Examples of Savings Participants in a sentence
Savings Participants who are Former Employees are listed on SCHEDULE 5.7(f) (which schedule shall be delivered on or prior to the Closing).
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Sellers and Buyer shall work together to develop a process whereby Savings Participants who have loans outstanding under Xxxxxx'x Savings Plan as of the Closing Date will be permitted to continue to make periodic repayments on such outstanding loans through reduction of salary paid by Buyer or the Sold Companies or Subsidiaries, and Buyer or the Sold Companies or Subsidiaries remitting such payments to Xxxxxx'x Savings Plan on a timely basis.
In addition, Transferor shall take all action necessary prior to the date assets are transferred to the Company Savings Plan so that all accounts of Covered Savings Participants under the Transferor Savings Plan are participant directed under ERISA Section 404(c).
Transferor also shall include in the Transferred Savings Plan assets (i) actual investment earnings or losses through the date of transfer and (ii) amounts required under respect to such Covered Savings Participants on account of any period prior to the Closing Date (whether or not currently due).
Buyer shall establish (or cause the Company to establish) effective January 1, 1998 a defined contribution plan ("Buyer's Hourly Savings Plan") for the benefit of those employees of the Company or its Subsidiaries who were participants in the PEPC Pension Plan on the date of termination thereof and who, on the Closing Date, became employees of the Buyer or any of its affiliates ("Transferred Hourly Savings Participants").
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The remaining Savings Participants will receive their full Payouts when it is their turn.
Savings Participants who are Former Employees are listed on SCHEDULE 5.7(F) (which schedule shall be delivered on or prior to the Closing).