Qualified Defined Benefit Plans. 15 Section 3.1 Participation of TransCo in the Entergy Retirement Plan 15 Section 3.2 Retirement Plan 15
Qualified Defined Benefit Plans. If the current Qualified Company Employee Benefit Plan that is subject to Title IV of ERISA (the “Company Defined Benefit Plan”) is merged into the qualified defined benefit plan of Parent (the “Parent Defined Benefit Plan”) and the Parent Defined Benefit Plan has not previously been terminated or frozen for purposes of future benefit accruals, (i) all participants in the Company Defined Benefit Plan will participate in the Parent Defined Benefit Plan and shall accrue benefits beginning immediately following the merger of the plans to the same extent as similarly-situated participants in the Parent Defined Benefit Plan who are not Acquired Employees and (ii) benefits for Acquired Employees under the merged plan shall be determined using a “two piece” benefit formula, using for purposes of calculating the benefit under both pieces the participant’s compensation at any time before or after the effective date of the plan merger (the “Plan Merger”). The first piece of the benefit will be calculated using the formula under the Company Defined Benefit Plan and shall use, for purposes of the calculation, all service with the Company, Parent or its affiliates prior to the “Plan Merger Date” but no service after the Plan Merger Date, and the second piece will be calculated using the formula under the Parent Defined Benefit Plan that applies to similarly-situated plan participants who are not Acquired Employees and shall use, for purposes of the calculation, all service with the Company, Parent of any of their affiliates after the Plan Merger Date, but no service prior to the Plan Merger Date. The formula used for calculating benefits under the Company Defined Benefit Plan shall not be amended after the Effective Time, and the Company Defined Benefit Plan shall not be terminated or frozen for purposes of future benefit accruals before the effective date as of which Parent terminates or freezes all future accruals under, as the case may be, all of its tax-qualified defined benefit retirement plans. For the avoidance of doubt, no Acquired Employee shall accrue benefits under both the Company Defined Benefit Plan and the Parent Defined Benefit Plan for the same period of service.
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. 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: YEAR ENDED YEAR ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, DECEMBER 31, 2002 2001 2000 ------------ ------------ (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) ------- ------- ------- Net periodic pension cost (benefit)..................... $ 377 $(1,098) $(1,785) ======= ======= ======= The plans' funded status and amounts recognized in the Company's ...
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 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. (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.
Qualified Defined Benefit Plans. The Seller shall retain all Liabilities under each Business Benefit Plan that is a defined benefit pension plan subject to Section 412 of the Code or Section 302 or Title IV of ERISA (a “Seller Qualified Plan”) in respect of benefits accrued thereunder by Transferred Employees prior to the Closing Date and shall make payments to Transferred Employees with vested rights thereunder in accordance with the terms of such plan and applicable Law. No Transferred Employee shall accrue any benefit under such plans in respect of service with Purchaser or any of its Affiliates after the Closing Date. No assets or Liabilities of any Seller Qualified Plan shall be transferred to a retirement plan maintained by Purchaser or any of its Affiliates, and none of the Purchaser or any of its Affiliates shall have any Liabilities or Losses in respect of any Seller Qualified Plan.
Qualified Defined Benefit Plans. 15 SECTION 4.05.
