Examples of Seller DC Plan in a sentence
As soon as practicable following the Closing Date, Transferred Employees shall be eligible to effect a “direct rollover” (as described in Section 401(a)(31) of the Code) of their account balances (including participant loans) under the Seller DC Plan to a defined contribution plan of a Buyer Party or any Affiliate intended to qualify under Section 401(a) of the Code, in the form of cash and participant loan notes.
The Buyer DC Plan shall protect, maintain and continue any rights or features of the Seller DC Plan that, pursuant to the provisions of Section 411(d)(6) of the Code, are required to be continued for the benefit of the Employees, but only to the extent required by Section 411(d)(6).
To the extent required under the Collective Bargaining Agreement, the Buyer DC Plan shall have terms and features (including employer contribution provisions) that are substantially identical to the applicable hourly Seller DC Plan that covers union Transferred Employees.
As promptly as practicable after the Closing Date, the Seller shall cause the trustee of the El Paso Energy Corporation Retirement Savings Plan ("Seller DC Plan") to transfer to the trustee of the Buyer DC Plan, and the Buyer shall cause the trustee of the Buyer DC Plan to accept, the account balances of each Employee with respect to whom the Seller DC Plan maintains an account as of the close of business on the Closing Date.
Effective as of the Applicable Transfer Time or any subsequent date reasonably requested by Buyer (but not later than the 60th day following the Applicable Transfer Time), all such Transferred Employees shall be eligible to effect a “direct rollover” (as described in Section 401(a)(31) of the Code) of their account balances (including participant loans) under the Seller DC Plan to the Buyer DC Plan in the form of cash and participant loan notes.
Transferred Employees shall be entitled to distributions of their account balances under each Seller DC Plan as soon as practicable following the Closing Date, in accordance with the provisions of the applicable Seller DC Plan and applicable law.
Each Non-U.S. Buyer DC Plan will target the same benefit value as, provide a benefit design that is equivalent to, provide employer contribution formulas and provisions that are equivalent in value to the employer contribution formulas and provisions in, and where applicable offer a range of investment options that is similar to that provided under, each corresponding Non-U.S. Seller DC Plan as of the Closing.
Effective as of the Transfer Date, each Transferred Employee shall cease to be an active participant in the Seller DC Plan.
Effective as of the Closing, Seller shall fully vest the account balances of each Continuing Employee under the Seller DC Plan.
As soon as practicable after the applicable Employee Transfer Date, Seller shall cause the trustee of the Seller DC Plan to transfer assets equal to the full account balances, including outstanding loan balances, of the Transferred Employees (which account balances will have been credited with earnings or losses attributable through the date of transfer) to the appropriate trustee as designated by the Partnership under the trust agreement forming a part of the New DC Plan.