Pension Transfer Sample Clauses
A Pension Transfer clause outlines the terms and conditions under which an employee's pension benefits can be moved from one pension scheme to another. Typically, this clause specifies the process for transferring accrued pension rights, any necessary consents, and the responsibilities of both the employer and the employee during the transfer. Its core function is to ensure that employees retain their pension entitlements when changing jobs or pension providers, thereby providing continuity and security for retirement planning.
Pension Transfer. (1) Prior to Closing, Sellers shall take any actions necessary (including, if necessary, timely filing Form 5310-A) to adopt, establish and maintain a defined benefit pension plan within the meaning of Section 3(2)(A) of ERISA and subject to the minimum funding standards under Section 302 of ERISA and Section 412 of the Code (the “DPI Pension Plan”) and a related trust qualified under Section 501(a) of the Code (the “DPI Pension Trust”), which pension plan and trust shall be sponsored and maintained by DPI for the benefit of certain union Business Employees as set forth on Schedule 4.6(c)(1) (the “Eligible Union Company Employees”) and their beneficiaries who are benefiting as of the Closing Date under the Retirement Plan for Employees of B▇▇▇▇▇▇ & W▇▇▇▇▇ Commercial Operations (the “BWC Pension Plan”). Sellers shall provide Purchasers with drafts of the DPI Pension Plan and DPI Pension Trust for Purchasers’ review and comment at least ten (10) Business Days prior to adopting such plan and trust. Purchasers shall pay, or reimburse Sellers or their Affiliates to the extent any of them have paid, for all costs and expenses of the adoption and establishment of the DPI Pension Plan and the DPI Pension Trust, up to a maximum amount of eighty thousand dollars ($80,000) (the “Pension Formation Costs”). The DPI Pension Plan shall be formed and constituted by means of a spinoff from the BWC Pension Plan (the “Spinoff”) and shall include, without limitation, provisions for eligibility, benefit accrual and other rights and features identical to the BWC Pension Plan with respect to participants who are Eligible Union Company Employees and their beneficiaries. In the Spinoff, the eligibility, vesting and benefit accrual service and the benefits and benefit accruals of Eligible Union Company Employees and their beneficiaries shall be transferred from the BWC Pension Plan to the DPI Pension Plan, and the liabilities with respect to Eligible Union Company Employees and their beneficiaries under the BWC Pension Plan and its related trust (the “BWC Pension Trust”) shall be transferred from the BWC Pension Trust to the DPI Pension Trust, and there shall also be transferred from the BWC Pension Trust to the DPI Pension Trust an amount of assets as specified in Section 4.6(c)(2) below. At least fifteen (15) days prior to such transfer, Sellers shall provide Purchasers with information and calculations regarding the assets and liabilities to be transferred to the BWC Pension Tru...
Pension Transfer. The Pension Plan is a locked-in retirement plan. Upon termination of employment, the termination benefits may be transferred to another locked-in retirement plan.
Pension Transfer. (a) Effective as of the Closing, Purchaser or one of its Subsidiaries (or, if directed by Purchaser, an Operator) shall have in effect a defined benefit pension plan intended to be qualified under Section 401(a) of the Code (the “Purchaser Pension Plan”) and related trust intended to be exempt from federal income tax under Section 501(a) of the Code and covering those Pension Participants who participated in the Seller Pension Plan. Effective as of the Closing, each Pension Participant shall cease to be a participant in the Seller Pension Plan and shall be eligible to participate in the Purchaser Pension Plan. Purchaser shall cause the Purchaser Pension Plan and upon the transfer of such assets, Purchaser (or, if applicable, an Operator) and the Purchaser Pension Plan shall assume all Liabilities under the Seller Pension Plan with respect to Pension Participants whose benefits are transferred to the Purchaser Pension Plan. The Purchaser Pension Plan shall contain terms substantially similar to the terms of the Seller Pension Plan with respect to the final average pay component, consistent with the requirements under the applicable Collective Bargaining Agreements and shall provide that the service of the Pension Participants shall be recognized for all purposes to the extent such service was recognized under the Seller Pension Plan.
(b) As soon as practicable, but in no event more than thirty-five (35) days after the Closing (the “Pension Transfer Deadline”), Seller shall cause the calculation and transfer to the trust funding the Purchaser Pension Plan from the trust funding the Seller Pension Plan of assets equal to the present value of the “accumulated benefit obligations” in respect of the Pension Participants (and each alternative payee of such person) as of the Closing, as determined by Aon Consulting, Inc. (the “Seller Actuary”) using the actuarial assumptions and methodology consistent with those used by Seller in its measurement of the accumulated benefit obligation of the Seller Pension Plan under Accounting Standards Codification Section 715 subject to any changes made to such actuarial assumptions (including the discount rate) and methodology in the ordinary course of business consistent with past practice of the Seller, and subject to any requirements under the Code and ERISA (the “ABO Amount”); plus (ii) for the period between the Closing and the date such assets are transferred (the “Pension Transfer Date”), an interest increment on the unpa...
Pension Transfer is amended by:
Pension Transfer. (a) Prior to the Closing Date, Seller shall establish (or cause an Affiliate to establish) a tax-qualified defined benefit pension plan and a related trust (collectively, “Seller Pension Plan”) to accept a transfer of assets and liabilities from the ArcelorMittal USA LLC Pension Plan (or any successor plan) (“AM Pension Plan”). Effective as of the Closing Date, in accordance with the provisions of this Section 6.20, all liabilities for benefits (including ancillary benefits) accrued under the AM Pension Plan for the Adjusted Retained Employees (as defined below) will transfer to and be assumed by the Seller Pension Plan. Without limiting the generality of the foregoing, following the Closing Date, the Seller Pension Plan shall provide to the Adjusted Retained Employees all benefits (including ancillary benefits) earned by such individuals under the AM Pension Plan, up to the Closing Date. For purposes of this Section 6.20, “Adjusted Retained Employees” shall mean each Retained Employee whose employment with Seller or its Affiliates has remained intact to the Closing Date.
Pension Transfer. 35 ---------------- Pension Transfer Date......................... 35
Pension Transfer. Notwithstanding the agreement of the parties to replace the former OMERS Pension Plan with the current HOOPP Plan, the parties recognize that there are ongoing issues in respect of the transfer. Although the Collective Agreement states that HOOPP is the current plan, this agreement does not prejudice or limit the right of either party to pursue such issues related to the transfer including, but not limited to, a return to OMERS. Dated at Ontario, this day of , 2005. FOR THE EMPLOYER FOR THE UNION
Pension Transfer. Effective as of the Closing Date, ▇▇▇▇▇ shall assign to L-P Engineered Wood and L-P Engineered Wood shall assume all of ▇▇▇▇▇' rights, duties and obligations under and in respect of the Pension Plan, other than any obligations in respect of Supplemental Pension or the Supplemental Pension Benefits, and the assets thereof. Without limitation, L-P Engineered Wood shall assume all responsibility for all pension benefits accrued under the Pension Plan prior thereto for all participants in the Pension Plan, other than any obligations in respect of Supplemental Pension Benefits. Prior to the Closing Date L-P Engineered Wood and ▇▇▇▇▇ shall co-operate to make all amendments to the Pension Plan (and related documentation) and all applications for registration or regulatory approval as are required to implement the terms of this Section.