Common use of UpstreamCo Pension Plan Provisions Clause in Contracts

UpstreamCo Pension Plan Provisions. The UpstreamCo Pension Plans shall provide that: (i) UpstreamCo Group Employees and Former UpstreamCo Group Employees shall (A) be eligible to participate in the corresponding UpstreamCo Pension Plan as of the Operational Separation Date to the extent that they were eligible to participate in the applicable Parent Divided Pension Plan as of immediately prior to the Operational Separation Date, and (B) receive credit for vesting, eligibility and benefit service for all service credited for those purposes under the applicable Parent Divided Pension Plan as of the Operational Separation Date; (ii) the compensation paid by the Parent Group to an UpstreamCo Group Employee or a Former UpstreamCo Group Employee that is recognized under the applicable Parent Divided Pension Plan as of immediately prior to the Operational Separation Date shall be credited and recognized for all applicable purposes under the corresponding UpstreamCo Pension Plan; (iii) the accrued benefit of each UpstreamCo Group Employee or Former UpstreamCo Group Employee under the applicable Parent Divided Pension Plan as of the Operational Separation Date shall be payable under the corresponding UpstreamCo Pension Plan at the time and in a form that would have been permitted under the corresponding Parent Divided Pension Plan as in effect as of the Operational Separation Date to the extent required by Section 411(d)(6) of the Code, with employment by the Parent Group before the Operational Separation Date treated as employment by the UpstreamCo Group under the applicable UpstreamCo Pension Plan for purposes of determining eligibility for optional forms of benefit, early retirement benefits, or other benefit forms; and (iv) each UpstreamCo Pension Plan shall assume and honor the terms of all QDROs, beneficiary designations and benefit elections in effect under the corresponding Parent Divided Pension Plan as of immediately prior to the Operational Separation Date with respect to UpstreamCo Group Employees and Former UpstreamCo Group Employees.