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. (b) K-C Supplemental Pension Plans. Halyard shall not be required to adopt any U.S. supplemental pension plans and shall not assume any liabilities under the Supplemental Benefit Plan to the Xxxxxxxx-Xxxxx Corporation Pension Plan (“K-C Supplemental Pension Plan”) or the Second Supplemental Benefit Plan to the Xxxxxxxx-Xxxxx Corporation Pension Plan (“K-C Second Supplemental Pension Plan”). Effective as of the Effective Time, Business Employees shall be deemed to have incurred a Termination of Employment (as defined under the K-C Supplemental Pension Plan and the K-C Second Supplemental Pension Plan) under the Grandfathered Portions (i.e., those portions of the Plan exempt from Code Section 409A) of the K-C Supplemental Pension Plan and the K-C Second Supplemental Pension Plan, and shall be entitled to distributions therefrom pursuant to their terms and conditions. Business Employee Participants in the non-Grandfathered Portions of the K-C Supplemental Pension Plan and K-C Second Supplemental Pension Plan shall not be considered to have incurred a Separation from Service (as defined in Code Section 409A) from Xxxxxxxx-Xxxxx by virtue of the Distribution, and thus shall not be entitled to any distribution from such non Grandfathered Portions of such Plans by virtue of the Distribution. Rather, Business Employee Participants shall be considered to have incurred a Separation from Service under the non-Grandfathered Portions of such Plans when they incur a Separation from Service with Halyard, and Halyard shall notify Xxxxxxxx-Xxxxx of the same, so that Xxxxxxxx-Xxxxx can comply with the automatic payment provisions thereunder.
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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. (b) Each Crane Holdings, Co. Employee, shall be treated as terminating employment with Crane Company and the Crane Company Group as of the Effective Time for purposes of the Crane Company U.S. Pension Plan; provided, however, that Crane Company or its duly authorized delegate shall amend the Crane Company U.S. Pension Plan prior to the Effective Time as necessary to ensure that (i) each Crane Holdings, Co. Employee is 100% vested in their accrued benefits under the Crane Company U.S. Pension Plan as of the Effective Time; and (ii) until the Effective Time, Crane Holdings, Co. Employees shall be given credit for service with the Crane Company Group for purposes of eligibility for retirement.
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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. (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. (ii) To the extent required by the terms of any collective bargaining agreement covering Continued Employees of the Acquired Companies, as of the Closing Date, Buyer will, or will cause the appropriate Acquired Company to, extend coverage to Continued Employees who participated in the Rockwell U.S. Pension Plan immediately prior to the Closing Date under one or more new or existing defined benefit pension plans (e...
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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 commences receipt of benefits under the Rockwell Pension Plan. (b) Effective as of the Time of Distribution, the Automotive Employees who participated in the Rockwell Pe...
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U.S. Pension Plan. Establishment and Sponsorship of Pension Plans and Trusts.
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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
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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 trust related thereto which will be exempt from taxation under Section 501(a) of the Code (the "Rockwell Science Center Trust"). The
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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.

  • Municipal Pension Plan (a) An employer will provide the Municipal Pension Plan (MPP) to all eligible employees. (b) Employees of record on March 31, 2010, who meet the eligibility requirements of the MPP, have the option of joining or not joining the MPP. Eligible employees who initially elect not to join the MPP on April 1, 2010, have the right to join the MPP at any later date but will not be able to contribute or purchase service for the period waived. (c) All regular full-time employees hired after March 31, 2010, will be enrolled in the MPP upon completion of the earlier of their probationary period or three months and will continue in the plan as a condition of employment. Full-time hours of work are defined in the local issues agreement specific to each employer. Regular part-time employees and casual employees hired after April 1, 2010, who meet the eligibility requirements of the MPP have the right to enrol or not enrol in the MPP. Those who initially decline participation have the right to join the MPP at any later date. The MPP rules currently provide that a person who has completed two years of continuous employment with earnings from an employer of not less than 35% of the year's maximum pensionable earnings in each of two consecutive calendar years will be enrolled in the Plan. This rule will not apply when an eligible employee gives a written waiver to the Employer. (d) Employers will ensure that all new employees are informed of the options available to them under the MPP rules. (e) Eligibility and terms and conditions for the pension will be those contained in the Municipal Pension Plan and associated documents. (f) If there is a conflict between the terms of this agreement and the MPP rules, the MPP must prevail. Note: MPP contact information: Web: http:\\xxx.xxxxxxxxxx.xx Email: xxx@xxxxxxxxxx.xx Victoria Phone: 0-000-000-0000 BC Phone: 0-000-000-0000

  • Pension Plan Employers and/or individuals who manage, operate, assist or own, either partially or wholly, a company or companies working non-union in the construction industry on Mainland Nova Scotia within the craft jurisdiction of xxx Xxxxxxxxxx Local 83 shall not be eligible to be appointed to serve, or to continue to serve, as trustees on any trust fund referred to within this Collective Agreement. This provision shall apply to management trustees and union trustees alike. 29.01 It is agreed that the employer shall pay into the established Pension Fund an amount per hour for each hour paid as per the wage tables in Craft Schedule “A”, “B”, “S” and Appendix “MIP”. Pension contributions shall be calculated based on the base hourly rate and vacation pay, and no premium shall affect this. For the purposes of this Article, overtime rates payable in accordance with Article 16 are not premiums. Such contributions shall be paid to the Trustees of the Pension Fund on or before the fifteenth (15th) day of the month following the month such hours were worked and shall be accompanied by a remittance report form for each employee on a form prescribed by the Trustees of the Fund. Each monthly report and contributions shall include all obligations arising from hours worked up to the preceding calendar month. 29.02 It is agreed that provisions for an increase in the Pension Plan (other than those increases listed above) will be implemented if so desired by the Local, with the employer contribution to be deducted from the wages rates contained herein, provided the employer receives sixty (60) days notice of such change. 29.03 The Pension Plan shall be professionally administered. 29.04 Neither the United Brotherhood of Carpenters and Joiners of America, Local 83, nor the Nova Scotia Construction Labour Relations Association shall incur any legal liability with regard to claims arising from the Pension Plan. 29.05 Employers bound by, or subject to the Agreement, shall be required to maintain for a two (2) year period, a complete set of employment records including: • employee’s name, address, and S.I.N. • number of hours worked by the employee in each week • employee’s wage rate and gross earnings, amount(s) and description of deductions from the employee’s wages • particulars of pay allowances or other payments or benefits to which the employee is entitled.

  • 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.

  • Pension Plans Any of the following events shall occur with respect to any Pension Plan (a) the institution of any steps by the Borrower, any member of its Controlled Group or any other Person to terminate a Pension Plan if, as a result of such termination, the Borrower or any such member could be required to make a contribution to such Pension Plan, or could reasonably expect to incur a liability or obligation to such Pension Plan, in excess of $10,000,000; or (b) a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA.

  • 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.

  • Pension Benefits Each party reserves the right to retain as his or her sole and absolute separate property, the entire interest in pension benefits now vested, or that become vested in the future, and the right to manage, control, transfer, and convey all such property and dispose of the same by will, beneficiary designation or otherwise, without any interference from the other. The parties acknowledge that this Agreement shall constitute an effective waiver of any rights in the other's pension benefit plans. Furthermore, each party agrees to execute whatever additional waiver document may be necessary or useful to confirm such waiver of rights to the other party's pension benefit plans.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

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