Post-Retirement Benefit Plans Clause Samples
Post-Retirement Benefit Plans. Effective as of the Closing Date, Buyer shall assume and be responsible for all Liabilities of Seller and its Affiliates to provide post-retirement health, dental and life insurance benefits to any Employee, LTD Employee or Former Employee, whether such benefits are currently being paid or are to be paid in the future. Seller and Buyer shall take all action necessary and appropriate to establish Buyer, effective as of the Closing Date, as successor to Seller as to all rights, assets (held in trust), duties, and Liabilities under or with respect to the VEBAs.
Post-Retirement Benefit Plans. Effective as of the Closing Date, Buyer shall assume and be responsible for all Liabilities of Seller and its Affiliates to provide post-retirement health, dental and life insurance benefits to any Employee, LTD Employee or Former Employee, whether such benefits are currently being paid or are to be paid in the future, including post-retirement health, dental and life insurance benefits provided under the arrangements set forth on Schedule 3.3. Seller and Buyer shall take all action necessary and appropriate to establish Buyer, effective as of the Closing Date, as successor to Seller as to all rights, assets (held in trust), duties, and Liabilities under or with respect to the VEBAs.
Post-Retirement Benefit Plans. (a) Post-retirement health and life insurance benefits available to Employees and Former Employees (“Post-Retirement Benefits”) are described in the document entitled “The Southern Union Company Postretirement Medical and Death Benefits for PG Energy Employees Application of Statement of Financial Accounting Standards Nos. 106 and 132(R) to the Fiscal Year Ending December 31, 2005,” a draft copy of which Seller has provided to Buyer. Following the Closing Date, Seller shall retain responsibility for all liabilities and obligations of Seller, if any, to provide Post-Retirement Benefits to Former Employees, Employees who are not Transferred Employees, and those Transferred Employees who, as of the Closing Date, have attained age fifty-five (55) and completed twenty (20) years of vesting service under Seller’s Pension Plan. .
(b) Following the Closing Date, Buyer shall assume responsibility for all liabilities and obligations of Seller, if any, to provide Post-Retirement Benefits to those Transferred Employees who, as of the Closing Date, have not attained age fifty-five (55) and completed twenty (20) years of vesting service under Seller’s Pension Plan. Nothing herein is intended to confer upon any person any right to Post-Retirement Benefits to which he or she is not otherwise entitled.
(c) Following the Closing Date, Seller shall retain the “Pennsylvania VEBAs,” as defined in the following sentence, and the assets held therein shall be applied, in accordance with the terms of the Pennsylvania VEBAs, for the benefit of the Former Employees, the Employees who are not Transferred Employees, and those Transferred Employees who, as of the Closing Date, have attained age fifty-five (55) and completed twenty (20) years of vesting service under Seller’s Pension Plan. The “Pennsylvania VEBAs” are the Pennsylvania Enterprises, Inc. Employees’ Life Insurance Benefits Trust - Union (PG Energy Life VEBA Union), the Pennsylvania Enterprises, Inc. Employees’ Life Insurance Benefits Trust - Non-Union (PG Energy Life VEBA Non-Union), the Pennsylvania Enterprises, Inc. Employees’ Medical Insurance Benefits Trust - Union (PG Energy Medical VEBA Union), and the Pennsylvania Enterprises, Inc. Employees’ Medical Insurance Benefits Trust - Non-Union (PG Energy Medical VEBA Non-Union).
Post-Retirement Benefit Plans. Effective as of the Closing Date, Buyer shall assume and be responsible for all liabilities and obligations of Seller and/or New England Gas Company to provide post-retirement health, dental and life insurance benefits described in and/or valued under the New England FAS 106 Reports, whether such benefits are currently being paid or are to be paid in the future to any Employee or Former Employee, including (a) post-retirement life insurance benefits under the agreement listed in Item 2.a of Schedule 3.3, and (b) other post-retirement health, dental and life insurance benefits for eligible individuals and their beneficiaries covered under the plans and arrangements described in Section 3.
Post-Retirement Benefit Plans. Effective as of the Closing Date, Buyer shall assume and be responsible for all Liabilities of Seller and its Affiliates to provide post-retirement health, dental and life insurance benefits to any Employee, LTD Employee or Former Employee, whether such benefits are currently being paid or are to be paid in the future. Seller and Buyer shall take all action necessary and appropriate to establish Buyer, effective as of the Closing Date, as