Pension Plan Termination Sample Clauses
The Pension Plan Termination clause outlines the procedures and conditions under which an employer may discontinue its pension plan. Typically, this clause details the steps required for proper notification to employees, the distribution of plan assets, and compliance with relevant legal and regulatory requirements. Its core function is to ensure an orderly and fair process for winding down the pension plan, protecting the interests of plan participants and minimizing legal or financial uncertainties for both the employer and employees.
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Pension Plan Termination. Notwithstanding any other provision in this Agreement, the parties acknowledge the existence of the Chen-Tech Industries, Inc. Pension Plan (the “Plan”) and the parties have agreed it is in their mutual best interest to terminate the Plan as soon as possible after the Closing. In order to terminate the Plan, a number of actions will have to be taken including, but not limited to, determining the actuarial termination liability for the Plan, providing timely notice of the termination to Plan participants, purchasing annuities for Plan participants and notifying the Pension Benefit Guaranty Corporation (the “PBGC”) and the United States Internal Revenue Service (the “IRS”) of the intent to terminate the Plan. The actual cost to terminate the Plan will be determined by an actuary using the pension plan termination guidelines established by the PBGC and the IRS. Should the termination liability exceed the value of the Plan’s assets, the Ko Parties agree to pay all costs associated with the termination of the Plan and indemnify and hold harmless ▇▇▇▇▇▇ and Sub from any cost, expense or liability associated with or related to terminating the Plan without regard to any limitations or restrictions contained in Section 9.6 of this Agreement.
Pension Plan Termination. No proceedings to terminate any Borrower Pension Plan have been instituted under Subtitle C of Title IV of ERISA.
Pension Plan Termination. The Company shall upon the request of the Parent terminate its Employee Plans immediately prior to the time the Company is to become a part of the Parent's control group.
Pension Plan Termination. If the termination of any Pension Plan would result in the imposition of any tax under Section 4980 of the Code, then as soon as possible, but in no event less than 60 days before the due date of the tax, a certificate of the president or chief financial officer of the undersigned setting forth the estimated amount of the tax, any reversion, and the proposed use of the reversion. This subparagraph shall apply to a transaction notwithstanding a reduction or complete elimination of the tax because of the operation of either Sections 4980(d) or 420(a)(3)(A) of the Code.
Pension Plan Termination. No proceedings to terminate any Borrower Pension Plan have been instituted under Subtitle C of Title IV of ERISA. REPORTABLE EVENT. No "reportable event" within the meaning of Section 4043 of ERISA and the regulations thereunder other than a reportable event for which notice or penalty for noncompliance has been waived by regulation or otherwise has occurred with respect to any Borrower Pension Plan. With respect to any Multiemployer Plan that is a defined benefit plan, to the knowledge of Borrower, no such "reportable event" has occurred which would materially and adversely affect such plan, and, to the knowledge of Borrower, no such plan is in reorganization within the meaning of Part 3 of Subtitle E of Title IV of ERISA.