Assumed Pension Plan definition

Assumed Pension Plan means any Business Employee Benefit Plan for which assets transfer to Buyer or its Affiliates under applicable Law as a result of the Transactions that is an “employee pension benefit plan” (as defined in Section 3(2) of ERISA), whether or not subject to ERISA.
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Assumed Pension Plan has the meaning specified in Section 6.7(c).
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Assumed Pension Plan means each U.S. Transferred DB Plan and each Assumed Foreign Pension Plan.
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Examples of Assumed Pension Plan in a sentence

  • As soon as practicable after the Closing Date, the Company agrees to cause the trustee of the Assumed Pension Plan to transfer to the trustee of the Buyer's pension plan all assets with respect to the Assumed Pension Plan.

  • As of the Closing Date, Buyer shall assume all Liabilities with respect to the Assumed Pension Plan.

  • Except as described in subsection (h)(iii) below, no assets will be transferred in connection with this Agreement in respect of any Compensation and Benefit Plan other than the Assumed Pension Plan and the life insurance policies underlying the Split Dollar Agreements listed on Section 6.7(a) of the Disclosure Letter.

  • Effective as of the Closing Date, the Sellers shall assign to Purchaser their rights under the trust agreement for the Assumed Pension Plan.

  • Effective as of the Closing Date, the MSX Board of Directors shall vote to terminate the Seller's sponsorship of the Autodynamics Corporation of America Employees' Pension Plan (the "Assumed Pension Plan"), and Purchaser's Board of Directors shall vote to have the Purchaser assume sponsorship of, and all liabilities pertaining to, the Assumed Pension Plan.

  • For purposes of calculating any benefit paid a transferred Participant pursuant to this Section 4.6(b), the Participant's Final Average Salary, Social Security Amount, Assumed Pension Plan Retirement Benefit and any other such component of the benefit formula under this Plan, except for Credited Service as set forth in Section 4.6(b)(2) above, shall be determined as of the Participant's date of transfer.

  • The Sellers shall at all times during the Interim Period operate and administer the Assumed Pension Plan in compliance with all applicable law, including ERISA and the Code.

  • An amount determined by multiplying the Participant’s “Benefit Percentage” times the Participant’s Final Average Earnings times the Participant’s Accrual Fraction and reduced by the following: (1) the Participant’s Assumed Pension Plan Retirement Benefit, (2) the Participant’s Assumed Social Security Benefit, (3) the Participant’s Assumed Profit Sharing Retirement Benefit, and (4) the Participant’s Assumed Automatic Retirement Contribution Retirement Benefit.

  • For purposes of calculating any benefit paid a transferred Participant pursuant to this Section 4.6 or any other Section of this Plan, the Participant's Final Average Salary, Social Security Amount, Assumed Pension Plan Retirement Benefit and any other such component of the benefit formula under this Plan, except for Credited Service as set forth in Section 4.6(b) above, shall be determined as of the Participant's date of transfer.

  • Section 1.2 of the SERP is amended in its entirety as follows:1.2 Accrued SERP Benefit: An amount determined by multiplying the Participant's "Benefit Percentage" times the Participant's Final Average Earnings times the Participant's Accrual Fraction and reduced by the following: (1) the Participant's Assumed Pension Plan Retirement Benefit, (2) the Participant's Assumed Social Security Benefit, and (3) the Participant's Assumed Profit Sharing Retirement Benefit.


More Definitions of Assumed Pension Plan

Assumed Pension Plan has the meaning ascribed to it in Section 13.04.
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Related to Assumed Pension Plan

  • Company Pension Plan means each: (a) Company Employee Plan that is an “employee pension benefit plan,” within the meaning of Section 3(2) of ERISA; or (b) other occupational pension plan, including any final salary or money purchase plan.

  • Unfunded Pension Liabilities with respect to any Pension Plan, at any date of determination, the amount determined by taking the accumulated benefit obligation, as disclosed in accordance with Statement of Accounting Standards No. 87, "Employers' Accounting for Pensions", over the fair market value of Pension Plan assets.

  • Guaranteed Pension Plan means any employee pension benefit plan within the meaning of §3(2) of ERISA maintained or contributed to by any Borrower or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan.

  • Unfunded Pension Liability means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).

  • Canadian Benefit Plan means any plan, fund, program or policy, whether oral or written, formal or informal, funded or unfunded, insured or uninsured, providing employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings benefits, under which any Loan Party has any liability with respect to any of its employees or former employees employed in Canada, and includes any Canadian Pension Plan.

  • Canadian Benefit Plans means all material employee benefit plans of any nature or kind whatsoever that are not Canadian Pension Plans and are maintained or contributed to by any Credit Party having employees in Canada.

  • Parent Benefit Plans has the meaning set forth in Section 5.07(b).

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;

  • Pension Benefit Plan means at any time any employee pension benefit plan (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained by any member of the Controlled Group for employees of any member of the Controlled Group; or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the Controlled Group for employees of any entity which was at such time a member of the Controlled Group.

  • Canadian Pension Plan means any Canadian Employee Benefit Plan, other than a Canadian Multiemployer Plan, which is registered in accordance with the ITA or other Applicable Law and which (a) is maintained for the employees of the Borrower or any of its Subsidiaries or (b) has at any time within the preceding six (6) years been maintained for the employees of the Borrower or any of its Subsidiaries which the Borrower or any of its Subsidiaries sponsors, maintains, or to which it makes, is making or is obligated to make, contributions, and shall not include any Pension Plan.

  • Canadian Pension Plans means each pension plan required to be registered under Canadian federal or provincial law that is maintained or contributed to by a Loan Party or any Subsidiary of any Loan Party for its employees or former employees, but does not include the Canada Pension Plan or the Quebec Pension Plan as maintained by the Government of Canada or the Province of Quebec, respectively.

  • Parent Benefit Plan means any Employee Benefit Plan maintained by, sponsored by or contributed to by, or obligated to be contributed to by any Parent Group Entity.

  • Canadian Defined Benefit Pension Plan means a Canadian Pension Plan which contains a “defined benefit provision,” as defined in subsection 147.1(1) of the Income Tax Act (Canada).

  • Seller 401(k) Plan has the meaning set forth in Section 5.5(e).

  • Health benefit plan means a policy, contract, certificate or agreement offered or issued by a health carrier to provide, deliver, arrange for, pay for or reimburse any of the costs of health care services.

  • Pension Plans The meaning specified in Section 4.1(v).

  • Foreign Pension Plan means any plan, fund (including, without limitation, any superannuation fund) or other similar program established or maintained outside the United States by the Borrower or any one or more of its Subsidiaries primarily for the benefit of employees of the Borrower or such Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code.

  • Buyer 401(k) Plan has the meaning set forth in Section 6.01(h).

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Pension Plan means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.

  • personal pension scheme means a personal pension scheme which--

  • Company 401(k) Plan has the meaning set forth in Section 6.4(e).

  • Seller Plan means any Employee Benefit Plan maintained, or contributed to, by the Seller or any ERISA Affiliate.

  • Thrift Plan means the Financial Institutions Thrift Plan, a qualified and tax-exempt defined contribution plan and trust under Sections 401(a) and 501(a) of the Code, as adopted by the Bank.

  • Deferred Compensation Plan means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.