Salaried Savings Plan Sample Clauses

Salaried Savings Plan. (a) Establishment of TRW Automotive Plan. Effective as of the Benefit Transition Date, TRW Automotive shall establish a new defined contribution plan and a trust related thereto to cover TRW Automotive Participants (the “TRW Automotive SSP”). The TRW Automotive SSP shall be qualified under Sections 401(a) and 401(k) of the Code and shall contain provisions that substantially duplicate the benefit provisions of the TRW SSP as of the Benefit Transition Date. The TRW Automotive SSP shall have all of the investment options that are available under the TRW SSP as of the Benefit Transition Date and, effective as of the Benefit Transition Date (or the Distribution Date, if the Distribution Date is after the Benefit Transition Date), a TRW Automotive stock fund. The TRW Automotive SSP shall credit each participant thereunder for purposes of eligibility to participate, vesting and all other plan purposes with all service, which had been credited to such participant for such purposes under the TRW SSP immediately prior to the Benefit Transition Date. The TRW Automotive SSP shall maintain an investment fund for TRW common stock (the “TRW Stock Fund”) as a “sell-only” investment fund option and participants with a balance in the TRW Stock Fund shall be required to transfer, in one or more transfers, all of such amount out of the TRW Stock Fund and into another investment fund or funds not later than 12 months after the later of the Benefit Transition Date or Distribution Date.
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Salaried Savings 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 contribution plan and a trust related thereto to cover TRW Automotive Participants (the "TRW Automotive U.S. SSP"). The TRW Automotive U.S. SSP (i) shall be qualified under Sections 401(a) and 401(k) of the Code and (ii) shall contain provisions that permit participants to roll over their accounts from the TRW SSP (including, without limitation, a direct rollover of loans from the TRW SSP). The TRW Automotive U.S. SSP shall have a broad range of investment options available for participant investment. In addition, the TRW Automotive U.S. SSP shall provide for immediate eligibility and full vesting for all TRW Automotive Participants, and shall credit each TRW Automotive Participant with all service for all other plan purposes which had been credited to such participant under the TRW SSP as of the Closing Date (Delayed Transfer Date for Delayed Transfer Employees). (b) Cessation of Participation in TRW SSP. As of the Closing Date, each TRW Automotive Participant shall be fully vested in his or her account balance under the TRW SSP. As of the Delayed Transfer Date, each Delayed Transfer Employee shall be fully vested in his or her account balance under the TRW SSP. Effective as of the Closing Date, TRW Automotive Participants shall cease to be eligible to contribute to, or receive contributions in respect of, their accounts under the TRW SSP. Effective as of the Delayed Transfer Date, Delayed Transfer Employees shall cease to be eligible to contribute to, or receive contributions in respect of, their accounts under the TRW SSP.
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Salaried Savings Plan. (a) As of the date hereof, Transferor maintains the Xxxxxx Industries Inc. Retirement Savings and Investment Plan (the "Transferor Savings Plan") in which eligible Business Employees participate. Effective as of the Closing Date, Transferor and the Company shall take all action necessary for the Company to adopt the Transferor Savings plan as a contributing employer for those Transferred Employees who, immediately prior to the Closing Date, participated (or were eligible to participate) in the Transferor Savings Plan (the "Covered Savings Participants"). Such actions shall include Transferor's amendment of the Transferor Savings Plan and related documents to the extent necessary to effectuate the intent of this Section, including any changes necessary so that Transferred Employees will not be entitled to a distribution under the Transferor Savings Plan as the result of the transactions contemplated by this Agreement and the Collateral Agreements. Unless the Company unilaterally terminates its participation in the Transferor Savings Plan at an earlier date, as provided under Section 6.4(c) below, the Company shall remain a participating employer in the Transferor Savings Plan until December 31,1999. (b) During the period that the Company is a contributing employer under the Transferor Savings Plan, the Company consents to all of the provisions of the Transferor Savings Plan, as the same shall be amended from time to time, and agrees to be bound thereby; provided, however, that the Company shall have discretion to set the matching contribution levels applicable to Covered Savings Participants for periods on and after January 1, 1999. During the period it is a contributing employer under the Transferor Savings Plan, the Company shall pay (i) to the Transferor Savings Plan its contributions at such times required of other contributing employers, and (ii) to the Transferor an administrative fee as set forth in the Services Agreement (as defined in Section 5.2.2(a)). The employer matching contributions to the Transferor Savings Plan for each Covered Savings Participant for the plan year in which the Closing Date occurs shall be made by Transferor and the Company based on the salary deferral contributions made by the Covered Savings Participant during the period they were employed by each such company. (c) The Company, upon at least 30 days advance written notice to Transferor, may unilaterally terminate its participation in the Transferor Savings Plan on a prosp...
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Related to Salaried Savings 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.

  • 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.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

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

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator. Subd. 1. All ASF Members who receive severance pay as defined in Section A of this article must participate in the health care savings plan. Subd. 2. All severance pay as defined in Section B of this article shall be transferred to the severed employee's health care savings plan account. At the time of separation, if an ASF Member has an approved exception to participation in the health care savings plan account from the plan administrator, then the ASF Member shall receive this payment in one lump sum payment of cash.

  • 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.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Savings Plans Employee shall be entitled to participate in Employer’s 401(k) plan, or other retirement or savings plans as are made available to Employer’s other executives and officers and on the same terms which are available to Employer’s other executives and officers.

  • Compensation Plan 1. Subject to any applicable regulation and the Company's/its contractor approval, the applicant shall choose a Compensation Plan on the Affiliate Participation Form. An Affiliate may not change the elected Compensation Plan. 2. The Company/its contractor may change an Affiliate's Compensation Plan, at any time and at its sole and absolute discretion, by sending such Affiliate a notice to such effect by e-mail. In the event Affiliate does not agree to such change, it shall notify the Company by return e-mail within three (3) days of receiving such notice from the Company, and the Agreement shall terminate immediately. In the event Affiliate does not notify the Company within three (3) days from the notice, it shall be deemed as an approval by the Affiliate to such change in the Compensation Plan. It is hereby clarified that Affiliate will continue to receive payment with respect to Traders identified by a Tracker ID prior to the date of any such change in the Compensation Plan, in accordance with the applicable Compensation Plan at the date such Traders registered to the Site(s).

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