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.
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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. (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.
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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. 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. 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. (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) (“
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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.

  • Pension and Profit Sharing Plans Executive shall be entitled to participate in any pension or profit sharing plan or other type of plan adopted by Company for the benefit of its officers and/or regular employees.

  • Retirement Plans 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 (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, JHSS shall provide the following administrative services:

  • 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).

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement:

  • 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.

  • Retirement Accounts With respect to certain retirement plans or accounts (such as individual retirement accounts (“IRAs”), SIMPLE IRAs, SEP IRAs, Xxxx IRAs, Education IRAs, and 403(b) Plans (such accounts, “Retirement Accounts”), the Transfer Agent, at the request and expense of the Fund, provide or arrange for the provision of various services to such plans and/or accounts, which services may include custodial agent services such as account set-up maintenance, and disbursements as well as such other services as the parties hereto shall mutually agree upon.

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