U.S. Pension Plan Sample Clauses

U.S. Pension Plan. (a) K-C Pension Plan. Halyard shall not be required to adopt a U.S. defined benefit pension plan and shall not assume any liabilities under the Xxxxxxxx-Xxxxx Corporation Pension Plan. Effective as of the Effective Time, Business Employees shall be deemed to have incurred a Termination of Employment as defined under the Xxxxxxxx-Xxxxx Corporation Pension Plan (“K-C Pension Plan”), and shall be entitled to a distribution therefrom pursuant to its terms and conditions.
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U.S. Pension Plan. (a) Establishment and Sponsorship of Pension Plans and Trusts.
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U.S. Pension Plan. The Transferred Employees (and their respective alternate payees) who are active participants (“U.S. Pension Participants”) in the Tyco Electronics Pension Plan (“Seller’s U.S. Pension Plan”) shall cease to be an active participant or actively accrue benefits under Seller’s U.S. Pension Plan as of the applicable Transition Date for such Transferred Employee. Such U.S. Pension Participants shall be treated as term vested participants in Seller’s U.S. Pension Plan and shall receive benefits from Seller’s U.S. Pension Plan in accordance with the terms of such plan. Seller shall take all actions necessary to fully vest the U.S. Pension Participants in their benefits under Seller’s U.S. Pension Plan as of the applicable Transition Date for such Transferred Employee. Neither Purchaser or its Affiliates (including, from and after the Closing, the Conveyed Companies) shall have any obligation with respect to Seller’s U.S. Pension Plan and all Liabilities and obligations thereunder (whether arising before or after the date hereof and whether or not relating to Transferred Employees, Business Employees, Former Employees, Shared Service Employees or otherwise) (the “Retained U.S. Pension Plan Liability”) shall be Retained Liabilities for all purposes of this Agreement.
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U.S. Pension Plan. (a) Crane Company shall retain all liabilities and obligations under the Crane Company U.S. Pension Plan in respect of benefits accrued thereunder. No assets or liabilities of the Crane Company U.S. Pension Plan shall be transferred to any tax-qualified retirement plan established or maintained by Crane Holdings, Co. or any member of the Crane NXT Group.
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U.S. Pension Plan. (a) As of the Time of Distribution, Automotive will have established, and will cover Automotive Employees who participated in the Rockwell Pension Plan immediately prior to the Time of Distribution under, a defined benefit pension plan (the "Automotive Pension Plan"), which will be qualified under Section 401(a) of the Code, and will have established a related trust which will be exempt from taxation under Section 501(a) of the Code. The Automotive Pension Plan will be substantially similar in all material respects to the Rockwell Pension Plan as of the Time of Distribution, and will provide a benefit formula for Automotive Employees which will be substantially similar in all material respects to the benefit formula that the Rockwell Pension Plan provides as of the Time of Distribution. The Automotive Pension Plan will be maintained in such form for a period of at least one year following the Time of Distribution. The Automotive Pension Plan will credit each Automotive Employee for purposes of eligibility to participate, vesting, benefit accruals and all other plan purposes with all service which had been credited to such Automotive Employee for such purposes under the Rockwell Pension Plan immediately prior to the Time of Distribution (excluding any such service which was not counted under the Rockwell Pension Plan by operation of its "break in service" rules); provided, however, that service with Rockwell and Automotive will not be aggregated under the Automotive Pension Plan for any periods following the time at which the plan participant commences the receipt of benefits under the Rockwell Pension Plan if the plan participant is not also retired under the Automotive Pension Plan. Notwithstanding the above, the Automotive Pension Plan will provide that the benefit of each Automotive Employee under the Automotive Pension Plan will be reduced by the amount of the benefit to which the Automotive Employee would be entitled under the Rockwell Pension Plan if the Automotive Employee commenced receipt of benefits from the Rockwell Pension Plan at the same time as from the Automotive Pension Plan based on the Automotive Employee's service and salary history under the Rockwell Pension Plan at the Time of Distribution. Rockwell will provide Automotive with prompt notice if an Automotive Employee 7 11 commences receipt of benefits under the Rockwell Pension Plan.
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U.S. Pension Plan. (i) Effective as of the Closing Date, each Continued Employee who participated in the Rockwell Automation Pension Plan (the “Rockwell U.S. Pension Plan”) will cease to accrue benefits under the Rockwell U.S. Pension Plan and will have a fully nonforfeitable right to such Continued Employee’s benefit payable at normal retirement age under the Rockwell U.S. Pension Plan accrued as of the Closing Date; provided, however, that no provision in this Agreement shall be construed to provide any Continued Employee credit for purposes of determining eligibility for an early retirement or disability pension under the Rockwell U.S. Pension Plan. The consummation of the transactions contemplated by this Agreement shall constitute termination of employment of Continued Employees for purposes of entitlement to distribution from the Rockwell U.S. Pension Plan. None of Buyer or its Affiliates (including the Acquired Companies), any retirement plan of Buyer or any trust thereunder will have or acquire any interest in or right with respect to any of the assets of, nor be liable to make any contribution to, the Rockwell U.S. Pension Plan or any trust related thereto, and Seller will retain full power and authority with respect to the amendment and termination of the Rockwell U.S. Pension Plan and the investment and disposition of assets held in the Rockwell U.S. Pension Plan and in any trust related thereto. From and after the Closing Date, none of Seller or its Affiliates, the Rockwell U.S. Pension Plan or any trust thereunder will have any Liabilities with respect to benefits and entitlements of Continued Employees under the Rockwell U.S. Pension Plan, except with respect to benefits accrued and vested under the Rockwell U.S. Pension Plan as of the Closing Date. Notwithstanding anything contained herein to the contrary, no provision of this Agreement shall be construed to provide any Continued Employee with credit for service with Buyer or its Affiliates (including the Acquired Companies) after the Closing Date for any purpose under the Rockwell U.S. Pension Plan.
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U.S. Pension Plan. (a) Establishment and Sponsorship of Pension Plans and Trusts. (i) Prior to the Time of Distribution, Rockwell will have established (A) a new defined benefit pension plan which will be qualified under Section 401(a) of the Code (the "Rockwell Automation Pension Plan"), the purpose of which will be to provide benefits to eligible Rockwell Automation Participants, and a group trust related thereto which will be exempt from taxation under Section 501(a) of the Code (the "Rockwell Automation Group Trust") and (B) a new defined benefit pension plan which will be qualified under Section 401(a) of the Code (the "Rockwell Science Center Pension Plan"), the purpose of which will be to provide benefits to eligible Rockwell Science Center Participants, and a group trust related thereto which will be exempt from taxation under Section 501(a) of the Code (the "Rockwell Science Center Group Trust"). The Rockwell Automation Pension Plan and the Rockwell Science Center Pension Plan 12 <PAGE> 16 each will credit each participant thereunder for purposes of eligibility to participate, vesting, benefit accruals and all other plan purposes with all service which had been credited to such participant for such purposes under the Rockwell Pension Plan immediately prior to the Time of Distribution (excluding any such service which was not counted under the Rockwell Pension Plan by operation of its "break in service" rules). (ii) Effective as of the Time of Distribution, Rockwell Xxxxxxx hereby assumes sponsorship of the Rockwell Pension Plan and the Rockwell Group Trust, and (if not already completed) will promptly change the name of the Rockwell Pension Plan to the "Rockwell Xxxxxxx Retirement Plan" and change the name of the Rockwell Group Trust to the "Rockwell Xxxxxxx Master Trust". Effective as of the Time of Distribution, Rockwell hereby retains sponsorship of the Rockwell Automation Pension Plan and the Rockwell Automation Group Trust. Effective as of the Time of Distribution, Rockwell Science Center hereby assumes sponsorship of the Rockwell Science Center Pension Plan and the Rockwell Science Center Group Trust. (b)
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U.S. Pension Plan 
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Related to U.S. Pension Plan

  • Canadian Pension Plans The Loan Parties shall not (a) contribute to or assume an obligation to contribute to any Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent, or (b) acquire an interest in any Person if such Person sponsors, administers, maintains or contributes to or has any liability in respect of any Canadian Defined Benefit Plan, or at any time in the five-year period preceding such acquisition has sponsored, administered, maintained, or contributed to a Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent.

  • No Pension Plans Neither the Company nor any current or past ERISA Affiliate has ever maintained, established, sponsored, participated in, or contributed to, any Pension Plans subject to Title IV of ERISA or Section 412 of the Code.

  • 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.

  • Pension Plan 15.01 The CLAC Pension Plan (“the Plan”), a defined contribution pension plan, is registered with the Canada Revenue Agency. The Plan applies to all employees covered by this Agreement.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the 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, the 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.

  • Termination of Pension Plans The Company will not, and will not permit any Consolidated Subsidiary to, withdraw from any Multiemployer Plan to which it may hereafter contribute or permit any employee benefit plan hereafter maintained by it to be terminated if such withdrawal or termination could result in withdrawal liability (as described in Part 1 of Subtitle E of Title IV of ERISA) or the imposition of a Lien on any property of the Company or any Consolidated Subsidiary pursuant to Section 4068 of ERISA.

  • Pension Plans Any of the following events shall occur with respect to any Pension Plan:

  • Guaranteed Pension Plans Each contribution required to be made to a Guaranteed Pension Plan, whether required to be made to avoid the incurrence of an accumulated funding deficiency, the notice or lien provisions of §302(f) of ERISA, or otherwise, has been timely made. No waiver of an accumulated funding deficiency or extension of amortization periods has been received with respect to any Guaranteed Pension Plan, and neither the Borrower nor any ERISA Affiliate is obligated to or has posted security in connection with an amendment to a Guaranteed Pension Plan pursuant to §307 of ERISA or §401(a)(29) of the Code. No liability to the PBGC (other than required insurance premiums, all of which have been paid) has been incurred by the Borrower or any ERISA Affiliate with respect to any Guaranteed Pension Plan and there has not been any ERISA Reportable Event (other than an ERISA Reportable Event as to which the requirement of 30 days notice has been waived), or any other event or condition which presents a material risk of termination of any Guaranteed Pension Plan by the PBGC. Based on the latest valuation of each Guaranteed Pension Plan (which in each case occurred within twelve months of the date of this representation), and on the actuarial methods and assumptions employed for that valuation, the aggregate benefit liabilities of all such Guaranteed Pension Plans within the meaning of §4001 of ERISA did not exceed the aggregate value of the assets of all such Guaranteed Pension Plans, disregarding for this purpose the benefit liabilities and assets of any Guaranteed Pension Plan with assets in excess of benefit liabilities.

  • Employee Pension Benefit Plans Except as disclosed in ------------------------------ Schedule 3.14, the Company does not maintain or contribute to any arrangement ------------- that is or may be an "employee pension benefit plan" relating to employees, as such term is defined in Section 3(2) of ERISA. With respect to each such plan: (i) the plan is qualified under Section 401(a) of the Code, and any trust through which the plan is funded meets the requirements to be exempt from federal income tax under Section 501(a) of the Code; (ii) the plan is in material compliance with ERISA; (iii) the plan has been administered in accordance with its governing documents as modified by applicable law; (iv) the plan has not suffered an "accumulated funding deficiency" as defined in Section 412(a) of the Code; (v) the plan has not engaged in, nor has any fiduciary with respect to the plan engaged in, any "prohibited transaction" as defined in Section 406 of ERISA or Section 4975 of the Code other than a transaction subject to statutory or administrative exemption; (vi) the plan has not been subject to a "reportable event" (as defined in Section 4043(b) of ERISA), the reporting of which has not been waived by regulation of the Pension Benefit Guaranty Corporation; (vii) no termination or partial termination of the plan has occurred within the meaning of Section 411(d)(3) of the Code; (viii) all contributions required to be made to the plan or under any applicable collective bargaining agreement have been made to or on behalf of the plan; (ix) there is no material litigation, arbitration or disputed claim outstanding; and (x) all applicable premiums due to the Pension Benefit Guaranty Corporation for plan termination insurance have been paid in full on a timely basis.

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