Purchaser Savings Plan definition
Examples of Purchaser Savings Plan in a sentence
Purchaser agrees to cause the Purchaser Savings Plan to accept rollovers by Transferred Employees from the Seller Savings Plan, including promissory notes evidencing all outstanding loans.
Purchaser agrees to use reasonable best efforts to cause the Purchaser Savings Plan to accept rollovers by Transferred Employees from the Seller Savings Plan, including promissory notes evidencing all outstanding loans.
Purchaser shall ensure that the Purchaser Savings Plan will recognize the accrued service of Affected Employees with Seller and its Affiliates up to and including the Closing Date for all relevant purposes, to the extent credited under the terms of the Seller Savings Plan as in effect on the Closing Date.
Prior to the Closing Date, the Sterling Parties shall deliver to Parent a copy of the determination letter from the Internal Revenue Service with respect to the Purchaser Savings Plan, which letter shall indicate that the Purchaser Savings Plan is qualified under Section 401(a) of the Code and the trust thereunder is exempt from tax under Section 501(a) of the Code.
Continuing Employees shall be eligible to effect a direct rollover (as described in Section 401(a)(31) of the Code) from any Seller Benefit Plans which is a defined contribution 401(k) plan, to the Purchaser Savings Plan and the Purchaser Union Savings Plan, as applicable, and Purchaser or one of its Affiliates shall cause the Purchaser Savings Plan or Purchaser Union Savings Plan, as applicable, to accept such direct rollovers.
The Purchaser Savings Plan shall preserve for the Employees all benefits, rights and features applicable to such transferred accounts, including but not limited to those rights and features protected under Section 411(d)(6) of the Code and participant loans, and such Plan shall provide for future participant loans from current account balances.
Transferred Employees who are participants in the Milacron Retirement Savings Plan shall be permitted to transfer their individual account balances from the Milacron Retirement Savings Plan in a direct rollover distribution to the Purchaser Savings Plan.
Such transfer shall be subject to Sellers’ receipt of evidence satisfactory to them that the Purchaser Savings Plan is qualified under Sections 401(a) and 401(k) of the Code, which evidence may include a current determination letter from the IRS indicating that the Purchaser Savings Plan is qualified under Sections 401(a) and 401(k) of the Code.
Parent shall provide to Purchaser copies of such personnel and other records of Parent pertaining to the Employees and such records of any agent or representative of Parent, in each case pertaining to the Parent Savings Plan and Parent Savings Trust and as Purchaser may reasonably request in order to administer and manage the accounts and assets transferred to the Purchaser Savings Plan and Purchaser Savings Trust.
Purchaser shall cause the Purchaser Savings Plan to accept the direct rollover of electing Continuing Employees’ benefits in cash and, if applicable, promissory notes that are distributed from the Company Savings Plan.