Merck Pension Plan definition
Examples of Merck Pension Plan in a sentence
The Merck Pension Plan shall continue to be responsible for Liabilities in respect of all Employees (including Transferred Employees) and Former Employees.
No Employees of the Organon Group shall accrue any additional benefits under the Merck Pension Plan following the later of (i) the Distribution Date, and (ii) their applicable Transfer Date.
These include in particular: Merck Pension Plan 2005, Company Pension Scheme 1985, Company Pension Directive 1976, Operating Agreement on pensions for former Biotest employees.
In addition, until distributions commence under the Merck Pension Plan for a Transferred Employee, the Merck Pension Plan shall continue to credit service earned with Organon and its Affiliates for purposes of early retirement eligibility and subsidies under the Merck Pension Plan.
The accrued benefits of Transferred Employees under the Merck Pension Plan shall become fully vested as of the later of (i) the Distribution Date, and (ii) their applicable Transfer Dates.
Merck shall be entitled to claim the benefit of any tax deductions for amounts it contributes to the Merck Pension Plan.
Unless otherwise required by non-U.S. law, where applicable, Merck will report and withhold, as necessary, on distributions with respect to Liabilities it retains with respect to Merck Employees, Former Employees, and Organon Employees under the Merck Pension Plan under Section 3.01 of this Agreement.
As of the Distribution Date, the Organon Savings Plan shall include provisions so that, subject to the applicable nondiscrimination rules under Code Sections 401(a)(4) and 401(m), the aggregate contributions during any plan year through at least December 31, 2022 for Transferred Employees shall be no less than the aggregate sum of such contributions under the Merck Savings Plan and the pay credits under the Merck Pension Plan as in effect immediately prior to the Distribution Date.