U.S. Savings Plan Clause Samples
The U.S. Savings Plan clause outlines the terms and conditions under which employees can participate in a company-sponsored savings or retirement plan, typically governed by U.S. law. It details eligibility requirements, contribution limits, employer matching provisions, and the process for making withdrawals or accessing funds. This clause ensures that both the employer and employees understand their rights and obligations regarding retirement savings, promoting financial security and compliance with relevant regulations.
U.S. Savings Plan. (a) As of the Time of Distribution, the Company will have established, and will cover the Conexant Employees who participated in the Rockwell Savings Plan immediately prior to the Time of Distribution under, a defined contribution plan (the "Conexant Savings Plan"), which will be qualified pursuant to Sections 401(a) and 401(k) of the Code, and will have established a related trust which shall be exempt from taxation under Section 501(a) of the Code. The Conexant Savings Plan will credit each Conexant Employee for purposes of vesting and eligibility with all service which had been credited to such Conexant Employee for such purposes under the Rockwell Savings Plan immediately prior to the Time of Distribution (excluding any such service which was not counted under the Rockwell Savings Plan by operation of its "break in service" rules).
(b) Effective as of the Time of Distribution, Conexant Employees who participated in the Rockwell Savings Plan immediately prior to the Time of Distribution will be treated as terminated, fully vested participants under the Rockwell Savings Plan, except that they will not be treated as having terminated employment for purposes of entitlement to distributions or the repayment of outstanding loans solely as a result of becoming Conexant Employees. Effective as of the Time of Distribution, Conexant Employees will cease to be eligible to contribute to, or receive contributions in respect of, their Rockwell Savings Plan accounts. None of the Company or the Company Subsidiaries, the Affiliates of any thereof, the Conexant Savings Plan or the trust thereunder will have or acquire any interest in or right to any of the assets of the Rockwell Savings Plan, and Rockwell will retain full power and authority with respect to the amendment and termination of the Rockwell Savings Plan and the investment and disposition of assets held in the Rockwell Savings Plan to the extent permitted by law. From and after the Time of Distribution, none of Rockwell or the Rockwell Subsidiaries, the Affiliates of any thereof, the Rockwell Savings Plan or the trust thereunder will have any Liabilities with respect to benefits and entitlements of Conexant Participants under the Rockwell Savings Plan, except with respect to benefits accrued under the Rockwell Savings Plan prior to the Time of Distribution.
(c) The Company and Rockwell will cooperate in making all appropriate filings required under the Code or ERISA, the regulations thereunder and any other a...
U.S. Savings Plan. (i) As soon as practicable following the Closing Date, Buyer shall, or shall cause its Subsidiaries to, establish a new savings plan or designate an existing savings plan qualified under Section 401(a) of the Code and including a cash or deferred feature under Section 401(k) of the Code and a related trust thereunder which shall be exempt under Section 501(a) of the Code (“Buyer’s Savings Plan”) that will permit participation by all Transferred Employees who are participating in the Seller’s or its Subsidiaries’ 401(k) Plan (“Seller’s Savings Plan”) as of the Closing Date.
(ii) No assets or liabilities of Seller’s Savings Plan shall be transferred to Buyer’s Savings Plan, other than in connection with a rollover of a Transferred Employee’s account balance under Seller’s Savings Plan. Except as could reasonably be expected to cause the Buyer’s Savings Plan to cease to qualify under Section 401(a) and 401(k) of the Code or cause the trust to cease to be qualified under Section 501(a) of the Code or otherwise result in the Buyer or its Affiliates incurring any penalties thereunder, Buyer shall permit the Transferred Employees to roll over into Buyer’s Savings Plan any rollover distribution (in cash or loan notes of any “eligible rollover distribution” (within the meaning of Section 402(c)(4) of the Code)). Effective as of the Closing, the Seller shall and shall cause it Subsidiaries to take any action necessary to ensure that the accounts of each Transferred Employee in Seller’s Savings Plan shall be fully vested and nonforfeitable.
U.S. Savings Plan. (a) As of the Time of Distribution, Automotive will have established, and will cover the Automotive Employees who participated in the Rockwell Savings Plan immediately prior to the Time of Distribution under, a defined contribution plan (the "Automotive Savings Plan"), which will be qualified pursuant to Sections 401(a) and 401(k) of the Code, and will have established a related trust which shall be exempt from taxation under Section 501(a) of the Code. The Automotive Savings Plan will be substantially similar in all material respects to the Rockwell Savings Plan as of the Time of Distribution, except that Automotive Common Stock will be substituted for all plan purposes for Rockwell Common Stock and the other investment vehicles offered by the Automotive Savings Plan will not be identical to the investment vehicles offered by the Rockwell Savings Plan. The Automotive Savings Plan will provide the same employer contribution formula for Automotive Employees as the Rockwell Savings Plan provides as of the Time of Distribution. The Automotive Savings Plan will be maintained in such form for a period of at least one year following the Time of Distribution. The Automotive Savings Plan will credit each Automotive Employee for purposes of vesting and eligibility with all service which had been credited to such Automotive Employee for such purposes under the Rockwell Savings Plan immediately prior to the Time of Distribution (excluding any such service