Common use of Management Employees Clause in Contracts

Management Employees. Effective immediately after the Closing Date, the Transferred Employees who participate in the Verizon GTE Service Corporation Plan for Employees' Pensions (the "Seller Salaried Pension Plan") will be eligible to participate under a tax-qualified defined benefit pension plan established or maintained by Buyer to the same extent (if any) as similarly-situated employees of Buyer. Such Transferred Employees shall receive credit for their service with Sellers and their Affiliates under such Buyer pension plan for all purposes other than benefit accrual service. Other than direct rollover distributions, if any are permitted, no assets or liabilities will be transferred in connection with this Agreement from the Seller Salaried Pension Plan to Buyer or any benefit plan of buyer.

Management Employees. Effective immediately after the Closing Date, the Transferred Employees who participate in the Verizon GTE Service Corporation Plan for Employees' Pensions (the "Seller Salaried Pension Plan") will be eligible to participate under a tax-qualified defined benefit pension plan established or maintained by Buyer to the same extent (if any) as similarly-situated employees of Buyer. Such Transferred Employees shall receive credit for their service with Sellers Seller and their its Affiliates under such Buyer pension plan for all purposes other than benefit accrual service. Other than direct rollover distributions, if any are permitted, no assets or liabilities will be transferred in connection with this Agreement from the Seller Salaried Pension Plan to Buyer or any benefit plan of buyer.