Individual Account Plans Sample Clauses

Individual Account Plans. (a) The Seller shall retain all liabilities and obligations in respect to benefits accrued by Transferred Employees under the Individual Account Plans and the Defined Contribution Excess Plan. On the Closing Date, the Seller shall take such action as may be necessary, if any, to permit each Transferred Employee to exercise his rights under the Individual Account Plans to effect an immediate distribution of such Transferred Employee's vested account balances under the Individual Account Plans or to effect a tax-free rollover of the taxable portion of the account balances into an eligible retirement plan (within the meaning of Section 401(a)(31) of the Code, a "Direct Rollover") maintained by the Buyer or a Subsidiary of the Buyer (the "Buyer Plan") or to an individual retirement account. The Seller and the Buyer shall work together in order to facilitate any such distribution or rollover and to effect a Direct Rollover for those participants who elect to roll over their account balances directly into the Buyer Plan; provided that, except as provided in Section 9.02(c) below, nothing contained herein shall obligate the Buyer Plan to accept a Direct Rollover in a form other than cash. (b) On the Closing Date, or as soon as practicable thereafter, the Buyer shall establish or designate the Buyer Plan in order to accommodate the Direct Rollovers described above and shall take all action necessary, if any, to qualify the Buyer Plan under the applicable provisions of the Code and shall make any and all filings and submissions to the appropriate governmental authorities required to be made by it in connection with any Direct Rollover. (c) On the Closing Date, for each Transferred Employee who has an outstanding loan under the Capital Accumulation Plan and who elects a Direct Rollover to the Buyer Plan, the Direct Rollover shall include the note related to such outstanding loan provided that Buyer with respect to the Buyer Plan and Seller with respect to the Capital Accumulation Plan conclude that such Direct Rollover complies with the applicable rules under Section 401 of the Code and such note is enforceable under applicable law by the trustees of Buyer Plan. In the event either Buyer or Seller is unable to so conclude, Buyer and Seller agree to take such steps as may be necessary to amend the eligibility rules and permit such Transferred Employee to secure a loan under the Buyer Plan (to the extent of the loan permitted under the loan rules of the Buyer Plan) in...
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Individual Account Plans. 47 SECTION 9.03. Other Employee Plans and Benefit Arrangements................48 SECTION 9.04. Plans Following the Closing..................................49 SECTION 9.05. Third Party Beneficiaries....................................50
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Individual Account Plans. Mallinckrodt UK shall as of the Closing Date, cease all contribution in respect of each U.S. Transferred Employee in Mallinckrodt UK’s or its Affiliates’ tax-qualified and nonqualified defined contribution plans, and any health savings account in which such individual is then participating. Mallinckrodt UK shall, or shall cause its Affiliates to, effective as of the day after the Closing Date, cease all contributions in respect of each U.S. Transferred Employee in such plans. Mallinckrodt UK shall, effective as of the day after the Closing Date, cease all contributions in respect of each U.S. Transferred Employee in such plans. As soon as practicable after the Closing Date, the Buyers shall, or shall cause one of their Affiliates to, have in effect one or more qualified defined contribution plans, that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (“Buyer’s 401(k) Plan”). Each U.S. Transferred Employee who was a participant in one or more of the Qualified Plans that are individual account plans identified on Disclosure Schedule 3.21(b)(v) (“Mallinckrodt’s Savings Programs”) immediately prior to the Effective Time shall, subject to published black-out periods, become a participant in Buyer’s 401(k) Plan after the Closing Date. Buyer’s 401(k) Plan shall accept rollover contributions from Mallinckrodt’s Savings Programs on behalf of U.S. Transferred Employees, including a rollover of any outstanding loan balance and related promissory notes in accordance with reasonable procedures adopted by the Sellers and the Buyers, including a limitation on the time period in which such loan rollovers may be elected. A rollover from Mallinckrodt’s Savings Programs which includes a loan balance and related promissory note must be initiated by a U.S. Transferred Employee within a reasonable period following the Effective Time that is determined by the Sellers to be acceptable and to which the Buyers consent. Both Mallinckrodt UK (or its appropriate Affiliates) and the Buyers shall amend their respective plans to permit the loan rollovers provided for in this Section 5.2(c)(ii).
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Individual Account Plans. Each Employee who is a participant in the Purafil, Inc. 401(k) Profit Sharing Plan ("Company 401(k) Plan"), shall, at the option of Buyer, either continue to participate in the Company 401(k) Plan or become eligible to participate in the Kaydon Corporation Employee Stock Ownership & Thrift Plan or equivalent ("Buyer 401(k) Plan") as soon as practicable after the Closing Date. If the Company 401(k) Plan is terminated, the Company shall permit each Employee to elect a direct rollover of the portion of his or her account balance that is eligible for rollover under a Company savings program to the Buyer 401(k)
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Individual Account Plans. (a) As of the Effective Time, Company shall adopt the FTX ECAP and its related trust, and the documents governing said plan and trust shall be amended by FTX and the Company to provide that, commencing at the Effective Time, FTX will no longer have any powers or duties with respect to said plan and trust, and the Company will have all powers and duties with respect to the plan and trust that pertain to a plan sponsor. Within 15 days following the Effective Time, FTX shall pay to the trustee of said trust any amounts payable to the trust that it has received or withheld from participants, and any matching contributions due under said plan. (b) The FTX ECAP will be amended prior to the Effective Time to permit it to hold Company shares. (c) As of the Effective Time, the FTX SECAP document shall be amended by FTX and the Company to provide that the Company assumes all liabilities in respect of Transferred Employees under the FTX SECAP, and that FTX has no further obligation under the FTX SECAP with respect to the account balances of Transferred Employees. As consideration for the assumption of such liabilities by Company, FTX shall pay to Company an amount equal to the account balances of the Transferred Employees valued as of the date of the
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Individual Account Plans. MFS shall retain all obligations and liabilities for, and Buyer shall have no obligation or liability in respect of, the MFS 401(k) Plan, the MFS 40l(a) Plan, and the MFS Communications Company, Inc. Employee Stock Bonus Plan. Notwithstanding the foregoing, during a transition period of six months following the Closing Date or such shorter period that Parent shall advise MFS in writing, MFS will continue to provide at Parent's expense for employees of the NT Business the non-stock based health and welfare insurance and other benefits that are provided to such employees immediately prior to the Merger. No assets of either such Plan shall be transferred to Buyer or its Affiliates or to any plan or arrangement sponsored or maintained by Buyer or its Affiliates.
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Individual Account Plans. On or promptly following the Closing Date, Sellers shall take such action as may be necessary, if any, to permit each RJRI Employee to exercise his or her rights to distribution of such RJRI Employee's vested account balances under Sellers' U.S. Individual Account Plans, if any, or to effect at any time a tax-free rollover of the taxable portion of the account balances (to the extent permitted by law) into an eligible retirement plan (within the meaning of Section 401(a)(31) of the Code) (a "Direct Rollover") maintained by Buyer (the "Buyer Individual Account Plan") or to an individual retirement account. Sellers and Buyer shall cooperate to facilitate any such distribution or rollover and to effect a Direct Rollover for those participants who elect to roll over their account balances directly into the Buyer Individual Account Plan; provided that nothing in this Section 9.05 shall obligate the Buyer Individual Account Plan to accept a Direct Rollover unless Buyer is satisfied that any such Direct Rollover is described in Section 401(k)(10)(A) of the Code.
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Individual Account Plans. The Share Sellers shall, effective as of the day after the Closing Date, cease all contributions in respect of each U.S. Transferred Employee in Mallinckrodt’s tax-qualified and nonqualified defined contribution plans, and any health savings account in which such individual is then participating. As of the day after the Closing Date, the Buyer or one of its Affiliates shall have in effect one or more qualified defined contribution plans, that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (“Buyer’s 401(k) Plan”). Each U.S. Transferred Employee who was a participant in one or more of the Qualified Plans that are individual account plans identified on Disclosure Schedule 3.21(b)(v) (“Mallinckrodt’s Savings Programs”) immediately prior to the Effective Time shall, subject to published black-out periods, become a participant in Buyer’s 401(k) Plan as of the day after the Closing Date. Buyer’s 401(k) Plan shall accept rollover contributions from Mallinckrodt’s Savings Programs on behalf of U.S. Transferred Employees, including a rollover of any outstanding loan balance and related promissory notes in accordance with reasonable procedures adopted by the Share Sellers and the Buyer, including a limitation on the time period in which such loan rollovers may be elected. A rollover from Mallinckrodt’s Savings Programs which includes a loan balance and related promissory note must be initiated by a U.S. Transferred Employee within a reasonable period following the Effective Time that is determined by the Share Sellers to be acceptable and to which the Buyer consents. Both the Share Sellers (or their appropriate Affiliates) and the Buyer shall amend their respective plans to permit the loan rollovers provided for in this Section 5.2(c)(ii).
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Individual Account Plans. (i) Parent shall, effective as of the Effective Time, cease all contributions in respect of each Employee in Parent’s tax-qualified defined contribution plans in which such individual is then participating. As of the Effective Time, the Buyer or one of its Affiliates shall have in effect one or more defined contribution plans that include a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (“Buyer’s 401(k) Plan”). Each Employee who was a participant in one or more of the Qualified Plans that are individual account plans as set forth on Disclosure Schedule 3.19(c) (“Parent’s Savings Programs”) shall become a participant in Buyer’s 401(k) Plan as of the Effective Time. The Buyer’s 401(k) Plan shall comply with Section 411(d)(6) of the Code with respect to the account balances to be transferred to the Buyer’s 401(k) Plan, and the Buyer shall indemnify and hold Parent and its Affiliates harmless from and against any Losses arising from any failure to so comply.
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Related to Individual Account Plans

  • Individual Accounts An individual account is an account owned by one depositor including any individual, corporation, partnership, trust, or other organization qualified for Credit Union membership. If the account is an individual account, the interest of a deceased individual owner will pass, subject to applicable law, to the decedent’s estate or payable on death (“POD”) beneficiary, if applicable.

  • Individual Account An individual account is an account owned by you alone, which you as the account owner use during your lifetime.

  • Annual Accounts A copy of the final audited financial statements including Balance Sheets and Profit and Loss Accounts with associated accounting policies and notes to the accounts within the 10 Months of the end of the accounting period, as per the deadline imposed by Companies House, for Contractors registered in the UK. Where Contractors are not registered with Companies House, they must forward the information detailed in Annex 1. Where Annual Accounts are not signed off, we may request a copy of the latest Financial Year Draft Accounts prior to Annual Accounts being signed off. The draft accounts should include Balance Sheet and Profit and Loss Account with associated accounting policies and notes to the Accounts.

  • 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.

  • Payment Plans Employees covered by the Samaritan Choice medical insurance plan who have outstanding balances that are payable to Samaritan Health Services for in network, covered, and authorized (if medically necessary) services will be provided payment plan offerings upon request from the employee. The request will be made to Patient Financial Services, and may be directed through the Hospital Patient Financial Counselor. Patient Financial Services will work with employees to identify the appropriate payment arrangement based on the employee financial needs/eligibility. Within 120 days from first patient statement, employees must contact Patient Financial Services and identify themselves as a SHS SEIU member and ask for a payment plan arrangement that does not exceed six percent (6%) of their household income. Such requests will be granted using the existing SHS payment options and funding programs. To be eligible for a payment plan, employees must comply with all requirements for establishing appropriate payment options/eligibility, including the completion of a financial assistance application with supporting documentation. Employees who comply with all terms of the payment plan(s) will not be subject to collections or wage garnishment.

  • Health Spending Account (HSA Wellness Spending Account (WSA)/Registered Retirement Savings Plan (RRSP) utilization rates;

  • Savings Plans Employee shall be entitled to participate in Employer’s 401(k) plan, or other retirement or savings plans as are made available to Employer’s other executives and officers and on the same terms which are available to Employer’s other executives and officers.

  • Flexible Spending Accounts Employees in the unit shall have access to the County’s flexible spending account program, which provides employees with the options of dependent care assistance benefits with a calendar year maximum of $5,000, and medical expense reimbursement benefits with a calendar year maximum of $2,400. The County shall maintain this plan in compliance with IRC §125. Employee premiums for flexible spending account benefits shall be deducted on a pre-tax basis from employee pay.

  • 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).

  • Distribution Plans You shall also be entitled to compensation for your services as provided in any Distribution Plan adopted as to any series and class of any Fund’s Shares pursuant to Rule 12b-1 under the 1940 Act. The compensation provided in any such Distribution Plan (a “12b-1 Plan”) may be divided into a distribution fee and a service fee, as set forth in such Plan and the Fund’s then current prospectus and statement of additional information (“SAI”), each of which is compensation for different services to be rendered to the Fund. Subject to the termination provisions in a 12b-1 Plan, any distribution fee with respect to the sale of a Share subject to such Plan shall be earned when such Share is sold and shall be payable from time to time as provided in the 12b-1 Plan. The distribution fee payable to you as provided in any 12b-1 Plan shall be payable without offset, defense or counterclaim (it being understood by the parties hereto that nothing in this sentence shall be deemed a waiver by the Fund of any claim the Fund may have against you).

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