Qualified Defined Benefit Plans. (a) As soon as practicable after and effective as of the Closing Date, Buyer shall cause the Company to adopt or designate a defined benefit plan (the “Company Retirement Plan”) that covers the Company Employees and meets the requirements of Section 401(a) of the Code. The Company Retirement Plan relating to the Company Employees shall meet the requirements of Section 11.2 of the Seller Employees’ Pension Plan (the “Seller Retirement Plan”), including a provision that no amendment to the Company Retirement Plan may substantially reduce future benefit accruals of Transferred Employees participating in the Company Retirement Plan for three years after the Closing Date, except as required by law, including compliance with the discrimination provisions of the Code and ERISA. Effective as of the Closing Date, Seller shall cause the Company Employees to cease further accrual of all benefits (a benefit freeze) under the YCI Employees’ Pension Plan (the “Seller Retirement Plan”), and the Company and its Subsidiaries shall withdraw as participating employers under the Seller Retirement Plan. Until such time as the asset transfer contemplated by Section 9.03 takes place, accrual of eligibility and vesting service shall continue under the Seller Retirement Plan.
(b) As soon as practicable (but in any event within 60 days) after the Closing Date, Seller shall cause the Seller Retirement Plan to transfer cash (or, in the sole discretion of Buyer, cash and assets) to the Company Retirement Plan in an amount equal to 85% of the estimated Total Transfer Amount (as defined in Section 9.03(c) below), adjusted to reflect any benefit payments made by the Seller Retirement Plan in respect of the Company Employees on and after the Closing Date and before the date of transfer (the amount actually transferred shall be referred to as the “Initial Transfer Amount”). Prior to the transfer of the Initial Transfer Amount, Seller shall provide Buyer with evidence reasonably satisfactory to it that the Seller Retirement Plan continues to satisfy the requirements for a qualified plan under Section 401(a) of the Code and that the trust that forms a part of such plan continues to be exempt from tax under Section 501(a) of the Code. Buyer shall cause the Company to file for a favorable determination letter within the applicable period provided under Section 401(b) of the Code and regulations issued thereunder and shall cause the Company to make such changes required by the Internal Revenue ...
Qualified Defined Benefit Plans. Xxxxxx and Omega Protein have separate and independent noncontributory defined benefit pension plans covering certain U.S. employees. Benefits are generally based on employees' years of service and compensation level. All of the costs of these plans are borne by Xxxxxx and Omega. Each plan has adopted an excess benefit formula integrated with covered compensation. Both plan's participants are 100% vested in the accrued benefit after five years of service. The funding policy of each plan is to make contributions as required by applicable regulations. Both plans' assets are invested in cash, common and preferred stocks, short-term investments and insurance contracts. In 2002, Omega Protein's Board of Directors authorized a plan to freeze the Omega pension plan in accordance with ERISA rules and regulations so that new employees, after July 31, 2002, will not be eligible to participate in the pension plan and further benefits will no longer accrue for existing participants. The freezing of the pension plan had the effect of vesting all existing participants in their pension benefits in the plan. Additionally, Effective April 1, 1992, Xxxxxx adopted a supplemental pension plan, which provides supplemental retirement payments to certain former senior executives of Xxxxxx. The amounts of such payments equal the difference between the amounts received under the applicable pension plan and the amounts that would otherwise be received if pension plan payments were not reduced as the result of the limitations upon compensation and benefits imposed by federal law. Effective December 1994, the supplemental pension plan was frozen. XXXXXX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) The following represents a presentation of consolidated data for these three plans: ------------ (IN THOUSANDS) ------------ COMPONENTS OF CONSOLIDATED NET PERIODIC BENEFIT COST Service cost............................................ $ 467 $ 890 $ 647 Interest cost........................................... 2,949 2,942 3,137 Expected return on plan assets.......................... (3,520) (4,462) (4,851) Amortization of transition asset and other deferrals.... 481 (468) (718) ------- ------- The plans' funded status and amounts recognized in the Company's Consolidated Balance Sheets at December 31, 2002 and 2001 are presented below: YEAR ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, 2002 2001 (IN THOUSANDS) Benefit Obligation at beginning of year..................... ...
Qualified Defined Benefit Plans. Section 5.1
Qualified Defined Benefit Plans. 9 Section 3.1 Salaried Pension Plan......................................................................9 Section 3.2 Hourly Pension Plans......................................................................11
Qualified Defined Benefit Plans. Section 3.1 Participation of TransCo in the Entergy Retirement Plan. Effective not later than the Separation Date, Entergy shall have caused the Entergy Bargaining Retirement Plan and the Entergy Nonbargaining Retirement Plan to permit TransCo Employees to continue to participate therein during the period (if any) beginning on the Separation Date and ending immediately before the Closing Date in respect of each TransCo Employee who participated therein immediately before the Separation Date. Subject to any applicable collective bargaining obligation, Entergy shall cause each TransCo Employee to become fully vested under the Entergy Bargaining Retirement Plan and the Entergy Nonbargaining Retirement Plan, as applicable, as of the date on which such TransCo Employee ceases to be employed by the Entergy Group (which, generally, will be the Closing Date).
Qualified Defined Benefit Plans. Section 6.1 Retention of CRC Group Defined Benefit Plans 24 Section 6.2 Transfer of Assets 25 Section 6.3 OPC Defined Benefit Plans 25
Qualified Defined Benefit Plans. Section 3.1 Participation of TransCo in the Entergy Retirement Plan................................15 Section 3.2
Qualified Defined Benefit Plans. Effective as of the Closing, the Seller shall cause the accrued benefits of the employees of the Company and the Subsidiaries under the Pension Plan of Bankers Trust New York Corporation and Affiliates to become fully vested.
Qualified Defined Benefit Plans. Section 3.1 Salaried Pension Plan 13 Section 3.2 Hourly Pension Plans 15
Qualified Defined Benefit Plans. 15 SECTION 4.05.
