Hourly Pension Plan Sample Clauses

Hourly Pension Plan. If you retire directly from continuous service, you may elect to receive pension benefits equivalent to those provided in the Hourly Employees Pension Plan provided the benefits as determined on an actuarial basis are worth more to you than the pension otherwise payable under the Salaried Plan.
Sample 1Sample 2
AutoNDA by SimpleDocs
Hourly Pension Plan. (a) Effective as of the Closing Date, the Transferred Employees shall no longer be eligible to participate in the Retirement Plan for Chillicothe Bargained Hourly Employees of Pace 731 and 988 of OPEIU 422 (the “Seller’s Hourly Pension Plan”), and the Seller shall take all action prior to the Closing Date as may be required to achieve this result. The Purchaser agrees to establish or maintain a defined benefit plan (the “Purchaser’s Hourly Pension Plan”) which is intended to be qualified under Section 401(a) of the Code and a related trust that is intended to be exempt from taxation under Section 501(a) of the Code for the benefit of the Transferred Employees who participated in the Seller’s Hourly Pension Plan and which shall credit such Transferred Employees for their service with the Seller prior to the Closing Date for all purposes, but solely to the extent such service was recognized under the Seller’s Hourly Pension Plan. The Purchaser agrees that the Purchaser’s Hourly Pension Plan and its related trust shall be operative in all respects effective as of the Closing Date, and the Purchaser shall deliver to the Seller an officer’s certificate, a favorable determination letter or an opinion of counsel reasonably satisfactory to the Seller (a “Qualification Document”) to the effect that the Purchaser’s Hourly Pension Plan substantially complies by its terms with the requirements for qualification under Section 401(a) of the Code. (b) As soon as practicable after the Closing Date, the Seller shall cause to be transferred from the Seller’s Hourly Pension Plan to the Purchaser’s Hourly Pension Plan (i) liability for all benefits accrued by the Transferred Employees under the Seller’s Hourly Pension Plan as of the Closing Date and other liabilities of the Seller’s Hourly Pension Plan relating to the Transferred Employees (the “Transferred Benefit Liabilities”), and (ii) an asset amount equal to the Transfer Amount (as defined in Section 6.04(d)). Following completion of the transfer of assets and liabilities from the Seller’s Hourly Pension Plan, the Seller shall have no further liability whatsoever with respect to the Transferred Employees for benefits under the Seller’s Hourly Pension Plan. (c) As a condition of making the transfer of assets and liabilities described below in this section, the Purchaser shall be entitled to receive the following: a copy of the most recent favorable determination from the Internal Revenue Service to the effect that the Sel...
Sample 1Sample 2
Hourly Pension Plan. 5 Xxxxxx...................................................................................................... 1
Sample 1Sample 2
Hourly Pension Plan. (a) Effective as of the end of the day immediately preceding the Closing Date, Union Employees who participate in and accrue benefits under The Hourly Employees’ Pension Plan of Rxxxx Xxxx Multifoods Corporation (“Hourly Pension Plan”) shall cease to participate in and accrue benefits thereunder. (b) No later than the later of 120 days after the Closing Date, but effective as of the Closing Date, Purchaser shall establish and register, or shall cause to be established and registered, with the appropriate regulatory authorities, at its own expense, a new registered pension plan and an associated funding vehicle to replace the Hourly Pension Plan in respect of the Union Employees. The new registered pension plan shall be referred to herein as the “Purchaser’s Hourly Pension Plan”. Union Employees who are members of the Hourly Pension Plan on the day immediately preceding the Closing Date (“Transferred Members”) shall commence participation in and begin accruing benefits under Purchaser’s Hourly Pension Plan effective as of the Closing Date. (c) Subject to the completion of the transfer of assets contemplated by this Section 5.5, Purchaser’s Hourly Pension Plan shall provide the Transferred Members with benefits for their period of service with Seller before the Closing Date which are no less favourable than those under the Hourly Pension Plan immediately prior to the Closing Date and which are in compliance with Laws and any applicable collective agreement. Purchaser’s Hourly Pension Plan shall provide benefits to the Union Employees for their period of service with Purchaser on and after the Closing Date in accordance with any applicable collective agreement and Laws. Where service with Purchaser is a relevant criterion under Purchaser’s Hourly Pension Plan, Purchaser agrees to recognize the service of each Union Employee with Seller (including all periods of employment leave) for purposes of Purchaser’s Hourly Pension Plan. Purchaser shall maintain Purchaser’s Hourly Pension Plan unamended until such date as may be required pursuant to the terms of any applicable collective agreement or Laws. (d) As soon as practicable following the Closing Date, Seller shall cause its actuary to determine the “Hourly Pension Asset Transfer Amount”. The Hourly Pension Asset Transfer Amount shall be equal to 0.96 or the solvency ratio of the Hourly Pension Plan, if greater, multiplied by the solvency liabilities in respect of the Transferred Members as at the Closing Date. ...
Sample 1
Hourly Pension Plan. Seller currently maintains the Xxxxxx-Xxxxx Company Milford Hourly Pension Plan (the "Plan") pursuant to the Collective Bargaining Agreement. Buyer will succeed Seller as employer- sponsor of the Plan. Buyer and Seller shall contribute a sufficient amount to fund the Plan on a "going concern basis" as of October 31, 1996 ("Pension Contribution"). Buyer shall be responsible to contribute the sum of Three Hundred Fifty Thousand ($350,000) Dollars to the Plan and Seller shall contribute the balance of the Pension Contribution. The Pension Contribution shall be calculated by Towers Xxxxxx as soon after the Closing Date as is reasonably possible and the Seller's portion shall be paid by Seller to the Plan promptly thereafter. Buyer shall assume and perform all of the duties and obligations as employer-sponsor of the Plan after the Closing Date.
Sample 1

Related to Hourly Pension Plan

  • 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.

  • 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.

  • 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

  • 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.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • 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.

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!