Retirement Benefit Plans. The Corporation shall cause the Executive to become fully vested in any qualified and non-qualified plans, programs or arrangements in which the Executive participated if the plan, program, or arrangement does not address the effect of a change in control. The Corporation also shall contribute or cause a Subsidiary to contribute to any account of the Executive under a 401(k) plan, retirement plan, or profit-sharing plan the matching and voluntary contributions, if any, that would have been made had the Executive's employment not terminated before the end of the plan year.
Retirement Benefit Plans. Factors stated hereinafter shall constitute the retirement benefit plans of the Corporation and shall be counted as a part of the cost of any salary agreement between the Board and the Association. The Board shall provide the following retirement plans for teachers:
1. IRS Code 401(a) – VALIC Retirement Account Effective during the term of this Agreement the parties agree that the Board shall contribute an amount equal to 3% of a teacher’s base salary to the Corporation’s 401(a) plan each pay period. The provider of the plan shall be selected as provided for in Article IX(L)(7) of this Agreement. Corporation contributions will become vested in this plan according to the following schedule. Until such time of becoming vested, all contributions by the Board shall not be available to the participant and upon termination of employment for any reason, other than permanent total disability, and to the extent allowed by IRS regulations, any funds forfeited by a teacher as a result of the teacher separating from employment will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s administrative expenses, and/or offset future contributions. In the event of termination due to total disability, the affected contributions made by the Corporation on behalf of the disabled participant will be considered vested. Vesting Schedule: Ten (10) years of employment 100% Vested Years counted for vesting are all Franklin Township Community School Corporation years of service since the teacher was hired by the Corporation. A year of service will be defined according to INPRS guidelines.
2. IRS Code 403(b) – VALIC Match Effective during the term of this Agreement the Board shall contribute a match amount of .5% of each teacher’s base salary to the Corporation’s 403(b) plan each pay period, if the teacher’s contribution to such plan equals or exceeds .5% of his/her base salary amount for that pay period. Contributions made by the Corporation become vested upon completion of three (3) years of service by the teacher with the Corporation. Until such time of becoming vested, all amounts contributed by the Board shall not be available to the participant and upon termination of employment for any reason, other than permanent, total disability, and to the extent allowed by IRS regulations, any funds forfeited by a teacher as a result of the teacher separating from employment will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s adm...
Retirement Benefit Plans. The Corporation shall cause the Executive to become fully vested in any qualified and non-qualified plans, programs or arrangements in which the Executive participated if the plan, program, or arrangement does not address the effect of a change in control. The Corporation also shall contribute or cause a Subsidiary to contribute to any account of the Executive under a 401(k) plan, retirement plan, or profit-sharing plan the matching and voluntary contributions, if any, that would have been made had the Executive's employment not terminated before the end of the plan year. In the event the Corporation is unable to fully vest the Executive in a qualified plan that does not address the effect of a change in control due to operation of law, the Executive will be paid in a single cash lump sum distribution the present value of the cash equivalent of the amount of benefits the Executive would have received if he were fully vested in such plan, with such payment made at the same time the cash severance is payable pursuant to Section 2(a)(1) of this Agreement.
Retirement Benefit Plans. The parties recognize that the Corporation’s benefit plans do not provide any benefit coverage for Retirees over the age of 65.
Retirement Benefit Plans. (a) On or prior to the date hereof, XXXXXXX has provided XXXXXX with true, complete and accurate copies of all "employee benefit plans" (within the meaning of Section 3(2) of ERISA) in Schedule 3.10, which are stock bonus, pension or profit-sharing plans within the meaning of Section 401(a) of the Code. Each such plan has been duly authorized by XXXXXXX'x board of directors. Each such plan is qualified in form and operation under Section 401 (a) of the Code and each trust under each such plan is exempt from tax under Section 501(a) of the Code. No event has occurred that will or could give rise to disqualification or loss of tax exempt status of any such plan or trust under such Sections. No event has occurred that will or could subject any such plans to tax under Section 511 of the Code. Schedule 3.10 also lists all retainer, consulting, retirement, severance, welfare or incentive plans, agreements or arrangements as well as any plan, agreement or arrangement providing for "fringe benefits" or perquisites to employees, officers, directors or agents and all group insurance contracts maintained by it for its employees and former employees.
(b) Other than as set forth in Schedule 3,10, there are no "employee benefit plans" as defined in ERISA, sponsored by XXXXXXX or in which XXXXXXX participates as a participating employer ("XXXXXXX Plans"). With respect to any such employee benefit plan disclosed, XXXXXXX has made all contributions thereto which they have accrued on their financial statements and other books and records as a liability and XXXXXXX has delivered to XXXXXX copies of (I) all documents evidencing such XXXXXXX Plans, and all amendments thereto, (2) all reports filed by XXXXXXX or Plan officials with respect to such Plans with the United States Department of Labor, the IRS and any other federal or state regulatory agency, (3) all summary plan descriptions, notices and other reporting and disclosure material furnished to participants in any of such Plans, (4) all actuarial, accounting and financial reports prepared with respect to any of such Plans, and (5) all currently effective IRS ruling or determination letters on any of such Plans.
(c) No XXXXXXX Plans have been partially or completely terminated nor, to the best of XXXXXXX'x knowledge, has there been any "reportable event," as that term is defined in Section 4043(b) of ERISA, with respect to a XXXXXXX Plan since the effective date of ERISA.
(d) XXXXXXX is not now and has never been obligate...
Retirement Benefit Plans. The Executive shall be entitled to participate in all of the Company's pension, retirement, thrift profit-sharing, 401(k), savings and similar plans, in accordance with the terms thereof, that permit participation by the Company's U.S. executives or employee directors.
Retirement Benefit Plans. Pension and Other Postretirement Plans Several domestic subsidiaries have pension plans covering substantially all of their employees. These plans are noncontributory, defined benefit pension plans. The benefits to be paid under these plans are generally based on employees' retirement age and years of service. The companies' funding policies, subject to the minimum funding requirements of the applicable U.S. or foreign employee benefit and tax laws, are to contribute such amounts as determined on an actuarial basis to provide the plans with assets sufficient to meet the benefit obligations. Plan assets consist primarily of fixed income investments, corporate equities and government securities. The Company also provides certain health care and life insurance benefits for some of its retired employees.
Retirement Benefit Plans. The Target Companies do not sponsor, maintain or contribute to, or have any liability, contingent or otherwise, with respect to any Retirement Plan, except those listed in Exhibit Part F, 2.
Retirement Benefit Plans. As of January 1, 2022, and upon ratification, the new 2285 members are covered under Articles XV and Article XVI of the current collective bargaining agreement.
Retirement Benefit Plans. While Executive will no longer be an eligible participant in either the U.S. Concrete 401(k) Savings Plan or the U.S. Concrete Deferred Compensation Plan as of the Transition Date, Executive acknowledges that any distribution from either plan will be determined by the plan’s rules or the distribution elections previously made by Executive.
