Executive Pension Plan Sample Clauses
An Executive Pension Plan clause establishes the terms under which certain executives are provided with supplemental retirement benefits beyond standard company pension offerings. Typically, this clause outlines eligibility criteria, the calculation of pension benefits, vesting schedules, and the method of funding or payment, such as through deferred compensation or company-funded trusts. Its core practical function is to attract and retain top executive talent by offering enhanced retirement security, thereby aligning executive interests with the long-term goals of the organization.
Executive Pension Plan. The parties acknowledge that the Corporation has previously designated Employee as a participant in the Executive Pension Plan. Employee’s “Pension Goal” under the Executive Pension Plan shall at all times be equal to at least 50% of his “High-Three Total Compensation,” as those terms are defined in the Executive Pension Plan. The Corporation may amend the Executive Pension Plan from time to time; provided, however, that no such amendment shall decrease Employee’s Pension Goal or the vested benefits to which Employee or his Surviving Spouse, if any, would have been entitled under such Plan, as modified in this Agreement, as in effect on the Effective Date or, if benefits are improved, as of the date of such improvement.
Executive Pension Plan. The Corporation hereby confirms the designation of Employee as a participant in the Executive Pension Plan of the Federal National Mortgage Association (the “Executive Pension Plan”) with a Pension Goal at all times equal to no less than 50% of his High-Three Total Compensation (as such terms are defined in the Executive Pension Plan), as of the Effective Date. The Corporation may amend the Executive Pension Plan from time to time; provided, however, that no such amendment shall adversely modify the vesting schedule or decrease Employee’s Pension Goal or the vested benefits to which Employee or his surviving spouse, if any, would have been entitled under such plan as in effect on the date hereof or, if benefits are improved, as of the date of such improvement.
Executive Pension Plan. As of the Time of Distribution, Automotive will have established, and will cover Automotive Employees who participated in the Rockwell U.K. Executive Plan immediately prior to the Time of Distribution under, a defined benefit pension plan (the "Automotive U.K. Executive Plan"), [which will be tax qualified pursuant to applicable law], and will have established a related trust. The Automotive U.K. Executive Plan will be substantially similar in all material respects to the Rockwell U.K. Executive Plan as of the Time of Distribution, and will provide the same benefit formula for Automotive Employees as the Rockwell U.K. Executive Plan provides as of the Time of Distribution. The Automotive U.K. Executive Plan will be maintained in such form for a period of at least one year following the Time of Distribution. The Automotive U.K. Executive Plan will credit each Automotive Employee for purposes of eligibility to participate, vesting, benefit accruals and all other plan purposes with all service which had been credited to such Automotive Employee for such purposes under the Rockwell U.K. Executive Plan immediately prior to the Time of Distribution (excluding any such service which was not counted under the U.K. Executive Plan by operation of its "break in service" rules), provided, however, that service with Rockwell and Automotive will not be aggregated under the Automotive U.K. Executive Plan for any periods following the time at which the plan participant commences the receipt of benefits under the Rockwell U.K. Executive Plan if the plan participant is not also retired under the Automotive U.K. Executive Plan. Notwithstanding the above, the Automotive U.K. Executive Plan will provide that the accrued benefit of each Automotive Employee under the Automotive U.K. Executive Plan will be reduced by the amount of the benefit to which the Automotive Employee would be entitled under the Rockwell U.K. Executive Plan if the Automotive Employee commenced receipt of benefits from the Rockwell U.K. Executive Plan at the same time as from the Automotive U.K. Executive Plan based on the Automotive Employee's service and salary history under the Rockwell U.K. Executive Plan at the Time of Distribution. Rockwell
Executive Pension Plan. As of the Time of Distribution, Rockwell and Automotive will have caused a United Kingdom Subsidiary of Rockwell (which will be a member of the Rockwell Group) to become the principal company of the Rockwell U.K. Executive Plan. Rockwell and Automotive will cooperate in making all appropriate filings under applicable law, including without limitation, filing a deed of substitution, to cause such Rockwell United Kingdom Subsidiary to become the principal company of the Rockwell U.K. Executive Plan.
Executive Pension Plan. (a) Effective as of the end of the day immediately preceding the Closing Date, J▇▇▇ ▇▇▇▇▇▇▇▇ (the “Executive”) shall cease to participate in and accrue benefits under the Executive Employees’ Pension Plan of R▇▇▇▇ ▇▇▇▇ Multifoods Corporation (the “Executive Pension Plan”) and Seller shall have no liability for pension and ancillary benefits accrued in respect of employment of the Executive on and after the Closing Date.
(b) The Executive shall, in accordance with and subject to Laws, be entitled to credit in the Executive Pension Plan for the period of employment with Purchaser for the purpose of determining entitlement to benefits under the Executive Pension Plan but not for the purposes of accrual of benefits thereunder.
(c) Seller shall retain responsibility under the Executive Pension Plan with respect to any and all pension and ancillary benefits accrued up to the close of business on the day immediately preceding the Closing Date in respect of the Executive, based on his accrued benefits on the day immediately preceding the Closing Date and in accordance with the terms of the Executive Pension Plan and all Laws in effect on the Closing Date having jurisdiction over the Executive Pension Plan.
(d) Effective as of the Closing Date, Purchaser will enroll the Executive in Purchaser’s Salaried Pension Plan. Purchaser shall be responsible for all pension benefits of the Executive accrued on and after the Closing Date pursuant to the terms of Purchaser’s Salaried Pension Plan. In accordance with and subject to Laws, Purchaser shall amend Purchaser’s Salaried Pension Plan or take whatever other steps are necessary to ensure that the Executive shall be entitled to credit in Purchaser’s Salaried Pension Plan for the period of employment with Seller for the purposes of determining eligibility for membership, vesting and eligibility for pension benefits under Purchaser’s Salaried Pension Plan, but not for the purposes of accrual of benefits thereunder.
(e) There shall be no transfers of assets from the Executive Pension Plan to the Purchaser’s Salaried Pension Plan.
Executive Pension Plan. Employee and the Corporation acknowledge that the Corporation has previously designated Employee as a participant in the Executive Pension Plan of the Federal National Mortgage Association (the “Executive Pension Plan”). Notwithstanding any of the provisions of the Executive Pension Plan to the contrary, the following provisions shall apply to Employee:
(i) Employee’s Pension Goal under the Executive Pension Plan shall at all times be equal to at least 60% of his High-Three Total Compensation (as such terms are defined in the Executive Pension Plan as modified in this Agreement);
Executive Pension Plan. Employee and the Corporation acknowledge that Employee previously waived any and all rights which he or his surviving spouse may have had under the Deferred Compensation Contract (formerly called the “10-Year Deferred Compensation Agreement Program”) and under the Retirement Supplement Award Plan (formerly called the “Incentive Performance Annuity Plan”), and that the Corporation has designated Employee as a participant in the Executive Pension Plan of the Federal National Mortgage Association (the “Executive Pension Plan”). Notwithstanding any of the provisions of the Executive Pension Plan to the contrary, the following provisions shall apply to Employee:
(i) Employee’s Pension Goal under the Executive Pension Plan shall at all times be equal to at least 60% of his High-Three Total Compensation, as such terms are defined in the Executive Pension Plan, and as modified by this Paragraph 3;
Executive Pension Plan. The rules of and a current benefit statement for the Executive Pension Plan have been disclosed to the Purchaser. The Executive Pension Plan is a defined contribution scheme, of which ▇▇▇▇ ▇▇▇▇▇▇▇ is the only member. No person is principal employer of the Executive Pension Plan other than CUAL, and no person is a participating employer in the Executive Pension Plan other than CUAL. There are no circumstances in which the liability (whether actual or contingent) of CUAL (or any other Group Company) to the Executive Pension Plan could (in aggregate) exceed 40 per cent. of the basic annual salary of ▇▇▇▇ ▇▇▇▇▇▇▇. Other than in the ordinary course of business, there are no contributions to the Executive Pension Plan which have fallen due but are unpaid.
Executive Pension Plan. The parties acknowledge that the Corporation has previously designated Employee as a participant in the Executive Pension Plan. Employee’s “Pension Goal” under the Executive Pension Plan shall at all times be equal to at least 50% of his “High-Three Total Compensation” (revising the limitation on “other taxable compensation” for that purpose to 100% of Employee’s base salary for each year) as those terms are defined in the Executive Pension Plan; provided, however that, in the event Employee elects to commence receiving benefits under the Executive Pension Plan prior to the date on which he attains age 60, Employee’s Pension Goal shall be reduced by 3% for each year (3/12% for each month) by which the date of commencement precedes the date on which he attains age 60. The Corporation may amend the Executive Pension Plan from time to time; provided, however, that no such amendment shall decrease Employee’s Pension Goal or the vested benefits to which Employee or his Surviving Spouse, if any, would have been entitled under such Plan, as modified in this Agreement, as in effect on the date of execution of this Agreement or, if benefits are improved, as of the date of such improvement; provided further, however, that if Employee receives his benefit payments under the Executive Pension Plan in the form of a joint and 100% survivor annuity, the amount of such benefit payments shall be actuarially reduced to reflect Employee’s and his Surviving Spouse’s joint life expectancy. Employee acknowledges and agrees to be bound by the provisions set forth in this Section 3.2(a) notwithstanding any provisions in the Executive Pension Plan to the contrary.