Bank Defined Benefit Pension Plan Sample Clauses

Bank Defined Benefit Pension Plan. This plan shall at the election of the Company either be (a) frozen as to participation as of the Effective Time and terminated at or as soon as practicable after the Effective Time; or (b) continued for a period consisting of the tax year in which the Merger is consummated and one tax year thereafter for the exclusive benefit of Company Employees and persons having rights under the plan immediately prior to the Effective Time, in which case the plan shall be frozen as to participation at the expiration of the second tax period stated herein and terminated on such date or as soon thereafter as is practicable. The Company shall exercise its election by written notice to Mahaska prior to the Effective Time. Prior to any termination of the plan, either the Bank or Mahaska, whichever is applicable, shall cause the plan to be amended to allocate excess assets on a plan termination basis to those participants in the plan on the date it is frozen; and in the case where the plan is frozen after the Effective Time, excess assets shall also be allocated to those persons who were participants in the plan immediately prior to the Effective Time who are no longer participants in the plan as of its freeze date, to the extent permitted by the plan and applicable laws and regulations, including but not limited to, ERISA and the Code. As soon as practicable after the receipt of a determination letter for termination from the Internal Revenue Service relating to the termination of the plan, benefits will be distributed in accordance with the plan and, to the extent permitted by law, participants or beneficiaries will be offered the right to roll over their benefits to another qualified plan of Mahaska or to an eligible individual retirement account.
Sample 1
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Bank Defined Benefit Pension Plan. This plan shall at the election of the Company either be (a) frozen as to participation as of the Effective Time and terminated at or as soon as practicable after the Effective Time; or (b) continued for a period consisting of the tax year in which the Merger is consummated and one tax year thereafter for the exclusive benefit of Company Employees and persons having rights under the plan immediately prior to the Effective Time, in which case the plan shall be frozen as to participation at the expiration of the second tax period stated herein and terminated on such date or as soon thereafter as is practicable. The
Sample 1

Related to Bank Defined Benefit Pension Plan

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • DEFINED BENEFIT PLAN LIMITATION If the Employer maintains a defined benefit plan, or has ever maintained a defined benefit plan which the Employer has terminated, then the sum of the defined benefit plan fraction and the defined contribution plan fraction for any Participant for any Limitation Year must not exceed 1.0. The Employer must provide in Adoption Agreement Section 3.18 the manner in which the Plan will satisfy this limitation. The Employer also must provide in its Adoption Agreement Section 3.18 the manner in which the Plan will satisfy the top heavy requirements of Code Section 416 after taking into account the existence (or prior maintenance) of the defined benefit plan.

  • Defined Benefit Plans The Company has not maintained or contributed to a defined benefit plan as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). No plan maintained or contributed to by the Company that is subject to ERISA (an “ERISA Plan”) (or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) that could subject the Company to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified” within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section 401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Company has never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time to time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, the Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executives.

  • Retirement Plan Employee shall participate, after meeting eligibility requirements, in any qualified retirement plans and/or welfare plans maintained by the Company during the term of this Agreement.

  • Pension Benefit Plans All Pension Benefit Plans maintained by each Covered Person or an ERISA Affiliate of such Covered Person qualify under Section 401 of the Code and are in compliance with the provisions of ERISA to the extent ERISA is applicable and all other Material Laws. Except with respect to events or occurrences which do not have and are not reasonably likely to have a Material Adverse Effect on any Covered Person, and to the extent ERISA is applicable to any such Pension Benefit Plans:

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

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