Salaried Pension Plan Sample Clauses

Salaried Pension Plan. (i) As soon as practicable following the determination of the Permitted Transfer Amount (as defined below) in accordance with Section 4.1(a)(ii) hereof, the Seller shall direct the trustee of the Quanex Corporation Salaried Employees' Pension Plan to transfer, in cash, from the trust maintained under the Quanex Corporation Salaried Employees' Pension Plan to the trust maintained under the LaSalle Steel Company Salaried Employees' Pension Plan (the "Buyer Salaried Pension Plan"), an amount equal to the amount required to be transferred pursuant to Section 414(1) of the Code (determined as of the Closing Date) with respect to current and former employees of the Company set forth on Schedule 4.1(a) of the Disclosure Schedule (the "Salaried Participants") and their beneficiaries calculated utilizing such actuarial assumptions as are agreed upon by the enrolled actuaries for the Quanex Corporation Salaried Employees' Pension Plan and the Buyer Salaried Pension Plan, which agreement shall not be withheld unreasonably (the "Permitted Transfer Amount"), provided, however, that to the extent permitted by Section 414(1) of the Code, the Permitted Transfer Amount shall be equal to $6,709,000 adjusted for (i) contributions reflected on the Closing Balance Sheet and benefit distributions made to the Salaried Participants and their beneficiaries during the period (the "Adjustment Period") commencing on October 31, 1996 and ending on the date on which the transfer occurs (the "Transfer Date") and (ii) a pro rata share of the Quanex Corporation Salaried Employees' Pension Plan actual investment earnings or losses occurring during the Adjustment Period and Plan administrative expenses actually paid from the Quanex Corporation Salaried Employees' Pension Plan during the Adjustment Period (the "Fixed Transfer Amount"); provided, further, that (i) if the Permitted Transfer Amount is less than the Fixed Transfer Amount, then the Permitted Transfer Amount shall be transferred from trust to trust, and the Seller shall pay to the Buyer, in cash on the Transfer Date, the excess of the Fixed Transfer Amount over the Permitted Transfer Amount and (ii) if the Permitted Transfer Amount exceeds the Fixed Transfer Amount, then the Permitted Transfer Amount shall be transferred trust to trust, and the Buyer shall pay to the Seller, in cash on the Transfer Date, the excess of the Permitted Transfer Amount over the Fixed Transfer Amount. (ii) The Seller shall deliver to Niagara and the Buy...
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Salaried Pension Plan. (a) Establishment of TRW Automotive Plan. Effective as of the Closing Date, the Company shall, or shall cause one or more TRW Automotive Subsidiaries to, establish a new defined benefit pension plan to provide benefits to TRW Automotive Participants who immediately prior to the Closing Date were participants in, or entitled to a present or future benefit (whether or not vested) under, the TRW SPP (the "TRW Automotive U.S. SPP") and a master trust related thereto (the "TRW Automotive Master Trust") (such participants, the "Salaried Plan Participants"). The TRW Automotive U.S. SPP shall be qualified under Section 401(a) of the Code. Effective as of the date of transfer of the Initial Transfer Amount pursuant to Section 3.1(c)(iii) (Delayed Transfer Date for Delayed Transfer Employees or Returned Transfer Date for Returned Transfer Employees), the TRW Automotive U.S. SPP shall credit each participant thereunder for purposes of eligibility to participate, vesting, benefit accruals and all other plan purposes with all service which had been credited to such participant for such purposes under the TRW SPP. Until the actual transfer of the Initial Transfer Amount, all benefits payable to Salaried Plan Participants (including benefits that have accrued under the TRW Automotive U.S. SPP following the Closing Date) shall be paid from the TRW Master Trust.
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Salaried Pension Plan. As of the date hereof, Transferor maintains the Xxxxxx Industries Pension Floor Plan (the "Floor Plan") under which eligible Business Employees have frozen accrued benefits. Notwithstanding anything herein to the contrary, the Company will not assume the Floor Plan, or any rights, duties, obligations or liabilities thereunder, nor shall it become a successor employer or be responsible in any way for Transferor's participation in or obligations or responsibilities with respect to the Floor Plan. Transferor shall take such actions as are necessary to fully vest as of the Closing Date the accrued benefits of each Business Employee under the Floor Plan.
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Salaried Pension Plan. (a) Establishment of TRW Automotive Plan. Effective as of the Benefit Transition Date, TRW Automotive shall establish a new defined benefit pension plan to provide benefits to eligible TRW Automotive Participants (the “TRW Automotive SPP”) and a master trust related thereto (the “TRW Automotive Master Trust”). The TRW Automotive SPP shall be qualified under Section 401(a) of the Code and shall contain provisions that duplicate the substantive benefit provisions of the TRW SPP as of the Benefit Transition Date except for a Code Section 401(h)
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Salaried Pension Plan. (A) The Buyer shall, effective as of and from the Closing Date, designate a registered pension plan to provide pension benefits to Canadian salaried Affected Employees from and after the Closing Date (the “Buyer’s Canadian Salaried Pension Plan”). (B) Effective as of the Closing Date, each Canadian salaried Affected Employee who is a member of the TRW Canada Limited Salaried Pension Plan (the “TRW Canadian Salaried Pension Plan”) shall cease to actively participate in and accrue benefits under the TRW Canadian Salaried Pension Plan and shall commence participation in and accrue benefits under the Buyer’s Canadian Salaried Pension Plan. The Buyer shall enroll each Canadian salaried Affected Employee in the Buyer’s Canadian Salaried Pension Plan effective as at the Closing Date. The Buyer’s Canadian Salaried Pension Plan shall recognize each Canadian salaried Affected Employee’s period of service prior to the Closing Date (as recognized under the TRW Canadian Salaried Pension Plan) for the purposes of vesting of and eligibility for benefits under the Buyer’s Canadian Salaried Pension Plan. (C) All benefits accrued by a Canadian salaried Transferred Employee under the TRW Canadian Salaried Pension Plan up to the Closing Date shall be transferred from the TRW Canadian Salaried Pension Plan to the Buyer’s Canadian Salaried Pension Plan, subject to and upon the completion of, the transfer of assets from the TRW Canadian Salaried Pension Plan to the Buyer’s Canadian Salaried Pension Plan as contemplated by this Section 6.8(f)(ii). (D) Upon the completion of the transfer of assets from the TRW Canadian Salaried Pension Plan to the Buyer’s Canadian Salaried Pension Plan, the Buyer’s Canadian Salaried Pension Plan shall, for each Canadian salaried Affected Employee, recognize such period of service (as recognized under the TRW Canadian Salaried Pension Plan) for all purposes relating to the determination of such Canadian salaried Affected Employee’s benefits under the Buyer’s Canadian Salaried Pension Plan. (E) As soon as practicable after the Closing Date, TRW shall update the pension records of each Canadian salaried Affected Employee in relation to the TRW Canadian Salaried Pension Plan up to the Closing Date, and shall provide to TRW’s actuary such data, records and other information as is necessary to enable TRW’s actuary to determine the amount of the Canadian Salaried Affected Employee Liabilities for the TRW Canadian Salaried Pension Plan. As soon as practic...
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Salaried Pension Plan. In accordance with the provisions of Section 6.03, Purchaser shall assume and succeed to all of Seller’s rights, interest, title and Liabilities with respect to the Mayflower Vehicle Systems, Inc. Salaried Retirement Plan (the “Salaried Retirement Plan”), including such rights, interest, title and Liabilities with respect to the current and former employees of Seller’s South Charleston Business and their beneficiaries and alternate payees. As of the Closing Date, Purchaser shall amend the Salaried Retirement Plan to fully vest the accrued benefits of (i) all employees of Sellers’ South Charleston Business in the Salaried Retirement Plan as of the Closing, and (ii) former employees of Sellers’ South Charleston Business listed in Section 6.04 of the Disclosure Schedule who were terminated as part of the reduction in force at the South Charleston Business commencing in 2004 through the Closing. The vested and non-vested accumulated benefit obligation of each such terminated employee as of December 31, 2004 is set forth in Section 6.04 of the Disclosure Schedule.
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Salaried Pension Plan. Seller currently maintains the "Pension Plan --------------------- for Salaried Employees of GenCorp Inc. and Certain Subsidiary Companies" (the "Salaried Pension Plan") which provides certain retirement benefits to eligible salaried employees of GenCorp, including eligible Transferred Salaried Employees. With respect to the Salaried Pension Plan the following shall apply: (i) Buyer will not assume the Salaried Pension Plan or any trust pertaining thereto or become a sponsor of the Salaried Pension Plan and no assets of the Salaried Pension Plan will be transferred to Buyer or any plan or trust maintained by Buyer. (ii) Seller shall retain all liability to fully perform, pay and discharge all liabilities under its Salaried Pension Plan. (iii) Effective as of the Closing, all Salaried Employees will cease to accrue service credit, any benefits or any other right or entitlement under the Salaried Pension Plan.
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Salaried Pension Plan. (a) Establishment of TRW Automotive Plan. Effective as of the earlier of the Distribution Date or Benefit Transition Date (the "TRW Automotive SPP Effective Date"), TRW Automotive shall establish a new defined benefit pension plan to provide benefits to eligible TRW Automotive Participants (the “TRW Automotive SPP”) and a master trust related thereto (the “TRW Automotive Master Trust”). The TRW Automotive SPP shall be qualified under Section 401(a) of the Code and shall contain provisions that duplicate the substantive benefit provisions of the TRW SPP as of the TRW Automotive SPP Effective Date except for a Code Section 401(h) account. The TRW Automotive SPP shall credit each participant thereunder for purposes of eligibility to participate, vesting, benefit accruals (but only following the transfer of the TRW Automotive SPP Transfer Amount pursuant to Section 3.1(e)(ii)) and all other plan purposes with all service which had been credited to such participant for such purposes under the TRW SPP immediately prior to the TRW Automotive SPP Effective Date.
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Related to Salaried Pension Plan

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Salaried Employees Employees in this unit who qualify for exemption from the FLSA overtime provisions based upon duties and who are receiving the Project Manager bonus, as provided for in this MOU, shall be treated as salaried employees, in accordance with the provisions of the FLSA as identified in LAAC section 4.113(b). Salaried employees may be assigned 5/40, 4/10 9/80 or other schedules at the discretion of Management. Notwithstanding any LAAC and MOU provisions, or other City department rules and regulations to the contrary, these employees shall not be required to record specific hours of work for compensation purposes, although hours may be recorded for other purposes. These employees will be paid the predetermined salary for each biweekly pay period, as indicated in the appropriate salary appendices, and shall not receive overtime compensation. Salaried employees shall not be subject to deductions from salary or any leave banks for absences from work of less than a full workday. This provision applies to occasional partial day absences from work which are authorized by the appropriate supervisor designated by management. This provision does not apply to long-term or recurring partial day absences (e.g., intermittent leave/reduced work schedule for purposes of Family/Medical Leave). Salaried employees shall not be subject to disciplinary suspension for a period of less than a workweek (seven days; half of the biweekly pay) unless based on violations of a safety rule of major significance. This requirement shall be superseded by the revised Department of Labor FLSA regulations pertaining to disciplinary suspensions of FLSA-exempt employees on the operative date of the FLSA regulations. The appointing authority of each City department may grant time off for hours worked due to unusual situations.

  • Municipal Pension Plan (a) An employer will provide the Municipal Pension Plan (MPP) to all eligible employees. (b) Employees of record on March 31, 2010, who meet the eligibility requirements of the MPP, have the option of joining or not joining the MPP. Eligible employees who initially elect not to join the MPP on April 1, 2010, have the right to join the MPP at any later date but will not be able to contribute or purchase service for the period waived. (c) All regular full-time employees hired after March 31, 2010, will be enrolled in the MPP upon completion of the earlier of their probationary period or three months and will continue in the plan as a condition of employment. Full-time hours of work are defined in the local issues agreement specific to each employer. Regular part-time employees and casual employees hired after April 1, 2010, who meet the eligibility requirements of the MPP have the right to enrol or not enrol in the MPP. Those who initially decline participation have the right to join the MPP at any later date. The MPP rules currently provide that a person who has completed two years of continuous employment with earnings from an employer of not less than 35% of the year's maximum pensionable earnings in each of two consecutive calendar years will be enrolled in the Plan. This rule will not apply when an eligible employee gives a written waiver to the Employer. (d) Employers will ensure that all new employees are informed of the options available to them under the MPP rules. (e) Eligibility and terms and conditions for the pension will be those contained in the Municipal Pension Plan and associated documents. (f) If there is a conflict between the terms of this agreement and the MPP rules, the MPP must prevail. Note: MPP contact information: Web: http:\\xxx.xxxxxxxxxx.xx Email: xxx@xxxxxxxxxx.xx Victoria Phone: 0-000-000-0000 BC Phone: 0-000-000-0000

  • Pension Plan Employers and/or individuals who manage, operate, assist or own, either partially or wholly, a company or companies working non-union in the construction industry on Mainland Nova Scotia within the craft jurisdiction of xxx Xxxxxxxxxx Local 83 shall not be eligible to be appointed to serve, or to continue to serve, as trustees on any trust fund referred to within this Collective Agreement. This provision shall apply to management trustees and union trustees alike. 29.01 It is agreed that the employer shall pay into the established Pension Fund an amount per hour for each hour paid as per the wage tables in Craft Schedule “A”, “B”, “S” and Appendix “MIP”. Pension contributions shall be calculated based on the base hourly rate and vacation pay, and no premium shall affect this. For the purposes of this Article, overtime rates payable in accordance with Article 16 are not premiums. Such contributions shall be paid to the Trustees of the Pension Fund on or before the fifteenth (15th) day of the month following the month such hours were worked and shall be accompanied by a remittance report form for each employee on a form prescribed by the Trustees of the Fund. Each monthly report and contributions shall include all obligations arising from hours worked up to the preceding calendar month. 29.02 It is agreed that provisions for an increase in the Pension Plan (other than those increases listed above) will be implemented if so desired by the Local, with the employer contribution to be deducted from the wages rates contained herein, provided the employer receives sixty (60) days notice of such change. 29.03 The Pension Plan shall be professionally administered. 29.04 Neither the United Brotherhood of Carpenters and Joiners of America, Local 83, nor the Nova Scotia Construction Labour Relations Association shall incur any legal liability with regard to claims arising from the Pension Plan. 29.05 Employers bound by, or subject to the Agreement, shall be required to maintain for a two (2) year period, a complete set of employment records including: • employee’s name, address, and S.I.N. • number of hours worked by the employee in each week • employee’s wage rate and gross earnings, amount(s) and description of deductions from the employee’s wages • particulars of pay allowances or other payments or benefits to which the employee is entitled.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

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