Pfizer Savings Plan definition
Examples of Pfizer Savings Plan in a sentence
Any minimum age or service requirements contained in the Company Savings Plan with respect to eligibility to participate generally or eligibility to share in any employer contributions under such plan shall be waived or deemed satisfied for Company Transferred Employees to the extent waived or satisfied under the Pfizer Savings Plan and Legacy Savings Plan immediately prior to the Plan Transition Date.
Immediately prior to the Plan Transition Date, the Company Transferred Employees shall cease to participate in the Pfizer Savings Plan and in the Legacy Savings Plan, and upon the Plan Transition Date, the Company Transferred Employees shall be eligible to commence participation in the Company Savings Plan.
Pfizer or another member of the Pfizer Group shall amend the Pfizer Savings Plan to provide that: (i) Company Transferred Employees shall be 100% vested in their account balances under the Pfizer Savings Plan as of the Plan Transition Date; and (ii) effective December 31, 2012, Company Transferred Employees shall not be eligible for a Retirement Savings Contribution (as defined in the Pfizer Savings Plan) with respect to benefits earned for services rendered in 2013 and thereafter.
Each of the Company and Pfizer shall determine the extent to which and when Pfizer common stock (in the case of the Company Savings Plan) and Company common stock (in the case of the Pfizer Savings Plan and the Legacy Savings Plan) shall cease to be investment alternatives thereunder.
Except as otherwise set forth herein, or except as otherwise agreed upon by the Parties, until the applicable Plan Transition Date, the Company shall continue to be a Participating Company in the Pfizer Health and Welfare Plans, the Pfizer Savings Plan, the Pfizer Fringe Benefits, the Pfizer Life Insurance Plan, the Pfizer Long-Term Disability Plan and such other Pfizer Plans in which the Company Transferred Employees participate, subject to the terms and conditions provided herein and in said Plans.
Pfizer and the Company each presently intend to preserve the right, for a period of time, of Company Transferred Employees and Pfizer Employees to receive distributions in kind from, respectively, the Company Savings Plan and the Pfizer Savings Plan and the Legacy Savings Plan, if, and to the extent, investments under such plans are comprised of Company common stock or Pfizer common stock.
No later than thirty (30) days prior to the Plan Transition Date, Pfizer and the Company shall, to the extent necessary, file IRS Form 5310-A regarding the transfer of Assets and Liabilities from the Pfizer Savings Plan and the Legacy Savings Plan to the Company Savings Plan as provided in this Article 6.