Pension and Savings Plans Sample Clauses

Pension and Savings Plans. (a) Each employee of the Subsidiary who is a current participant in the Falcon Building Products, Inc. Employee Savings Plan (the "SAVINGS PLAN") (i) shall have his or her accrued benefit under the Savings Plan become 100% vested and nonforfeitable as of the Closing Date and (ii) shall be entitled to receive an allocation of any and all employer contributions made to the Savings Plan for the plan year which includes the Closing Date, including the contributions required to be made pursuant to paragraph (f) of this Section 4.13. Each employee of the Subsidiary who is a current participant in the Falcon Building Products, Inc. Cash Balance Pension Plan (the "CASH BALANCE PLAN") shall have his or her accrued benefit under the Cash Balance Plan become 100% vested and nonforfeitable. (b) Seller shall transfer, or cause the trustee of the Cash Balance Plan to transfer, to the trustee of a qualified defined benefit pension plan maintained by Purchaser or any entity required by Section 414 of the Code to be treated as a single employer with Purchaser (an "ERISA AFFILIATE") (either currently existing or hereinafter established by Purchaser or such ERISA Affiliate) (the "TRANSFEREE PENSION PLAN") such amounts (in cash or in marketable securities at market values determined by the plan trustee) under the Cash Balance Plan as are required by Section 414(1) of the Code for each employee of the Subsidiary on the Closing Date (the "TRANSFERRED EMPLOYEES"). The transferred amount shall be calculated as of the Closing Date by Seller's actuaries, and agreed to by Purchaser's actuaries (such agreement not to be unreasonably withheld), using service and compensation for service to the Closing Date, and on the basis of the actuarial assumptions set forth in Schedule 4.13(b), together with interest thereon at the rate of six percent (6%), calculated on the basis of the actual number of days elapsed divided by 365, from the Closing Date to the date of transfer, and considering (i) as plan assets actual and receivable contributions through the Closing Date and (ii) as plan liabilities benefits accrued through the Closing Date. Unless otherwise agreed to in writing by Purchaser and Seller, the transfer date shall occur within 60 days after Purchaser obtains and presents to Seller evidence satisfactory to Seller that the Transferee Pension Plan is qualified under the applicable provisions of the Code. Such evidence of qualification shall be supplied by Purchaser within 90 days of t...
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Pension and Savings Plans. 7.1 The Company will provide a Defined Contribution Pension Plan. Beginning on the first day of the month after an eligible employee reaches three (3) months of Net Credited Service, he or she will automatically be credited with a Company contribution equal to 2% of eligible earnings for each pay period. Employee contributions are not permitted. All DCPP contributions are vested upon completing 24 months of Net Credited Service. 7.2 The Company will provide a Retirement Savings Plan, allowing for up to 3% Company Matching Contributions to all eligible employees beginning on the first day of the month in which they have reached three (3) months of Net Credited Service. Employee and Company contributions under this Plan will be immediately vested. 7.2.1 Employees may choose to participate in any or all of the following programs under the Retirement Savings Plan: • Registered Retirement Savings Plan • Spousal Registered Retirement Savings Plan • Non-Registered Employee Savings Plan 7.2.2 Employees may contribute from 2% to 50% of their eligible earnings and will receive total combined Company Matching Contributions equal to 50% of up to the first 6% of eligible contributions they make under the Plan. Matching contributions will be credited to the same program(s) in which the employee has directed his/her own contributions. To the extent an employee is participating under multiple programs, the match will first be contributed to the Registered Retirement Plan, then the Spousal Registered Retirement Plan and then the Non-Registered Employee Savings Plan, until the maximum 3% match has been credited. 7.3 For purposes of this Article "C," Section 7, pertaining to Pension and Savings Plans, "Eligible Earnings" will include base pay, overtime, COLA and shift premium. 7.4 While the Company will not reduce the level of benefits of the Plan during the term of the Agreement, it reserves the right to amend the terms and conditions of such Plans in order to conform to existing or future legislation, to ensure that they may best need the objectives for which they were established, and to enable their administration to be carried out with prudence and economy in the interest of all participants therein.
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Pension and Savings Plans. 31 10.06 Vacation........................................................31 10.07
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Pension and Savings Plans. Effective as of the Closing Date, Seller shall fully vest all Transferred Employees in their accrued benefits under its tax-qualified defined benefit pension plans. Such pension plan obligations shall remain the sole responsibility of such Seller plan. Following the Closing Date, Buyer shall designate a defined contribution plan which is qualified under Section 401(a) of the Code to which Transferred Employees may elect to roll over all or a portion of their distributions under such a plan maintained by Seller in which such employees currently participate.
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Pension and Savings Plans. The Sellers shall retain and be responsible for all liabilities and obligations arising under the defined benefit pension plan and savings plan sponsored by Xxxx which cover the employees of Xxxxx.
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Pension and Savings Plans. As of and effective on the Closing Date, Vendor shall transfer to Purchaser all its rights and obligations under the Pension Plan for the employees of Cascades Resources, a division of Cascades Fine Papers Group Inc. (the “Pension Plan”) and Purchaser shall become the sponsor of the Pension Plan and, subject to the other provisions of this Agreement, assume all the rights and obligations of Vendor thereunder. Active members of the Pension Plan who are not Employees shall have their rights under the Pension Plan dealt with in accordance with its rules and relevant applicable pension Law.
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Pension and Savings Plans. Effective as of the Seller Employment Termination Date (or as to Company Employees on short-term disability leave on such date, as of the date of employment by Buyer), Buyer shall cause each Buyer Controlled Group member employing Continuing Employees to provide for participation by the Continuing Employees in the pension plans, within the meaning of Section 3(2) of ERISA, of such Buyer Controlled Group member, on terms and conditions that are substantially the same as those that are applied to other similarly situated employees of Buyer or members of the Buyer Controlled Group. Buyer will use commercially reasonable efforts to cause a section 401(k) plan (or other eligible retirement plan) maintained by Buyer to accept direct rollovers of Continuing Employee’s eligible rollover distributions (including, to the extent permitted under the Code, plan loan notes) from Seller’s section 401(k) plan as elected by Continuing Employees; provided however, that Buyer shall have no obligation to cause the trustee of Buyer’s section 401(k) plan (or other eligible retirement plan) to accept any such rollover distribution if Buyer does not receive proof which is satisfactory to Buyer that Seller’s section 401(k) plan will be qualified under section 401(a) of the Code at the time of the rollover.
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Pension and Savings Plans 
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Related to Pension and Savings Plans

  • 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 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.

  • 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.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • 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.

  • 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.

  • 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.

  • Pension Plans Any of the following events shall occur with respect to any Pension Plan (a) the institution of any steps by the Borrower, any member of its Controlled Group or any other Person to terminate a Pension Plan if, as a result of such termination, the Borrower or any such member could be required to make a contribution to such Pension Plan, or could reasonably expect to incur a liability or obligation to such Pension Plan, in excess of $10,000,000; or (b) a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA.

  • Compensation Plans Following any termination of the Executive's employment, the Company shall pay the Executive all unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination under any compensation plan or program of the Company, at the time such payments are due.

  • Qualified Plans With respect to each Employee Benefit Plan intended to qualify under Code Section 401(a) or 403(a) (i) the Internal Revenue Service has issued a favorable determination letter, true and correct copies of which have been furnished to Medical Manager, that such plans are qualified and exempt from federal income taxes; (ii) no such determination letter has been revoked nor has revocation been threatened, nor has any amendment or other action or omission occurred with respect to any such plan since the date of its most recent determination letter or application therefor in any respect which would adversely affect its qualification or materially increase its costs; (iii) no such plan has been amended in a manner that would require security to be provided in accordance with Section 401(a)(29) of the Code; (iv) no reportable event (within the meaning of Section 4043 of ERISA) has occurred, other than one for which the 30-day notice requirement has been waived; (v) as of the Effective Date, the present value of all liabilities that would be "benefit liabilities" under Section 4001(a)(16) of ERISA if benefits described in Code Section 411(d)(6)(B) were included will not exceed the then current fair market value of the assets of such plan (determined using the actuarial assumptions used for the most recent actuarial valuation for such plan); (vi) all contributions to, and payments from and with respect to such plans, which may have been required to be made in accordance with such plans and, when applicable, Section 302 of ERISA or Section 412 of the Code, have been timely made; and (vii) all such contributions to the plans, and all payments under the plans (except those to be made from a trust qualified under Section 401(a) of the Code) and all payments with respect to the plans (including, without limitation, PBGC (as defined below) and insurance premiums) for any period ending before the Closing Date that are not yet, but will be, required to be made are properly accrued and reflected on the Current Balance Sheet.

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