Parent Pension Plan Clause Samples
The Parent Pension Plan clause defines the terms and conditions under which a parent company provides or maintains a pension plan for its employees. This clause typically outlines eligibility requirements, contribution obligations, and the types of benefits offered to participants, such as retirement income or survivor benefits. By clearly establishing the framework for pension benefits, the clause ensures employees understand their entitlements and helps the company manage its long-term financial commitments related to employee retirement.
Parent Pension Plan. (a) RETENTION OF PARENT PENSION PLAN. Effective as of the Close of the Distribution Date, Parent shall retain:
(i) sponsorship of the Parent Pension Plan and its related trust and any other trust or other funding arrangement established or maintained with respect to such plan, or any assets held as of the Distribution Date with respect to such plan; and
(ii) all Liabilities relating to, arising out of or resulting from claims incurred by or on behalf of any individuals with respect to benefits under the Parent Pension Plan.
Parent Pension Plan