Common use of Moody's Savings Plan Clause in Contracts

Moody's Savings Plan. (a) As of the Effective Time, Moody's shall adopt the Moody's Savings Plan for the benefit of Moody's Employees who were participants in the Corporation Savings Plan immediately prior to the Effective Time. Prior to the Effective Time, Moody's Employees (other than Moody's Elective Retirees who shall keep their balances in the Corporation Savings Plan) shall be given the right to elect one of the following options with respect to their Corporation Savings Plan account balances (the "Participant Election Period"): (i) Moody's Employees may keep their balances in the Corporation Savings Plan (such employees being known as "Moody's Bifurcated Savings Plan Employees"); or (ii) Moody's Employees may transfer their balances to the Moody's Savings Plan (such employees being known as "Moody's Transferred Savings Plan Employees"). If a Moody's Employee fails to elect any of the foregoing options prior to the end of the Participant Election Period, (i) his or her balance shall be transferred to the Moody's Savings Plan, and (ii) such employee shall be treated as a Moody's Transferred Savings Plan Employee.