distribution Date (such service prior to the Destinations Distribution Date to be as determined under the Excess Pension Plans as in effect on the Destinations Distribution Date) and (B) provide for an offset of any benefit payable with respect to service recognized under the Destinations-Assumed Excess Pension Plans covering the same period of service. iii. Destinations will retain all assets and accrued liabilities under the Excess Pension Plans attributable to Destinations Individuals. Subject to the execution of the 1995 Agreement Novation, Destinations will retain all assets and accrued liabilities under the Excess Pension Plans attributable to ITT Individuals and will continue to credit service of ITT Employees with ITT or its successors following the Destinations Distribution Date solely for vesting purposes (but not for early retirement benefit eligibility or benefit accrual purposes) under the Excess Pension Plans. Destinations will provide the benefits to ITT Individuals which have accrued as of the Destinations Distribution Date under the Excess Pension Plans upon their retirement or other termination of employment...
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Excess Pension Plans. (i) Effective as of the Distribution Date, ITT Industries shall continue to sponsor the ITT Excess Pension Plan and ITT Excess Pension Plan Trust. Effective as of the Distribution Date, ITT Destinations shall adopt the Sheraton Excess Pension Plan as the ITT Destinations Excess Pension Plan and shall adopt the ITT Destinations Excess Pension Plan Trust under which excess pension benefits for certain officers will be funded. Effective as of the Distribution Date, ITT Hartford shall continue to sponsor the ITT Hartford Excess Pension Plan and the ITT Hartford Excess Pension Plan Trust. (ii) ITT Industries does hereby assume all liability for benefits (whether funded or unfunded) that have accrued prior to the Distribution Date under the Sheraton Excess Pension Plan and the ITT Hartford Excess Pension Plan with respect to ITT Industries Salaried Employees, except that, to the extent such benefits are funded under the ITT Hartford Excess Pension Plan Trust, ITT Industries' assumption of liability for benefits to any ITT Industries Salaried Employee shall be effective only if and to the extent that such employee waives his or her right to receive such benefits under the ITT Hartford Excess Pension Plan and ITT Hartford Excess Pension Plan Trust. ITT
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Excess Pension Plans. (i) Effective as of the Distribution Date, ITT Industries shall continue to sponsor the ITT Excess Pension Plan and ITT Excess Pension Plan Trust. Effective as of the Distribution Date, ITT Destinations shall adopt the Sheraton Excess Pension Plan as the ITT Destinations Excess Pension Plan and shall adopt the ITT Destinations Excess Pension Plan Trust under which excess pension benefits for certain officers will be funded. Effective as of the Distribution Date, ITT Hartford shall continue to sponsor the ITT Hartford Excess Pension Plan and the ITT Hartford Excess Pension Plan Trust. (ii) Industries and ITT Hartford shall each use its commercially reasonable efforts to obtain such waivers from ITT Industries Salaried Employees, and ITT Hartford shall notify ITT Industries upon receipt of any such waiver. (iii) ITT Destinations does hereby assume all liability for benefits (whether funded or unfunded) that have accrued prior to the Distribution Date under the ITT Excess Pension Plan and the ITT Hartford Excess Pension Plan with respect to ITT Destinations Salaried Employees, except that, to the extent such benefits are funded under the ITT Excess Pension Plan Trust or the ITT Hartford Excess Plan Trust, ITT Destinations' assumption of liability for benefits to any ITT Destinations Salaried Employee shall be effective only if and to the extent that such employee waives his or her right to receive such benefits under the ITT Excess Pension Plan and ITT Excess Pension Plan Trust or the ITT Hartford Excess Pension Plan and ITT Hartford Excess Pension Plan Trust, as the case may be. ITT Industries, ITT Destinations and ITT Hartford shall each use its commercially reasonable efforts to obtain such waivers from ITT Destinations Salaried Employees, and ITT Industries and ITT Hartford shall notify ITT Destinations upon receipt of any such waiver. (iv) ITT Hartford does hereby assume all liability for benefits (whether funded or unfunded) that have accrued prior to the Distribution Date under the ITT Excess Pension Plan and the Sheraton Excess Pension Plan with respect to ITT Hartford Employees, except that, to the extent such benefits are funded under the ITT Excess Pension Plan Trust, ITT Hartford's assumption of liability for benefits to any ITT Hartford Employee shall be effective only if and to the extent that such employee waives his or her right to receive such benefits under the ITT Excess Pension Plan and ITT Excess Pension Plan Trust. ITT Industries and ITT...
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Related to Excess Pension Plans

  • No Pension Plans Neither the Company nor any current or past ERISA Affiliate has ever maintained, established, sponsored, participated in, or contributed to, any Pension Plans subject to Title IV of ERISA or Section 412 of the Code.

  • Canadian Pension Plans The Loan Parties shall not (a) contribute to or assume an obligation to contribute to any Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent, or (b) acquire an interest in any Person if such Person sponsors, administers, maintains or contributes to or has any liability in respect of any Canadian Defined Benefit Plan, or at any time in the five-year period preceding such acquisition has sponsored, administered, maintained, or contributed to a Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent.

  • 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.

  • 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.

  • Pension Plans Any of the following events shall occur with respect to any Pension Plan (a) the institution of any steps by the Borrower, any member of its Controlled Group or any other Person to terminate a Pension Plan if, as a result of such termination, the Borrower or any such member could be required to make a contribution to such Pension Plan, or could reasonably expect to incur a liability or obligation to such Pension Plan, in excess of $10,000,000; or (b) a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA.

  • Guaranteed Pension Plans Each contribution required to be made to a Guaranteed Pension Plan, whether required to be made to avoid the incurrence of an accumulated funding deficiency, the notice or lien provisions of §302(f) of ERISA, or otherwise, has been timely made. No waiver of an accumulated funding deficiency or extension of amortization periods has been received with respect to any Guaranteed Pension Plan, and neither the Borrower nor any ERISA Affiliate is obligated to or has posted security in connection with an amendment to a Guaranteed Pension Plan pursuant to §307 of ERISA or §401(a)(29) of the Code. No liability to the PBGC (other than required insurance premiums, all of which have been paid) has been incurred by the Borrower or any ERISA Affiliate with respect to any Guaranteed Pension Plan and there has not been any ERISA Reportable Event (other than an ERISA Reportable Event as to which the requirement of 30 days notice has been waived), or any other event or condition which presents a material risk of termination of any Guaranteed Pension Plan by the PBGC. Based on the latest valuation of each Guaranteed Pension Plan (which in each case occurred within twelve months of the date of this representation), and on the actuarial methods and assumptions employed for that valuation, the aggregate benefit liabilities of all such Guaranteed Pension Plans within the meaning of §4001 of ERISA did not exceed the aggregate value of the assets of all such Guaranteed Pension Plans, disregarding for this purpose the benefit liabilities and assets of any Guaranteed Pension Plan with assets in excess of benefit liabilities.

  • Participation in Benefit Plans The Executive shall be eligible to participate in the employee benefit plans and programs maintained by the Company from time to time for its executives, or for its employees generally, including without limitation any life, medical, dental, accidental and disability insurance and profit sharing, pension, retirement, savings, stock option, incentive stock and deferred compensation plans, in accordance with the terms and conditions as in effect from time to time.

  • Municipal Pension Plan (a) An employer will provide the Municipal Pension Plan (MPP) to all eligible employees. (b) Employees of record on March 31, 2010, who meet the eligibility requirements of the MPP, have the option of joining or not joining the MPP. Eligible employees who initially elect not to join the MPP on April 1, 2010, have the right to join the MPP at any later date but will not be able to contribute or purchase service for the period waived. (c) All regular full-time employees hired after March 31, 2010, will be enrolled in the MPP upon completion of the earlier of their probationary period or three months and will continue in the plan as a condition of employment. Full-time hours of work are defined in the local issues agreement specific to each employer. Regular part-time employees and casual employees hired after April 1, 2010, who meet the eligibility requirements of the MPP have the right to enrol or not enrol in the MPP. Those who initially decline participation have the right to join the MPP at any later date. The MPP rules currently provide that a person who has completed two years of continuous employment with earnings from an employer of not less than 35% of the year's maximum pensionable earnings in each of two consecutive calendar years will be enrolled in the Plan. This rule will not apply when an eligible employee gives a written waiver to the Employer. (d) Employers will ensure that all new employees are informed of the options available to them under the MPP rules. (e) Eligibility and terms and conditions for the pension will be those contained in the Municipal Pension Plan and associated documents. (f) If there is a conflict between the terms of this agreement and the MPP rules, the MPP must prevail. Note: MPP contact information: Web: http:\\xxx.xxxxxxxxxx.xx Email: xxx@xxxxxxxxxx.xx Victoria Phone: 0-000-000-0000 BC Phone: 0-000-000-0000

  • Multiemployer Plans Neither the Borrower nor any ERISA Affiliate has incurred any material liability (including secondary liability) to any Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan under §4201 of ERISA or as a result of a sale of assets described in §4204 of ERISA. Neither the Borrower nor any ERISA Affiliate has been notified that any Multiemployer Plan is in reorganization or insolvent under and within the meaning of §4241 or §4245 of ERISA or is at risk of entering reorganization or becoming insolvent, or that any Multiemployer Plan intends to terminate or has been terminated under §4041A of ERISA.

  • ERISA; Benefit Plans Schedule 5.13 sets forth a list of all material deferred compensation, profit-sharing, retirement and pension plans and all material bonus and other material employee benefit or fringe benefit plans maintained, or with respect to which contributions have been made, by Seller with respect to current or former employees employed in connection with the power generation operations of the Generating Plants and the Gas Turbines (collectively, "Benefit Plans"). Seller and each trade or business (whether or not incorporated) which are or have ever been under common control, or which are or have ever been treated as a single employer, with Seller under Section 414(b), (c), (m) or (o) of the Code (an "ERISA Affiliate") have fulfilled their respective obligations under the minimum funding requirements of Section 302 of ERISA, and Section 412 of the Code, with respect to each Benefit Plan which is an "employee pension benefit plan" as defined in Section 3(2) of ERISA and each such plan is in compliance in all material respects with the presently applicable provisions of ERISA and the Code, except for such failures to fulfill such obligations or comply with such provisions which would not, individually or in the aggregate, create a Material Adverse Effect. Neither Seller nor any ERISA Affiliate has incurred any liability under Section 4062(b) of ERISA, or any withdrawal liability under Section 4201 of ERISA, to the Pension Benefit Guaranty Corporation in connection with any Benefit Plan which is subject to Title IV of ERISA which liability remains outstanding, and there has not been any reportable event (as defined in Section 4043 of ERISA) with respect to any such Benefit Plan (other than a reportable event with respect to which the 30-day notice requirement has been waived by the PBGC). Neither Seller nor any ERISA Affiliate or parent corporation, within the meaning of Section 4069(b) or Section 4212(c) of ERISA, has engaged in any transaction, within the meaning of Section 4069(b) or Section 4212(c)

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