Termination of Retirement Plans Sample Clauses

Termination of Retirement Plans. Prior to Closing, the Physician shall cause the Company to take all steps necessary to discontinue benefits accruals under any Employee Benefit Plan that is intended to be a qualified employee retirement plan under Section 401(a) of the Code (a "Retirement Plan") effective as of Closing or as soon thereafter as may be practical. Effective at the time of Closing, the Company shall cause New P.C. to assume all of the obligations of the Company as the sponsoring employer and/or plan administrator of the Retirement Plan in compliance with applicable law. Subsequent to Closing, New P.C. and Vision 21 shall review the extent to which New P.C. can resume contributions to the Retirement Plan without violating the qualification requirements of Sections 410(b) and 401(a)(4) of the Code taking into account any employees of Vision 21 or the Subsidiary who would be "leased employees" of New P.C. under Section 414(n) of the Code. If Vision 21 and New P.C. mutually agree that such qualification requirements can be satisfied, New P.C. may elect to continue the Retirement Plan and make contributions in accordance with its terms, provided that New P.C. shall agree to cover at its own expense any Vision 21 or Subsidiary employees who are leased employees if such coverage is required to maintain the tax-qualified status of the Retirement Plan.
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Termination of Retirement Plans. Prior to Closing, the Physician shall cause the Company to take all steps necessary to discontinue benefits accruals under any Employee Benefit Plan that is intended to be a qualified employee retirement plan under Section 401(a) of the Code (a "Retirement Plan") effective as of Closing or as soon thereafter as may be practical. Subsequent to Closing, the Company and Vision 21 shall review the extent to which the Company can resume contributions to the Retirement Plan without violating the qualification requirements of Sections 410(b) and 401(a)(4) of the Code, taking into account any employees of Vision 21 who would be "leased employees" of the Company under Section 414(n) of the Code. If Vision 21 and the Company mutually agree that such qualification requirements can be satisfied, the Company may elect to continue the Retirement Plan and make contributions in accordance with its terms, provided that the Company shall agree to cover at its own expense any Vision 21 employees who are leased employees if such coverage is required to maintain the tax-qualified status of the Retirement Plan.
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Termination of Retirement Plans. Prior to Closing, the Stockholder shall cause the Acquired Companies to take all steps necessary to discontinue benefit accruals under any Employee Benefit Plan and to terminate their participation in all such plans effective as of Closing or as soon thereafter as may be practical.
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Termination of Retirement Plans. Seller shall have taken all steps necessary to discontinue benefits accruals under any employee benefit plan that is intended to be a qualified employee retirement plan under Section 401(a) of the Code (a "Retirement Plan") effective as of Closing or as soon thereafter as may be practical. Subsequent to Closing, Seller and Vision 21 shall review the extent to which Seller can resume contributions to the Retirement Plan without violating the qualification requirements of Section 410(b) and 401(a)(4) of the Code taking into account any employees of Vision 21 who would be "leased employees" of Seller under Section 414(n) of the Code. If Vision 21 and Seller mutually agree that such qualification requirements can be satisfied, Seller may elect to continue the Retirement Plan and make contributions in accordance with its terms, provided that Seller shall agree to cover at its own expense any Vision 21 employees who are leased employees if such coverage is required to maintain the tax qualified status of the Retirement Plan.
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Termination of Retirement Plans. 38 7.15. Delivery of Schedules...................................................................... 38
Sample 1
Termination of Retirement Plans. Prior to Closing, the Shareholder shall cause the Company to take all steps necessary to discontinue benefits accruals under any Employee Benefit Plan that is intended to be a qualified employee retirement plan under Section 401(a) of the Code (a "Retirement Plan") effective as of Closing or as soon thereafter as 37 may be practical. Effective at the Closing Date, the Company shall cause the Practice to assume all of the obligations of the Company as the sponsoring employer and/or plan administrator of the Retirement Plan in compliance with applicable law. Effective at the time of Closing, the Practice shall assume all of the obligations of the Company as the sponsoring employer and/or plan administrator of the Retirement Plan in compliance with applicable law. Subsequent to Closing, the Company and Vision 21 shall review the extent to which the Practice can resume contributions to the Retirement Plan without violating the qualification requirements of Sections 410(b) and 401(a)(4) of the Code, taking into account any employees of Vision 21 who would be "leased employees" of the Practice under Section 414(n) of the Code. If Vision 21 and the Practice mutually agree that such qualification requirements can be satisfied, the Practice may elect to continue the Retirement Plan and make contributions in accordance with its terms, provided that the Practice shall agree to cover at its own expense any Vision 21 employees who are leased employees if such coverage is required to maintain the tax-qualified status of the Retirement Plan.
Sample 1
Termination of Retirement Plans. Prior to Closing, the Shareholder shall cause the Company to take all steps necessary to discontinue benefits accruals under any Employee Benefit Plan that is intended to be a qualified employee retirement plan under Section 401(a) of the Code (a "Retirement Plan") effective as of Closing or as soon thereafter as may be practical. Effective at the time of Closing, the Company shall cause Sever, Pusaxxxx & Xortxxxx, X.D., P.A. to assume all of the obligations of the Company as the sponsoring employer and/or plan administrator of the Retirement Plan in accordance with applicable law. Subsequent to Closing, the Company and Vision 21 shall review the extent to which the Sever, Pusaxxxx & Xortxxxx, X.D., P.A. can resume contributions to the Retirement Plan without violating the qualification requirements of Sections 410(b) and 401(a)(4) of the Code, taking into account any employees of Vision 21 who would be "leased employees" of the Sever, Pusaxxxx & Xortxxxx, X.D., P.A. under Section 414(n) of the Code. If Vision 21 and Sever, Pusaxxxx & Xortxxxx, X.D., P.A. mutually agree that such qualification requirements can be satisfied, Sever, Pusaxxxx & Xortxxxx, X.D., P.A. may elect to continue the Retirement Plan and make contributions in accordance with its terms, provided that Sever, Pusaxxxx & Xortxxxx, X.D., P.A. shall agree to cover at its own expense any Vision 21 employees who are leased employees if such coverage is required to maintain the tax-qualified status of the Retirement Plan.
Sample 1
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Termination of Retirement Plans. Prior to Closing, the Optometrist shall cause the Company to take all steps necessary to discontinue benefits accruals under any Employee Benefit Plan that is intended to be a qualified employee retirement plan under Section 401(a) of the Code (a "Retirement Plan") effective as of Closing or as soon thereafter as may be practical. Subsequent to Closing, the Company and Vision 21 shall review the extent to which the Company can resume contributions to the Retirement Plan without violating the qualification requirements of Sections 410(b) and 401(a)(4) of the Code, taking into account any employees of Vision 21 who would be "leased employees" of the Company under Section 414(n) of the Code. If Vision 21 and the Company mutually agree that such qualification requirements
Sample 1
Termination of Retirement Plans. Effective no later than immediately prior to Closing, the Company and its Subsidiaries shall have taken all steps necessary to terminate the Xxxxxxxxx Computer Consultants, Inc. 401(k) Savings Plan and the Xxxxxxxxx Computer Consultants, Inc. Profit Sharing Plan. Prior to the Closing Date and the termination of the above plans, the Company shall (a) prepare an application (the “Application”) under the Employee Plans Compliance Resolution System (the “EPCRS”) to correct all violations of the Code that have occurred with respect to the timing of amendments to defined contribution plans maintained by the Company listed on the Benefits Schedule (the “Failures”), (b) prepare an Internal Revenue Service determination letter request relating to this correction (the “Determination Letter”), and (c) give the required participant notice in connection with the Determination Letter. If the required notice has been completed sufficiently in advance of Closing to allow filing of the Determination Letter the Company will also submit the Application and the Determination Letter to the Internal Revenue Service. The Company shall either pay, or include as a liability in the calculation of Net Working Capital, any penalty or filing fee required to be submitted with the Application or the Determination Letter. Subject to the terms and conditions of Article IX the Securityholders agree to indemnify Purchaser from and against any Losses incurred by Purchaser as a result of the Failures.
Sample 1

Related to Termination of Retirement Plans

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • 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.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

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