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 ▇▇▇▇▇▇ Tool Pension Plan (as those terms are currently identified and referred to by the Parent).
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.
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.
Examples of Pension Reversion in a sentence
When held in trust in accordance with the above, any Pension Reversion Proceeds shall not be used for any purpose and shall be held in a segregated account and not commingled with other funds.
More Definitions of Pension Reversion
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.