The Savings Plan Sample Clauses

The Savings Plan. (i) AUSHC shall retain all Liabilities and obligations in respect of benefits accrued by each member of the AI Employee Group under the Savings Plan until, in the case of AI Employees, such Liabilities are transferred to and assumed by the DC Plan as described below. Prior to such transfer, AUSHC and AI shall work together to develop a process whereby AI Employees who have loans outstanding under the Savings Plan will be permitted to continue to make periodic repayments on such outstanding loans through a reduction of salary paid by AI and AI remitting such payments to the Savings Plan on a timely basis (including AI charging such AI employees a reasonable administrative fee, if any, for such services). (ii) Effective immediately after the Distribution Date, AI or an AI ERISA Affiliate shall adopt (in consultation with ING America Insurance Holdings, Inc.) a savings plan for the benefit of AI Employees that is substantially similar to the Savings Plan and is intended to qualify under Section 401(a) of the Code (the "DC PLAN"). For at least twelve months after the Distribution Date the DC Plan shall permit deferrals and require matching contributions at least equal to those provided under the Savings Plan immediately prior to the Distribution Date to the extent permissible under applicable law and without altering any benefit under any other plan maintained by AI or any AI ERISA Affiliate. In one or more transactions in the first calendar year beginning after the Distribution Date (provided that (A) AI has received a favorable determination letter from the Internal Revenue Service to the effect that the DC Plan meets the requirements for qualification under Section 401(a) of the Code (or a certification by AI, reasonably satisfactory to AUSHC, to such effect), (B) AUSHC has received a favorable determination letter from the Internal Revenue Service to the effect that (1) AUSHC shall cause the Savings Plan accounts of AI Employees not otherwise rehired by AUSHC after the Distribution Date which are held by the Saving Plan's related trust to be transferred to the DC Plan and its related trust, and AI shall cause those transferred accounts, all of which shall be 100% vested as of the Distribution Date, to be accepted by the DC Plan and its related trust and (2) the DC Plan shall assume and be solely responsible for Liabilities only with respect to transferred accounts of such AI Employees (al(ii)abl such assumed liabilities "AI DC PLAN LIABILITIES"). Such tran...
Sample 1
AutoNDA by SimpleDocs
The Savings Plan. Except for amounts temporarily held in cash in accordance with subparagraph (f) and amounts in the Loan Fund as provided under subparagraph (c), the Savings Plan shall be invested and reinvested in an Investment Fund, as hereinafter provided, or in such other Investment Fund, or other investments, as directed by the Company in accordance with Section 7: (i) The U S WEST Shares Fund which shall be invested in U S WEST, Inc. common stock. (ii) The MediaOne Group Shares Fund which shall be invested in MediaOne Group, Inc. common stock. (iii) The U.S. Stock Fund is a passive fund invested in a portfolio of common stocks which closely tracks the return of the S& P 500 Index.. It will invest primarily in stocks, such bonds, notes, debentures or preferred stocks as are convertible into common or capital stocks, such debentures accompanied by warrants to purchase common or capital stocks, and other types of equity investments (including U S WEST Shares). (iv) The Interest Income Fund which shall be invested in a diversified portfolio consisting of fixed income investments. The fixed income investments will, in each case, represent an issuer's promise to repay principal plus a rate of interest, and may include, but are not limited to, group annuity contracts with life insurance companies, deposit agreements with banks, obligations of the United States Government or its agencies, asset-backed securities and other fixed income securities. (v) The U.S. Asset Allocation Fund which shall be invested primarily in U.S. stocks, bonds, and money market portfolios. The Fund periodically shifts its assets allocation to emphasis the asset classes that offer the best investment value, while considering investment risk. (vi) Global Assets Fund is a diversified portfolio that seeks to achieve its objective by pursuing active asset allocation strategies across global equity and fixed income markets. It will invest primarily in U.S. stocks, non-U.S. stocks, U.S. bonds and international non-dollar bonds and cash equivalents. (vii) International Stock Fund which shall be invested primarily in stocks and bonds issued by non-U.S. companies, cash equivalents denominated in U.S. dollars or other major foreign currencies, and other fixed income investments. (viii) Personal Choice Retirement Account (PCRA) shall be a fund in which a Participating Employee can direct investment among mutual funds, common stocks and other investments.
Sample 1
The Savings Plan. (a) (i) AUSHC shall retain all Liabilities and obligations in respect of benefits accrued by each member of the AI Employee Group under the Savings Plan until, in the case of AI Employees, such Liabilities are transferred to and assumed by the DC Plan as described below. Prior to such transfer, AUSHC and AI shall work together to develop a process whereby AI Employees who have loans outstanding under the Savings Plan will be permitted to continue to make periodic repayments on such outstanding loans through a reduction of salary paid by AI and AI remitting such payments to the Savings Plan on a timely basis (including AI charging such AI employees a reasonable administrative fee, if any, for such services).
Sample 1
The Savings Plan. Except as specified otherwise in this Agreement, effective as of January 1, 2001 (or such other date(s) as Eaton and Axcelis Technologies may mutually agree), Axcelis Technologies shall adopt and have effective the Axcelis Technologies Savings Plan. As soon as administratively feasible on or after January 1, 2001, Eaton shall cause the Trustee of the Eaton Savings Plan to transfer to the Trustee of the Axcelis Technologies Savings Plan assets with a value equal to all account balances, vested and non-vested, of Axcelis Technologies Employees on or about (as determined by Eaton) the date the assets are transferred. All account balances of Axcelis Technologies Employees in the Eaton Savings Plan shall be vested on January 1, 2001 irrespective of the service rendered by such employees and shall be deemed vested in the Axcelis Technologies Savings Plan when received by the trust created pursuant to the Axcelis Technologies Savings Plan. Assets held in the Eaton Savings Plan in investment funds other than Eaton or Axcelis Technologies common stock shall be transferred to the Axcelis Technologies Savings Plan in cash. Assets held in the Eaton Savings Plan in the form of shares of Eaton and Axcelis Technologies common stock shall be transferred in the form of such shares of Eaton and Axcelis Technologies common stock. The Axcelis Technologies Savings Plan shall provide that participants in the Axcelis Technologies Savings Plan shall be permitted to maintain their Eaton common stock investments, if any, for a period of not greater than two (2) years but participants in the Axcelis Technologies Savings Plan shall not be permitted to direct the acquisition for their respective individual accounts of additional shares of Eaton common stock. On or before the date of the transfer of assets, Eaton shall cause Axcelis Technologies or its designee to receive or have access to records, statements and other administrative materials necessary for the proper crediting of transferred assets and the initial administration of the Axcelis Technologies Savings Plan. For the period from the Separation Date to the earlier (i) of January 1, 2001 and (ii) the Non-Controlled Group Date, Axcelis Technologies Employees shall participate in the Eaton Savings Plan in accordance with its terms as in effect on the Separation Date and from time to time thereafter (which specifically do not provide for Axcelis Technologies common stock as an available investment fund) at the cost and expense o...
Sample 1

Related to The Savings Plan

  • 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.

  • 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.

  • 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.

  • 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).

  • 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.

  • 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.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Deferral Plan The deferral portion of the plan shall involve an employee spreading four (4) years' salary over a five (5) year period, or such other schedule as may be mutually agreed between the employee and the Hospital. In the case of the four (4) years' salary over a five (5) year schedule, during the four (4) years of salary deferral, 20% of the employee's gross annual earnings will be deducted and held for the employee. Such deferred salary will not be accessible to the employee until the year of the leave or upon the collapse of the plan. In the case of another mutually agreed upon deferral schedule, the percentage of salary deferred shall be adjusted appropriately.

  • 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.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!