Freezing of Retirement Plan As to Participation and New Accruals Sample Clauses

Freezing of Retirement Plan As to Participation and New Accruals. The Retirement Plan for Bargaining Employees at IAAP (As Amended and Restated Effective January 1, 2013), as amended (sometimes referred to in this Article as the “Plan”) will be amended, consistent with any applicable requirements of the Employee Income Security Act of 1974, as amended (“ERISA”), and as more particularly described below, so as to cease all new (a) Subject to the other terms of the Plan, as it is amended for the freezing of the Plan, any Participant under the Plan on the Freeze Date will be eligible to continue participation after the Freeze Date and will continue to accrue Service or “continuous service” solely for vesting purposes (i.e. determining Years of Vesting Service) as per the terms of the Plan. (b) No Participant will accrue after the Freeze Date any additional Accrued Benefit or any additional full or partial Years of Credited Service or other additional or increased benefits (including pre-retirement death benefits) attributable to any service (including, without limitation, “Service,” as defined under the Plan) and/or age or other status that would otherwise arise or accrue after the Freeze Date, and no “applicable benefit rate,” “benefit credit rate” or “benefit rate” under the Plan (including, without limitation, any such rate set forth in any Appendix to the Plan) will be recognized for any period of service or reemployment after the Freeze Date regardless of the bargaining unit or other group of employees, if any, to which any such rate may be assigned under or pursuant to the Plan. The statutory dollar maximum limitation on benefits and compensation imposed by Code Sections 415 and 401(a)(17) under the Plan shall be governed solely by such dollar limitations as in effect on the Freeze Date, and they shall not be adjusted for any reason thereafter. (c) All prior freezing of benefits, cessations and/or voluntary waivers of participation, in the Plan for any or all categories of Participants will remain in effect. If a Participant rejoins the Plan following a reemployment occurring after the Freeze Date, the Participant will participate in the Plan, but only under the terms of the Plan as it is amended including the freezing of the Plan that is effective as of the Freeze Date. All capitalized terms in this Paragraph 25 will have the meaning given to them in the Plan unless the context requires otherwise.
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Related to Freezing of Retirement Plan As to Participation and New Accruals

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Participation in Retirement and Employee Benefit Plans The Employee shall be entitled to participate in all plans relating to pension, thrift, profit-sharing, group life and disability insurance, medical and dental coverage, education, cash bonuses, and other retirement or employee benefits or combinations thereof, in which the Bank's executive officers participate.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Termination of 401(k) Plan At Parent’s written request, delivered no later than fifteen (15) days prior to the Closing, the Company shall terminate the Furmanite Corporation 401(k) Savings and Investment Plan (the “Company 401(k) Plan”) effective immediately prior to the Closing Date and contingent upon the occurrence of the Closing, and upon such termination, shall cease all further contributions to the Company 401(k) Plan for pay periods beginning on and after the Closing Date and, to the extent the Company 401(k) Plan provides for loans to participants, and upon such termination, shall cease making any such additional loans effective immediately prior to the Closing Date. If Parent does not instruct the Company to terminate the Company 401(k) Plan, nothing herein shall be deemed to prevent the Surviving Corporation or Parent from terminating the Company 401(k) Plan following the Closing in accordance with applicable Law. In the event that Parent instructs the Company to terminate the Company 401(k) Plan, (a) prior to the Closing Date and thereafter (as applicable), the Company and Parent shall take any and all action as may be required, including amendments to the Company 401(k) Plan and/or the corresponding 401(k) plan sponsored or maintained by Parent or one of its Subsidiaries (the “Parent 401(k) Plan”) to comply with applicable Law, (b) subject to the receipt of a favorable IRS determination letter with respect to the termination of the Company 401(k) Plan, to permit each employee of the Company and its Subsidiaries who continues to be employed by Parent or its Subsidiaries (including, for the avoidance of doubt the Surviving Corporation and its Subsidiaries) immediately following the Effective Time (each, a “Continuing Employee”) to make rollover contributions of “eligible rollover distributions” (within the meaning of Section 401(a)(31) of the Code, including of loans) in cash or notes (in the case of loans) in an amount equal to the eligible rollover distribution portion of the account balance distributable to such Continuing Employee from the Company 401(k) Plan to the corresponding Parent 401(k) Plan, and (c) upon any termination of the Company 401(k) Plan in accordance with this Section 6.03, the Continuing Employees shall be eligible to participate, effective as of the Effective Time, in the Parent 401(k) Plan.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • Benefits Upon Plan Termination In the event this Long-Term Disability Plan is terminated, the benefit payments shall continue to be paid in accordance with the provisions of this Plan to disabled employees who became disabled while covered by this Plan prior to its termination.

  • Coverage Selection Prior to Retirement An employee who retires and is eligible to continue insurance coverage as a retiree may change his/her health or dental plan during the sixty (60) calendar day period immediately preceding the date of retirement. The employee may not add dependent coverage during this period. The change takes effect on the first day of the month following the date of retirement.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

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