Common use of Terminating Operations Clause in Contracts

Terminating Operations. When operations at a designated DOE facility are terminated and no further work is to occur under the prime contract, the following apply: (1) No further benefits for service shall accrue. (2) The Contractor shall provide a determination statement in its settlement proposal, defining and identifying all liabilities and assets attributable to the DOE contract. (3) The Contractor shall base its pension liabilities attributable to DOE contract work on the market value of annuities or lump sum payments or dispose of such liabilities through a competitive purchase of annuities or lump sum payouts. (4) Assets shall be determined using the “accrual-basis market value” on the date of termination of operations. (5) DOE and the Contractor(s) shall establish an effective date for spinoff or plan termination. On the same day as the Contractor notifies the IRS of the spinoff or plan termination, all plan assets assigned to a spun-off or terminating plan shall be placed in a low-risk liability matching portfolio until the successor trustee, or an insurance company, is able to assume stewardship of those assets.

Terminating Operations. When operations at a designated DOE facility are terminated and no further work is to occur under the prime contract, the following apply: (1) a. No further benefits for service shall accrue. (2) b. The Contractor shall provide a determination statement in its settlement proposal, defining and identifying all liabilities and assets attributable to the DOE contract. (3) c. The Contractor shall base its pension liabilities attributable to DOE contract work on the market value of annuities or lump sum payments payments, or dispose of such liabilities through a competitive purchase of annuities or lump sum payouts. (4) d. Assets shall be determined using the “accrual-basis market value” on the date of termination of operations. (5) DOE x. XXX and the Contractor(s) shall establish an effective date for spinoff spin-off or plan termination. On termination on the same day as the Contractor notifies the IRS of the spinoff or plan spin-off; or f. Plan termination, all plan assets assigned to a spun-off or terminating plan shall be placed in a low-risk liability matching portfolio until the successor trustee, or an insurance company, is able to assume stewardship of those assets.

Terminating Operations. When operations at a designated DOE facility are terminated and no further work is to occur under the prime contract, the following apply: (1) No further benefits for service shall accrue. (2) The Contractor shall provide a determination statement in its settlement proposalsettlementproposal, defining and identifying all liabilities and assets attributable to the DOE contract. (3) The Contractor shall base its pension liabilities attributable to DOE contract work contractwork on the market value of annuities or lump sum payments or dispose of such liabilities through a competitive purchase of annuities or lump sum payouts. (4) Assets shall be determined using the “accrual-basis market value” on the date of termination of operations. (5) DOE and the Contractor(s) shall establish an effective date for spinoff or plan termination. On the same day as the Contractor notifies the IRS of the spinoff or plan termination, all plan assets assigned to a spun-off or terminating plan shall be placed in a low-risk liability matching portfolio until the successor trustee, or an insurance company, is able to assume stewardship of those assets.