U.S. Savings Plans Sample Clauses

U.S. Savings Plans. (i) Effective as of the Distribution Date, Xxxxxxx shall cause a member of the Veralto Group to have in effect one or more defined contribution savings plans and related trusts that satisfy the requirements of Sections 401(a) and 401(k) of the Code in which each Veralto Employee who participated in a Xxxxxxx U.S. Savings Plan immediately prior thereto shall be eligible to participate (the “Veralto U.S. Savings Plans”), with terms that are substantially similar to those provided by the applicable Xxxxxxx U.S. Savings Plan immediately prior to the date on which such Veralto U.S. Savings Plans become effective (other than the ability to make additional investments in an investment fund invested primarily in Xxxxxxx Common Stock), (ii) the participation of each Veralto Employee who is a participant in a Xxxxxxx U.S. Savings Plan shall automatically cease effective upon the date on which the Veralto U.S. Savings Plans become effective, (iii) as soon as practicable after the Veralto U.S. Savings Plans become effective, Xxxxxxx shall cause the accounts (including any outstanding participant loan balances) in the Xxxxxxx U.S. Savings Plans attributable to Veralto Employees and all of the Assets in the Xxxxxxx U.S. Savings Plans related thereto to be transferred in-kind to the applicable Veralto U.S. Savings Plan and (iv) effective as of the Distribution Date, the Veralto U.S. Savings Plans (including all applicable accounts and underlying Assets) shall be transferred to Veralto and Veralto shall thereafter fully pay, perform and discharge, all obligations thereunder. (b) The respective investment committees and other fiduciaries of the Veralto U.S. Savings Plans and the Xxxxxxx U.S. Savings Plans shall determine (i) the period of time, if any, following the adoption of the Veralto U.S. Savings Plans, during which Veralto Employees and Xxxxxxx Employees may receive distributions in kind from, respectively, the Veralto U.S. Savings Plans and the Xxxxxxx U.S. Savings Plans, if, and to the extent, investments under such plans are comprised of Veralto Common Stock or Xxxxxxx Common Stock, and (ii) the extent to which and when Xxxxxxx Common Stock (in the case of the Veralto U.S. Savings Plans) and Veralto Common Stock (in the case of the Xxxxxxx U.S. Savings Plans) shall cease to be investment alternatives the respective plans. (c) Xxxxxxx shall retain all accounts and all Assets and Liabilities relating to the Xxxxxxx U.S. Savings Plans in respect of each Former Veral...
Sample 1Sample 2Sample 3See All (12)
AutoNDA by SimpleDocs
U.S. Savings Plans. (a) Effective as of the U.S. Benefit Transition Date, Fortrea or another member of the Fortrea Group will adopt and establish a defined contribution plan that is intended to qualify under Code Section 401(a), and a related trust that is intended to be exempt under Code Section 501(a) (such plan and trust, collectively, the “Fortrea Spinoff 401(k) Plan”), which will have terms and features that are substantially similar to the terms and features of the Laboratory Corporation of America Holdings Employees’ 401(k) Plan (the “Labcorp 401(k) Plan”) such that (for the avoidance of doubt) the Labcorp 401(k) Plan is substantially replicated by the Fortrea Spinoff 401(k) Plan. From and after the U.S. Benefit Transition Date, Fortrea will, or will cause a member of the Fortrea Group to, cause the Fortrea Spinoff 401(k) Plan to cover any Fortrea Employee (other than any On-Leave U.S. Fortrea Employee) who, as of immediately prior to the U.S. Benefit Transition Date, participates in or has an account under the Labcorp 401(k) Plan. Fortrea or a member of the Fortrea Group will be solely responsible for taking all necessary, reasonable, and appropriate actions (including the submission of the Fortrea Spinoff 401(k) Plan to the Internal Revenue Service for a determination of tax-qualified status, unless the Fortrea Spinoff 401(k) Plan is a preapproved or volume submitter plan) to establish, maintain and administer the Fortrea Spinoff 401(k) Plan so that it is qualified under Section 401(a) of the Code and that the related trust thereunder is exempt under Section 501(a) of the Code. The Fortrea Spinoff 401(k) Plan will assume liability for all benefits accrued or earned (whether or not vested) by Fortrea Employees under the Labcorp 401(k) Plan as of immediately prior to the U.S. Benefit Transition Date or the Applicable Transfer Date (as applicable). (b) On or as soon as reasonably practicable following each of the U.S. Benefit Transition Date and the Applicable Transfer Date (as applicable), Labcorp or another member of the Labcorp Group will cause the Labcorp 401(k) Plan to transfer to the Fortrea Spinoff 401(k) Plan, and Fortrea or another member of the Fortrea Group will cause the Fortrea Spinoff 401(k) Plan to accept the transfer of, the accounts (including unvested account balances and loans), related liabilities and related assets in the Labcorp 401(k) Plan attributable to Fortrea Employees and their respective Plan Payees. The transfer of assets will be in cash or...
Sample 1Sample 2Sample 3See All (4)
U.S. Savings Plans. (i) Effective no later than the Plan Transition Date, Fortive shall cause a member of the Vontier Group to have in effect one or more defined contribution savings plans and related trusts that satisfy the requirements of Sections 401(a) and 401(k) of the Code in which each Vontier Employee who participated in the Fortive Retirement Savings Plan immediately prior thereto shall be eligible to participate (the “Vontier U.S. Savings Plans”), with terms that are substantially similar to those provided by the Fortive Retirement Savings Plan immediately prior to the date on which such Vontier U.S. Savings Plans become effective (other than the ability to make additional investments in an investment fund invested primarily in Fortive Common Stock), (ii) the participation of each Vontier Employee who is a participant in the Fortive Retirement Savings Plan shall automatically cease effective upon the date on which the Vontier U.S. Savings Plans become effective, (iii) as soon as practicable after the Vontier U.S. Savings Plans become effective, Fortive shall cause the accounts (including any outstanding participant loan balances) in the Fortive Retirement Savings Plan attributable to Vontier Employees and all of the Assets in the Fortive Retirement Savings Plan related thereto to be transferred in-kind to the applicable Vontier U.S. Savings Plan and (iv) effective as of the Plan Transition Date, the Vontier U.S. Savings Plans (including all applicable accounts and underlying Assets) shall be transferred to Vontier and Vontier shall thereafter fully pay, perform and discharge, all obligations thereunder. (b) Effective no later than the Plan Transition Date, Fortive shall transfer to Vontier the Fortive Union Retirement Savings Plan and Vontier shall thereafter fully pay, perform and discharge all obligations thereunder, including for those obligations associated with the Assets and Liabilities under the Fortive Union Retirement Savings Plan in respect of any Former Vontier Service Provider whose account balance remained in the Fortive Union Retirement Savings Plan prior to its transfer to Vontier. (c) The respective investment committees and other fiduciaries of the Vontier U.S. Savings Plans and the Fortive U.S. Savings Plans shall determine (i) the period of time, if any, following the adoption of the Vontier U.S. Savings Plans and following the transfer of the Fortive Union Retirement Savings Plan from Fortive to Vontier, during which Vontier Employees and Fortive...
Sample 1Sample 2Sample 3
U.S. Savings Plans. (a) Except as otherwise provided in the Transition Services Agreement, effective as of the Distribution Date, Xxxx Xxxxxx or another member of the LW Group will adopt and establish a defined contribution plan that is intended to qualify under Code Section 401(a), and a related master trust or trusts exempt under Code Section 501(a) (such plan and trust, the “LW Spinoff 401(k) Plan”), which will have terms and features (including employer contribution provisions) that are substantially similar to the terms and features of the ConAgra Plans that are defined contribution plans intended to qualify under Section 401(a) of the Code listed on Schedule 8.1(a) (such ConAgra Plans, the “ConAgra 401(k) Plans”) such that (for the avoidance of doubt) each ConAgra 401(k) Plan is substantially replicated by the LW Spinoff 401(k) Plan. From and after the Distribution Date except as otherwise provided in the Transition Services Agreement, Xxxx Xxxxxx will, or will cause a member of the LW Group to, cause the LW Spinoff 401(k) Plan to cover any LW Employee and Former LW Business Employee who, as of immediately prior to the Distribution Date, participates in or has an account under a ConAgra 401(k) Plan. Except as set forth in the Transition Services Agreement, Xxxx Xxxxxx or a member of the LW Group will be solely responsible for taking all necessary, reasonable, and appropriate actions (including the submission of the LW Spinoff 401(k) Plan to the Internal Revenue Service for a determination of tax-qualified status) to establish, maintain and administer the LW Spinoff 401(k) Plan so that it is qualified under Section 401(a) of the Code and that the related trust thereunder is exempt under Section 501(a) of the Code. The LW Spinoff 401(k) Plan will assume liability for all benefits accrued or earned (whether or not vested) by LW Employees and Former LW Business Employees under the corresponding ConAgra 401(k) Plan as of immediately prior to the effective date of the LW Spinoff 401(k) Plan or, if later, the Applicable Transfer Date. (b) On or as soon as reasonably practicable following the effective date of the LW Spinoff 401(k) Plan or, if later, the Applicable Transfer Date (but not later than 30 days thereafter), ConAgra or another member of the ConAgra Group will cause each ConAgra 401(k) Plan to transfer to the LW Spinoff 401(k) Plan, and Xxxx Xxxxxx or another member of the LW Group will cause the LW Spinoff 401(k) Plan to accept the transfer of, the accounts (includin...
Sample 1Sample 2Sample 3
U.S. Savings Plans. Prior to the Distribution Date, Crane Holdings, Co. will establish and adopt a qualified employee cash or deferred arrangement under Code Section 401(k) (the “Crane NXT, Co. U.S. Savings Plan”) intended to be qualified under Code Section 401(a) and containing provisions that will provide, among other things, benefits for each Employee who, immediately prior to the Distribution Date, is a participant with an account balance in the Crane Company U.S. Savings Plan and employed in the P&M Technologies Business (the “Crane NXT, Co. U.S. Savings Plan Beneficiaries”) identical (except as provided in this Article VI) to those in effect under the Crane Company U.S. Savings Plan immediately prior to the Distribution Date. From and after the Distribution Date, each Crane NXT, Co. Employee who was an active participant in the Crane Company U.S. Savings Plan immediately prior to the Distribution Date shall participate in the Crane NXT, Co. U.S. Savings Plan. Crane NXT, Co. Employees shall not make or receive additional contributions under the Crane Company U.S. Savings Plan for compensation earned on and after the Distribution Date, unless any such Crane NXT, Co. Employee shall become employed by any member of the Crane Company Group after such date and such member participates in the Crane Company U.S. Savings Plan in accordance with the terms and provisions of the Crane Company U.S. Savings Plan. A Crane Company Employee, Former Crane Company Employee or Former Crane NXT, Co. Employee shall not make or receive contributions under the Crane NXT, Co. U.S. Savings Plan unless any such Crane Company Employee, Former Crane Company Employee or Former Crane NXT, Co. Employee shall become employed by any member of the Crane NXT Group after the Distribution Date and such member participates in the Crane NXT, Co. U.S. Savings Plan in accordance with the terms and provisions of the Crane NXT, Co. U.S.
Sample 1Sample 2
U.S. Savings Plans. (i) As soon as administratively feasible (but in no event later than 30 days) after the Closing Date, Buyer will establish, and will extend coverage to the Continued Employees who participated in the Rockwell U.S. Savings Plans immediately prior to the Closing Date under, one or more new or existing defined contribution plans (each, a “Buyer's U.S. Savings Plan”) that is qualified pursuant to Sections 401(a) and 401(k) of the Code and has a related trust which is exempt from taxation under Section 501(a) of the Code. Buyer’s U.S. Savings Plans will comply with all applicable terms of any collective bargaining agreements covering Continued Employees. Effective as of the Closing Date, each Continued Employee who was a participant in a Rockwell U.S. Savings Plan immediately prior to the Closing Date will be credited under Buyer’s U.S. Savings Plans for purposes of eligibility to participate and vesting with all service recognized for such purposes under the applicable Rockwell U.S. Savings Plan immediately prior to the Closing Date. (ii) Effective as of the Closing Date, each Continued Employee who participates in a Rockwell U.S. Savings Plan immediately prior to the Closing Date will become fully vested in his or her unvested account balances under the Rockwell U.S.
Sample 1
U.S. Savings Plans. (a) Effective as of the Distribution Date, or as soon as practicable thereafter, Xxxxxx shall establish, or cause to be established, the Zimmer Savings and Investment Program which shall be substantially identical in all material respects to the Xxxxxxx-Xxxxx Squibb Savings and Investment Program. Each Active Zimmer Employee participating in the Xxxxxxx-Xxxxx Squibb Savings and Investment Program as of the Distribution Date shall become a participant in the Zimmer Savings and Investment Program as of the Distribution Date. Active Zimmer Employees shall receive credit for all service with the Xxxxxxx-Xxxxx Squibb Group and the Xxxxxx Group prior to the Distribution Date for all purposes under the Zimmer Savings and Investment Program, including for purposes of eligibility and vesting, to the extent that the Xxxxxxx-Xxxxx Squibb Savings and Investment Program gives employees credit for service. All Active Zimmer Employees shall have a fully vested interest in their accounts under the Xxxxxxx-Xxxxx Squibb Savings and Investment Program that are transferred to the Zimmer Savings and Investment Program as of the Distribution Date. All amounts withheld from Active Xxxxxx Employees' pay with respect to payroll periods ending on or after the Distribution Date pursuant to such Active Xxxxxx Employees' deferral elections will be contributed on behalf of such Active Zimmer Employees to the Zimmer Savings and Investment Program, without pro-rata contributions to the Xxxxxxx-Xxxxx Squibb Savings and Investment Plan for service performed prior to the Distribution Date. (b) As soon as practicable following the Distribution Date, assets of the Xxxxxxx-Xxxxx Squibb Savings and Investment Program equal to the aggregate account balances of Active Zimmer Employees shall be transferred to the Zimmer Savings and Investment Program. The transfer shall be made in cash and/or property (including shares of Xxxxxxx-Xxxxx Squibb Common Stock, to the extent the accounts of Active Zimmer Employees are invested in Xxxxxxx-Xxxxx Squibb Common Stock), according to the investment of each Active Zimmer Employee as of the date the transfer is made. Any outstanding balances of plan loans in the Xxxxxxx-Xxxxx Squibb Savings and Investment Program of the Active Zimmer Employees shall be transferred with the underlying accounts. The account balances of Active Xxxxxx Employees shall be valued as of the date on which the transfer is made, which value shall include the earnings, gains and losses, a...
Sample 1
AutoNDA by SimpleDocs
U.S. Savings Plans. (a) (i) Effective no later than the Plan Transition Date, Nextracker shall or shall cause an applicable member of the Nextracker Group to have in effect one or more defined contribution savings plans and related trusts that satisfy the requirements of Sections 401(a) and 401(k) of the Code (the “Nextracker U.S. Savings Plans”), it being understood that, if the IPO Effective Date occurs prior to such Plan Transition Date, there may be a period of time during which the Nextracker U.S. Savings Plans are not yet in effect following such time that the applicable Nextracker Group Employees cease to be eligible to actively participate in the corresponding Flex U.S. Savings Plan under applicable Law (the “401(k) Waiting Period”). The Nextracker U.S. Savings Plans shall include terms that are generally similar to those provided by the applicable corresponding Flex U.S. Savings Plans immediately prior to the commencement of the 401(k) Waiting Period (or, in the event the 401(k) Waiting Period is not applicable, immediately prior to the date on which the corresponding Nextracker U.S. Savings Plans become
Sample 1

Related to U.S. Savings Plans

  • Savings Plans Employee shall be entitled to participate in Employer’s 401(k) plan, or other retirement or savings plans as are made available to Employer’s other executives and officers and on the same terms which are available to Employer’s other executives and officers.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator. Subd. 1. All ASF Members who receive severance pay as defined in Section A of this article must participate in the health care savings plan. Subd. 2. All severance pay as defined in Section B of this article shall be transferred to the severed employee's health care savings plan account. At the time of separation, if an ASF Member has an approved exception to participation in the health care savings plan account from the plan administrator, then the ASF Member shall receive this payment in one lump sum payment of cash.

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

  • Benefits Plans During the Employment Period, You will be eligible to participate in all benefit plans in effect for executives and employees of the Company, subject to the terms and conditions of such plans.

  • Qualified Plans With respect to each Employee Benefit Plan intended to qualify under Code Section 401(a) or 403(a) (i) the Internal Revenue Service has issued a favorable determination letter, true and correct copies of which have been furnished to Medical Manager, that such plans are qualified and exempt from federal income taxes; (ii) no such determination letter has been revoked nor has revocation been threatened, nor has any amendment or other action or omission occurred with respect to any such plan since the date of its most recent determination letter or application therefor in any respect which would adversely affect its qualification or materially increase its costs; (iii) no such plan has been amended in a manner that would require security to be provided in accordance with Section 401(a)(29) of the Code; (iv) no reportable event (within the meaning of Section 4043 of ERISA) has occurred, other than one for which the 30-day notice requirement has been waived; (v) as of the Effective Date, the present value of all liabilities that would be "benefit liabilities" under Section 4001(a)(16) of ERISA if benefits described in Code Section 411(d)(6)(B) were included will not exceed the then current fair market value of the assets of such plan (determined using the actuarial assumptions used for the most recent actuarial valuation for such plan); (vi) all contributions to, and payments from and with respect to such plans, which may have been required to be made in accordance with such plans and, when applicable, Section 302 of ERISA or Section 412 of the Code, have been timely made; and (vii) all such contributions to the plans, and all payments under the plans (except those to be made from a trust qualified under Section 401(a) of the Code) and all payments with respect to the plans (including, without limitation, PBGC (as defined below) and insurance premiums) for any period ending before the Closing Date that are not yet, but will be, required to be made are properly accrued and reflected on the Current Balance Sheet.

  • Compensation Plans Following any termination of the Executive's employment, the Company shall pay the Executive all unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination under any compensation plan or program of the Company, at the time such payments are due.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!