U.S. Defined Benefit Pension Sample Clauses

U.S. Defined Benefit Pension. In order to effectuate a spinoff of the portion of the Ardagh North America Retirement Income Plan (the “Ardagh U.S. DB Plan”) related to the Ardagh Business, NewCo and Ardagh shall cooperate to effectuate the following: (i) On or by no later than forty five (45) days following the Closing Date, NewCo shall establish (effective as of the Closing Date) a defined benefit plan intended to be qualified under Section 401(a) of the U.S. Code and a trust exempt from taxation for purposes of Section 501(a) of the U.S. Code (collectively, the “NewCo U.S. DB Plan”) to provide the benefits accrued as of the Closing Date under the Ardagh U.S. DB Plan for current, terminated vested and retired participants related to the Ardagh Business, including all Ardagh Business Employees (and their respective contingent annuitants and beneficiaries) (the “Accrued Benefits”). (ii) On a date specified by Ardagh within the ninety (90)-day period following the NewCo Certification Date (as defined below) (the “U.S. DB Transfer Date”), Ardagh shall cause the Ardagh U.S. DB Plan to transfer to the NewCo U.S. DB Plan the Accrued Benefits and to further transfer assets as of the Closing Date equal to the present value of Accrued Benefits (the “Transferred Assets”), and NewCo shall cause the NewCo U.S. DB Plan to accept such transfer of the Accrued Benefits and Transferred Assets. The Transferred Assets shall be in cash in U.S. dollars and shall be (A) decreased by payments of the Accrued Benefits from the Ardagh U.S. DB Plan from the Closing Date through the U.S. DB Transfer Date and (B) increased with interest based on the rate of interest earned and credited on the Transferred Assets, which shall be held in cash or cash equivalents during the period from the Closing Date through the U.S. DB Transfer Date (with appropriate adjustment for the timing of any payments described in clause (A) of this sentence). The present value of Accrued Benefits shall be calculated as of the Closing Date in accordance with the assumptions set forth in attached Exhibit H and, to the extent an assumption is not specified therein, in accordance with the assumptions used by Ardagh as of December 31, 2018 for purposes of determining the Defined Benefit Obligation (DBO), for financial reporting purposes under International Accounting Standard IAS-19R. For purposes of calculating the present value of Accrued Benefits with respect to the early retirement subsidy, service with NewCo after the Closing Date shall be ...
Sample 1

Related to U.S. Defined Benefit Pension

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • Defined Benefit Plans The Company has not maintained or contributed to a defined benefit plan as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). No plan maintained or contributed to by the Company that is subject to ERISA (an “ERISA Plan”) (or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) that could subject the Company to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified” within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section 401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Company has never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • Sick Leave Benefit Plan The Sick Leave Benefit Plan will provide sick leave days and short term disability days for reasons of personal illness, personal injury, including personal medical appointments and personal dental appointments.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • 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.

  • 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.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

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