Pension Reversion definition

Pension Reversion means the assets which have been directly or indirectly distributed prior to the Closing Date to the Parent, Borrowers or any ERISA Affiliates from the Retiree Pension Benefit Plan or the Xxxxxx Tool Pension Plan (as those terms are currently identified and referred to by the Parent).
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Pension Reversion a distribution made prior to the Closing Date in the net amount (after giving effect to the payment of excise tax thereon) of $33,825,801 of the residual assets of a Single Employer Plan to the Borrower or a Commonly Controlled Entity in accordance with Section 4044(d) of ERISA.
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Pension Reversion means the surplus projected in the Pension Plan after payment of all obligations under the Pension Plan, including obligations to all participating employees, having a projected value of $54.2 million.
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Examples of Pension Reversion in a sentence

  • The members of the liquidation board for the SWINC Consolidated Estate would also serve as the directors of Reorganized SWINC (which, as discussed below, is the new entity that will emerge from bankruptcy and be dissolved in a state court dissolution proceeding in order to maximize the Pension Reversion) and as trustees for a liquidating trust created for the benefit of SWINC's stockholders.

  • Creditors' Committee counsel has advised counsel for the Equity Committee that the SWE&C Consolidated Estate may allege it is entitled to some or all of the Pension Reversion.

  • SWINC's Pension Reversion, valued at $54.2 million by the Equity Committee after payment of taxes under the Equity Plan, is the largest single asset in these bankruptcy cases.

  • Further, this Plan assumes that the Pension Reversion belongs solely to SWINC.

  • The Debtors argue that this transfer would settle two alleged disputes: (1) a dispute concerning consolidation of the SWINC and SWE&C Consolidated Estates into a single estate; and (2) a dispute concerning the Debtors and the Creditors' Committee's argument that SWE&C and other Debtors, not just SWINC, own the Pension Reversion.

  • Under the Equity Plan, any claims asserted by the SWE&C Consolidated Estate and any SWE&C Subsidiaries to the Pension Reversion will be extinguished.

  • The Equity Committee does not believe that there are bona fide disputes as to either SWINC's ownership of the Pension Reversion or the separateness of the SWINC Consolidated Estate and the SWE&C Consolidated Estate and does not believe that the Bankruptcy Court will approve the proposed settlement under the applicable facts and law.

  • The Equity Committee believes that the Pension Reversion belongs to SWINC as the contractual owner of the Pension Reversion under the express terms of the Pension Plan documents and applicable state and federal law.

  • Because the Pension Reversion is a significant asset for the SWINC Consolidated Estate, a determination that Reorganized SWINC would not qualify for a 20% tax (as opposed to 50%) rate would negatively affect Holders of Claims and Interests in the SWINC Consolidated Estate.

  • However, the Debtors' Plan proposes that SWINC will pay more than $21 million to the SWE&C Consolidated Estate on the alleged grounds of a "settlement" of substantive consolidation related legal issues arising under the Creditors' Committee Consolidation Motion and disputes concerning ownership of the Pension Reversion.


More Definitions of Pension Reversion

Pension Reversion means the return of surplus assets of the UNOVA pension plan to the UNOVA Companies in conformity with all requirements of ERISA and the Code.
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Related to Pension Reversion

  • Pension reserve means the present value, computed upon the basis of the mortality and other tables adopted by the board, of all payments to be made on account of any retirement allowance or benefit in lieu of any retirement allowance, granted to a member or beneficiary under this chapter.

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

  • Pension program means the defined benefit pension program of the Oregon Public Service

  • 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.

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

  • 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.

  • Pension Credit ; means the means-tested Guarantee or Savings Credit administered by the Department for Work and Pensions under the State Pension Credit Regulations 2002;

  • pension means a pension or annual allowance paid under the Public Service Superannuation Act (PSSA), R.S., 1985, c. P-36, and any increases paid pursuant to the Supplementary Retirement Benefits Act, R.S., 1985, c. S-24 as it affects the PSSA. It does not include pensions payable pursuant to the Canadian Forces Superannuation Act, R.S., 1985, c. C-17, the Defence Services Pension Continuation Act, 1970, c. D-3, the Royal Canadian Mounted Police Pension Continuation Act , 1970, c. R-10, and the Royal Canadian Mounted Police Superannuation Act, R.S., 1985, c. R-11, the Members of Parliament Retiring Allowances Act, R.S. 1985, c. M-5, and that portion of pension payable to the Canada Pension Plan Act, R.S., 1985, c. C-8.

  • Creditable service means membership service plus prior

  • Multiemployer Pension Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Borrower or any member of the Controlled Group may have any liability.

  • Single Employer Plan any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.

  • Multi-employer Plan means a Plan that is a Multi-employer plan as defined in Section 4001(a)(3) of ERISA.

  • pensionable service means service which may be taken into account in computing pension under these Regulations;

  • Termination Year means the calendar year in which the Employment Period is terminated.

  • Employee Pension Benefit Plan has the meaning set forth in ERISA Section 3(2).

  • Continuing care retirement community means a residential

  • Crop year means any 12 month period which represents the planting, growing, harvesting and marketing of an insurable crop, as stated in the Schedules;

  • Extended benefit period means a period which:

  • Foreign Benefit Event means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable Law or in excess of the amount that would be permitted absent a waiver from applicable Governmental Authority or (b) the failure to make the required contributions or payments, under any applicable Law, on or before the due date for such contributions or payments.

  • Benefit Commencement Date means, for any Participant or beneficiary, the date as of which the first benefit payment, including a single sum, from the Participant’s Account is due, other than pursuant to a withdrawal under Article VIII.

  • war disablement pension means any retired pay or pension or allowance payable in respect of disablement under an instrument specified in section 639(2) of the Income Tax (Earnings and Pensions) Act 2003;

  • Pension Act means the Pension Protection Act of 2006.

  • Monetary Contribution means that part of the Public Benefits described as “Monetary Contribution” in clause 1 of Schedule 3 to be paid by the Developer to the City in accordance with this document. Occupation Certificate has the same meaning as in the Act.

  • Pension Benefits Act means The Pension Benefits Act of Ontario and regulations thereunder as amended from time to time.

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.