JOINT SAVINGS PLAN Sample Clauses

JOINT SAVINGS PLAN. The GenCorp Retirement Savings Plan and the Profit Sharing Retirement and Savings Plan of GenCorp Inc. and Certain Participating Subsidiaries, as amended to be jointly sponsored by GenCorp and OMNOVA.
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JOINT SAVINGS PLAN. (a) Effective on the Distribution Date, the GenCorp Retirement Savings Plan and the Profit Sharing Retirement and Savings Plan of GenCorp Inc. and Certain Participating Subsidiaries will become multiple employer plans (collectively, "Joint Savings Plan") in which both GenCorp and OMNOVA will be unrelated participating employers. Day-to-day administration of the Joint Savings Plan will be performed by GenCorp with cooperation and assistance of OMNOVA pursuant to the separate Services and Support Agreement between GenCorp and OMNOVA. (b) GenCorp will continue to be both the administrator and sponsor of the Joint Savings Plan, as defined in ERISA sections 3(16)(A) and (B), for purposes of complying with the reporting and disclosure requirements imposed by ERISA and the Code in administering the Joint Savings Plan. Notwithstanding the preceding sentence, GenCorp and OMNOVA agree that no changes will be made to the Joint Savings Plan, except as hereinafter described unless (i) such changes are determined, with the advice of legal counsel, to be required for compliance with applicable laws, or (ii) GenCorp and OMNOVA mutually agree to such changes. In addition, (1) The Administrative Committee for the Joint Savings Plan, which will have general responsibility for interpreting and assuring uniform administration of the provisions of the Joint Savings Plan, will be composed of three (3) members of the GenCorp Administrative Committee and two (2) members of the OMNOVA Administrative Committee; and (2) The Benefits Management Committee for the Joint Savings Plan, which will have the responsibilities related to maintaining relationships with the trustee and investment managers and investment of the trust fund, will be composed of two (2) members of the GenCorp Benefits Management Committee and two (2) members of the OMNOVA Benefits Management Committee. (c) On and after the Distribution Date, employer matching contributions on behalf of GenCorp employees will be made solely by GenCorp and solely to the GenCorp Stock Fund and employer matching contributions on behalf of OMNOVA Employees will be made solely by OMNOVA and solely to the OMNOVA Stock Fund. Not later than the later of October 31, 2001 or two years after the Distribution Date, the accounts of OMNOVA Employees and former OMNOVA Employees will be transferred to a new separate savings plan to be established by OMNOVA. Thereafter, neither OMNOVA nor its employees will participate in the GenCorp Retirement Savin...
Sample 1
JOINT SAVINGS PLAN a) This is an optional benefit plan which employees may join during the first three (3) months of employment and thereafter during February and August of each year. b) Employees contribute moneys in increments of 1% of straight time basic earnings to a maximum of forty (40) straight time hours per week (through payroll deductions) drawing an employer contribution as per the following table: c) Contributions may be directed to a non-registered and/or registered (RRSP) account. Within each account employees may choose to invest in a savings, equity and/or income fund. Employees may change investment options up to four (4) times annually. d) The employee has immediate ownership of the company contribution and investment income as well as his own contribution. e) Every twenty-four (24) months the employee can make a withdrawal of funds without penalty. If an employee makes more than one withdrawal (excluding emergency withdrawals), in a twenty-four (24) month period, an automatic six (6) month suspension of company contribution is applied. f) Emergency withdrawals can be made without penalty as a result of the death of a family member as per Article (a) of the CBA, for emergency medical situations and for lay-off of more than seven (7) days.
Sample 1
JOINT SAVINGS PLAN. (a) Effective on the Distribution Date, the GenCorp Retirement Savings Plan and the Profit Sharing Retirement and Savings Plan of GenCorp Inc. and Certain Participating Subsidiaries will become multiple employer plans (collectively, "Joint Savings Plan") in which both GenCorp and OMNOVA will be unrelated participating employers. Day-to-day administration of the Joint Savings Plan will be performed by GenCorp with cooperation and assistance of OMNOVA pursuant to the separate Services and Support Agreement between GenCorp and OMNOVA. (b) GenCorp will continue to be both the administrator and sponsor of the Joint Savings Plan, as defined in ERISA sections 3(16)(A) and (B), for purposes of complying with the reporting and disclosure requirements imposed by ERISA and the Code in administering the Joint Savings Plan. Notwithstanding the preceding sentence, GenCorp and OMNOVA agree that no changes will be made to the Joint Savings Plan, except as hereinafter described unless (i) such changes are determined, with the advice of legal counsel, to be required for compliance with applicable laws, or (ii) GenCorp and OMNOVA mutually agree to such changes. In addition, (1) The Administrative Committee for the Joint Savings Plan, which will have general responsibility for interpreting and assuring uniform administration of the provisions of the Joint Savings Plan, will be composed of three (3) members of the GenCorp Administrative Committee and two (2) members of the OMNOVA Administrative Committee; and (2) The Benefits Management Committee for the Joint Savings Plan, which will have the responsibilities related to maintaining relationships with the trustee and investment managers and investment of the trust fund, will be composed of two (2) members of the GenCorp Benefits Management Committee and two (2) members of the OMNOVA Benefits Management Committee. (c) On and after the Distribution Date, employer matching contributions on behalf of GenCorp employees will be made solely by GenCorp and solely to the GenCorp
Sample 1

Related to JOINT SAVINGS PLAN

  • 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.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • 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).

  • 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.

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

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator. Subd. 1. All ASF Members who receive severance pay as defined in Section A of this article must participate in the health care savings plan. Subd. 2. All severance pay as defined in Section B of this article shall be transferred to the severed employee's health care savings plan account. At the time of separation, if an ASF Member has an approved exception to participation in the health care savings plan account from the plan administrator, then the ASF Member shall receive this payment in one lump sum payment of cash.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • 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.

  • 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.

  • Deferral Plan The deferral portion of the plan shall involve an employee spreading four (4) years' salary over a five (5) year period, or such other schedule as may be mutually agreed between the employee and the Hospital. In the case of the four (4) years' salary over a five (5) year schedule, during the four (4) years of salary deferral, 20% of the employee's gross annual earnings will be deducted and held for the employee. Such deferred salary will not be accessible to the employee until the year of the leave or upon the collapse of the plan. In the case of another mutually agreed upon deferral schedule, the percentage of salary deferred shall be adjusted appropriately.

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