Pension Adjustment. An amount equal to the excess of (a) the actuarial value of the benefits which the Executive would have accrued under each of the Holding Company’s qualified and non-qualified pension plans in which the Executive was a participant as of the date of termination of employment if (i) the Executive’s employment had continued at the Executive’s level of total compensation (determined as of the date of termination of employment) for a period of three years following the Executive’s date of termination of employment and (ii) each such plan had remained in effect during such three-year period, over (b) the actuarial value of the Executive’s actual benefits under such qualified and non-qualified pension plans. The actuarial value of such benefits shall be determined by the Compensation Committee of the Holding Company in its reasonable discretion, and shall be paid to the Executive in a lump sum on the date of termination of employment.
Pension Adjustment. An amount equal to the excess of (a) the actuarial value of the benefits which the Executive would have accrued under the Employers' qualified defined benefit pension plan and non-qualified supplemental retirement plan if the Executive's employment had continued for a period of three years following his date of termination, over (b) the actuarial equivalent of the Executive's actual benefit under the defined benefit pension plan and the non-qualified supplemental retirement plan.
Pension Adjustment. An amount equal to the excess of (a) the actuarial value of the benefits which the Executive would have accrued under the Employers' qualified pension plan and non-qualified supplemental retirement plan if the Executive's employment had continued for a period of three years following his date of termination, over (b) the actuarial equivalent of the Executive's actual benefit under the pension plan and the non-qualified supplemental retirement plan.
Pension Adjustment. Certain retirees will receive a pension adjustment as follows effective March 1, 2012: Retired before 1987 5.0% This is a packaged offering for life insurance plan provision changes including expanded age-rated supplemental life insurance benefit options to employees that will replace the flat rate premium. New benefits included in this packaged proposal would be Spousal/Domestic Partner, Child and Accidental Death and Dismemberment (AD&D) insurance options and enhanced Will Preparation benefits. The benefit design and costs for supplemental life insurance and other ancillary benefits such as Accidental Death and Dismemberment, and dependent coverage options, and other administrative changes are provided in Attachment C.
Pension Adjustment. (i) As promptly as practicable following the completion of the transfer of assets contemplated by Section 5.5(m) and the assumption of Dedicated Retirement Plans contemplated by Section 5.5(n), but in no event more than one hundred eighty (180) days after the Closing Date, Seller shall prepare and deliver to Purchaser a statement (the “Preliminary Closing Pension Statement”) that sets forth (together with information to demonstrate how it determined such amount) the amount, if any, (the “Preliminary Closing Pension Deficit Amount”) by which (A) the sum of (1) the Deemed Pension Liabilities plus (2) all Assumed Non-U.S. Pension Liabilities determined as of the Closing Date (even if related to a Commingled Retirement Plan in a Delayed Transfer Country where actual Assumed Non-U.S. Pension Liabilities may be based on a determination made as of a Delayed Transfer Closing) and determined (x) on a projected benefit obligation basis with respect to defined benefit plans and (y) on an accrued benefit basis with respect to any defined contribution plan, in each case regardless of whether benefits are vested or unvested, and, for purposes of this calculation, regardless of the amount of (or timing of the assumption of) Assumed Non-U.S. Pension Liabilities actually assumed under Section 5.5(m), plus (3) the amount of all Liabilities (determined as of the Closing Date (x) on a projected benefit obligation basis with respect to defined benefit plans and (y) on an accrued benefit basis with respect to any defined contribution plan, in each case regardless of whether benefits are vested or unvested) under all Dedicated Retirement Plans (the Liabilities in clauses (2) and (3), collectively, the “Pension Liabilities”) exceeds (B) the sum of (1) the fair market value as of the Closing Date of the assets (if any) of the Dedicated Retirement Plans which are transferred with the Dedicated Retirement Plans, plus (2) the fair market value of the assets (if any) that have been transferred to the Purchaser Non-U.S. Retirement Plans pursuant to, and in accordance with, Section 5.5(m) within one hundred eighty (180) days after the Closing Date, valued, in each case, as of the close of business on the date of transfer, plus (3) any assets that Seller or its Affiliates (other than the Conveyed Companies) irrevocably commits before the Closing Date to, and does, contribute to a Dedicated Retirement Plan pursuant to, and in accordance with, Section 5.5(n), within one hundred eighty (180...
Pension Adjustment. Monthly pensions otherwise payable to eligible beneficiaries as of an adjustment date are increased by a percentage called the Pension Adjustment Factor determined as follows:
(i) For eligible pensioners who retire in the twelve (12) month period prior to the adjustment date, except for disability pensioners, the Pension Adjustment Factor is 1/12th of the pension adjustment for each full month prior to the adjustment date.
(ii) For all other eligible pensioners, and for all survivors, the Pension Adjustment Factor is equal to the applicable percentage adjustment.
Pension Adjustment. (a) As promptly as practicable following the Closing Date, but in no event more than two hundred seventy (270) days following the Closing Date, Remainco shall prepare and deliver to RMT Partner a statement (the “Pension Funding Statement”) that sets forth (together with information in a manner sufficient to demonstrate how it determined such amount) the Pension Funding Amount.
(b) RMT Partner shall have a period of not more than ninety (90) Business Days following delivery of the Pension Funding Statement and supporting materials in accordance with subsection (a) above during which to review the Pension Funding Statement and supporting materials and to notify Remainco if it believes the calculation of the Pension Funding Amount contains mathematical errors or is based on actuarial or other assumptions inconsistent with the terms of this Agreement or that otherwise violate applicable Law.
(i) If and to the extent RMT Partner shall fail to so notify Remainco of any such dispute, then the Pension Funding Amount reflected in the Pension Funding Statement shall be deemed agreed for purposes of this Agreement.
(ii) If and to the extent RMT Partner shall so notify Remainco of any such dispute, Remainco and RMT Partner shall collaboratively work together and cooperate in good faith to resolve such dispute as promptly as possible, and upon resolution, the Pension Funding Amount reflected in the Pension Funding Statements (as adjusted to reflect the settlement of any dispute) shall be deemed agreed for purposes of this Agreement.
(iii) If and to the extent Remainco and RMT Partner fail to resolve any such dispute with respect to the Pension Funding Amount (or a part thereof) attributable to any country within sixty (60) days after notice of the dispute, Remainco and RMT Partner shall choose an independent actuary (i.e., an actuarial firm that is nationally recognized in such country other than any actuary regularly used by Remainco or RMT Partner); provided, however, that if Remainco and RMT Partner cannot mutually agree on the identity of the independent actuary within five (5) Business Days, then Remainco and RMT Partner shall on the next Business Day each identify an actuarial firm (other than one regularly used by Remainco or RMT Partner), and the independent actuary shall be selected by lot from these two firms by Remainco and RMT Partner, and provided further that if such actuary identified by lot shall not agree to serve within five (5) Business Days, then ad...
Pension Adjustment. An amount equal to the excess of (a) the actuarial value of the benefits which the Executive would have accrued under the SERP if the Executive’s employment had continued for a period of three years following his date of termination, over (b) the actuarial equivalent of the Executive’s actual benefit under the SERP.
Pension Adjustment. Monthly pensions otherwise payable to eligible beneficiaries as of an adjustment date are increased by a percentage called the Pension Adjustment Factor determined as follows:
Pension Adjustment. Monthly pensions otherwise payable to eligible beneficiaries as of an adjustment date are increased by a percentage called the Pension Adjustment Factor determined as follows:
(i) For eligible pensioners who retire in the twelve (12) month period prior to the adjustment date, except for disability pensioners, the Pension Adjustment Factor is 1/12 of the pension adjustment for each full month prior to the adjustment date.
(ii) For all other eligible pensioners and for all survivors the Pension Adjustment Factor is equal to the applicable percentage adjustment. While the parties have agreed that these negotiated pension adjustments for members of IAMAW District Lodge 140 extend up to December 31, 2006. The parties further agree that this does not prevent the Union from re-negotiating this pension agreement at the termination of Collective Agreement as set out in Article 21. Yours very truly, X. X. Xxxxx Director, Labour Relations – Technical Services Xx. X. Cyr President & Directing General Chairman District Lodge 148, IAMAW 0000 Xxxxxxx Xxxxxxxxx Xxxxx 000 Xx. Xxxxxxx, Xxxxxx X0X 0X0 Dear Xx. Xxx: This letter will confirm that during 1990 negotiations, the Company agreed to amend the Rules of the Air Canada Pension Plan – Canada to reduce from sixty (60) to thirty-six (36) the number of months used to determine an IAMAW employee's average annual compensation for benefits commencing on or after July 1, 1990 for members on the active payroll on or after June 30, 1990. Yours truly, B.R. Xxxxxxx Director, Labour Relations – Technical Services July 1, 2003 Xx. X. Coller General Chairperson, Western Region District Lodge 140, IAMAW 00-000 Xxxxx Xxxxxx Winnipeg, Manitoba R3J 1N6 Dear Xx. Xxxxxx: This will confirm our discussions during the 2002 contract negotiations concerning item M32 – Transfer Expenses. The Company and the Union have agreed that promotions to above basic classifications resulting in an employee transfer to a new location will be at employee’s own expense. Company paid transfer expenses will only be applicable in the situation of a second posting of a Promotional Bulletin, and at the sole discretion of the Company. The Company will make the required amendments to the applicable Company Publications and Promotional Bulletins and review this with the Union when completed. Yours truly, Xxxxx X. Xxxxx Director, Labour Relations – Technical Services August 22, 2003 Xx. Xxx Xxxxxx General Chairperson, Western Region IAMAW Transportation District 140 0...
