DB Pension Plan definition
Examples of DB Pension Plan in a sentence
For purposes of this Section 6.1(D), "actuarial equivalent" shall be determined using the same assumptions utilized under the applicable DB Pension Plan immediately prior to the Date of Termination or, if more favorable to the Executive, immediately prior to the first occurrence of an event or circumstance constituting Good Reason.
Current Defined Benefit (DB) Plan members will remain in the current DB Pension Plan.
Effective January 1, 2022, all members in the DB provisions of the Harmonized Pension Plan can participate in the Additional Voluntary Contributions (AVC) feature of the Harmonized Plan and have the option to contribute up to 3% of their base pay as AVCs into the Harmonized DB Pension Plan.
Following such transfer, the SpinCo U.S. Qualified DB Pension Plan Participants shall no longer be eligible to participate in the Parent U.S. Qualified DB Pension Plan, and none of the Parent Group, any affiliate of the Parent Group or the Parent U.S. Qualified DB Pension Plan shall thereafter have any further responsibility for the Transferred Benefits, subject to any corrections, adjustments or other actions, in each case, as set forth below.
Notwithstanding the foregoing, the calculation of the lump sum amount payable with respect to the DB Pension Plan that arises pursuant to Section 3(g) (“Pension Make-Whole”) of the Employment Agreement shall be determined based on the projected increase in the Executive’s Historical Average Compensation (as defined in Exhibit D to the Employment Agreement).
Parent shall retain sponsorship of, be responsible for the management and administration of, and be responsible for all Liabilities under the Parent U.S. Qualified DB Pension Plan and the Parent U.S. Pension Trust, and none of the SpinCo Group, any affiliate of the SpinCo Group or the SpinCo U.S. Qualified DB Pension Plan shall have any Liability relating to the Parent U.S. Qualified DB Pension Plan.
Except for the Disclosed UK DB Pension Plans, become an “employer” of any UK DB Pension Plan or become “connected” with or an “associate” of such an “employer” (as those terms are used in sections 38 and 43 of the Pensions Act 2004 of the United Kingdom) (except to the extent any such connection or association has not, individually or in the aggregate, and could not, reasonably be expected to have a Material Adverse Effect).
Parent and SpinCo agree to cooperate in making all appropriate filings and taking all reasonable actions necessary or appropriate to implement the actions set out in this Article VI; provided that SpinCo acknowledges that it will be responsible for complying with any requirements and applying for any determination letters with respect to the SpinCo U.S. Qualified DB Pension Plan.
The term of such annuity shall begin on the date of the Employee's termination of employment and shall end on the later of: (i) the last December 31 occurring within five years after such termination, or (ii) the last December 31 occurring within the Employee's remaining life expectancy, determined as of such termination, based on the life expectancy tables then used for purposes of determining actuarial equivalence under the DB Pension Plan.
The Employee shall be vested with respect to the "excess plan portion" of his monthly retirement benefits under the Plan to the same extent he is vested with respect to benefits payable under the DB Pension Plan.