Seller Retirement Plans definition
Examples of Seller Retirement Plans in a sentence
Any service or compensation earned by an employee of the POC Companies for any period after the Closing Date shall be disregarded for all purposes of the Seller Retirement Plans.
Subject to the restrictions of Article VI, the following distribution options apply to a Participant's Regular Matching Contributions Account and Employer Contributions Account prior to his Separation from Service: (Choose (d) or at least one of (e) through (h)) [N/A] (d) No distribution options prior to Separation from Service.
The Sellers shall take, or cause to be taken, all actions necessary to permit the rollover in cash (or outstanding loan promissory notes for participant loans) of account balances (including outstanding loans) of New Buyer Employees from the Seller Retirement Plans to the Buyer 401(k) Plan, at the participants’ election.
The Sellers shall take, or cause to be taken, all actions necessary or appropriate to (i) ensure that, under the terms of the Seller Retirement Plans, each New Buyer Employee is eligible to receive a distribution from the Seller Retirement Plans as a result of the Closing, consistent with Section 401(a) of the Code, and (ii) remove the Acquired Companies as participating employers in the Seller Retirement Plans effective immediately prior to the Closing.
Seller shall cause its enrolled actuary for each of the Seller Retirement Plans to reasonably and in good faith determine, as soon as practicable but in any case within nine months following the Closing Date, the Sold Business Accrued Liability and the Total Accrued Liability of each of the Seller Retirement Plans (which shall be in compliance with Seller's existing accredited methodologies) as of the Closing Date.
Seller will remain solely responsible for, and none of Buyer or its Affiliates will have any Liability under, relating to or arising out of the Seller Retirement Plans.
The Seller Retirement Plans that are Assumed Benefit Plans, taken together with the New Business Retirement Plans, are referred to herein as the “Business Retirement Plans”.