Benefit Restoration Plan Sample Clauses

Benefit Restoration Plan. 2 COBRA ..................................................................................... 2 CODE ...................................................................................... 2
AutoNDA by SimpleDocs
Benefit Restoration Plan. Benefit Restoration Plan," when immediately preceded by "REI," means the Reliant Energy, Incorporated Benefit Restoration Plan, as established effective June 1, 1985 and thereafter amended from time to time. When immediately preceded by "Resources," "Benefit Restoration Plan" means the frozen Resources Benefit Restoration Plan to be established by Resources pursuant to Sections 2.03 and 5.03.
Benefit Restoration Plan. Effective as of March 1, 2001, employees of the members of the Resources Group shall no longer accrue benefits under the REI Benefit Restoration Plan. Effective as of March 1, 2001, or such other date as REI and Resources may mutually agree, Resources shall establish a frozen Resources Benefit Restoration Plan which shall be substantially comparable to the REI Benefit Restoration Plan. As of March 1, 2001, Resources shall assume all Liabilities to or relating to the Resources Employees under the REI Benefit Restoration Plan (except Liabilities under the REI Benefit Restoration Plan associated with the transition benefit described in Section 3.01); provided, however, that REI shall transfer a cash amount equal to the cost of such Liabilities transferred to Resources as soon as practicable following the Distribution Date or such other date as REI and Resources may mutually agree. Also, as of March 1, 2001, Resources shall assume all Liabilities under the REI Benefit Restoration Plan associated with the transition benefit described in Section 3.01; provided, however, that REI shall transfer a cash amount equal to two-thirds (2/3) of the cost of such Liabilities transferred to Resources as soon as practicable following the Distribution Date or such other date as REI and Resources may mutually agree. As of Marcx 0, 0000, XXX xxxll assume all Liabilities to or relating to the Resources Retired Employees under the REI Benefit Restoration Plan; provided, however that Resources shall irrevocably and unconditionally guarantee, in the event that REI becomes insolvent, the due and punctual payment and satisfaction, when and as due, of all Liabilities relating to the REI Benefit Restoration Plan for all persons who have the status of retirees under the REI Benefit Restoration Plan as of the Distribution Date or such other date as REI and Resources may mutually agree. For purposes of this Section 5.03(a), the Liabilities under the REI Benefit Restoration Plan include any supplemental pension benefits provided under an employment, severance or supplemental pension agreement with (i) an employee of any member of the Resources Group and (ii) any person who has the status of a retiree under the REI Benefit Restoration Plan as of the Distribution Date.
Benefit Restoration Plan. The Executive shall be entitled to participate in the Company’s Benefit Restoration Plan (the “BRP”) pursuant to its terms and conditions. For purposes of benefit accrual under the BRP only (and not vesting), the Executive (i) has been credited with two years of service for every one year of service completed during his first five full years of service with the Company from his date of hire, and (ii) shall earn one year of service for each completed year of service after his completion of the first five full years of service with the Company. The Executive’s accrued benefit under the BRP, as modified by this Section 5, is fully vested.
Benefit Restoration Plan. Benefits pursuant to the Company’s Benefit Restoration Plan in which Executive is a participant in an amount not less than the amount that Executive would have been entitled to receive pursuant to the Retirement Plan and the Benefit Restoration Plan (i) if Executive were fully vested in his Retirement Plan benefits and (ii) had Executive remained an employee of the Company or its Affiliates throughout the three-year period following the date of the Change in Control (provided, however, that in no event shall this clause (ii) cause Executive to have more than 35 years of service for purposes of the Benefit Restoration Plan). If Executive’s Retirement Plan benefit is pursuant to the cash balance formula, his annual compensation for each of the three years following the Change in Control shall be based on his Compensation. The Company agrees to amend the Benefit Restoration Plan to the extent necessary to provide for the payment of this benefit, which shall be offset by, and not in addition to, any benefit actually payable pursuant to the qualified Retirement Plan. Such benefit shall be paid in accordance with the terms and conditions of the Benefit Restoration Plan.
Benefit Restoration Plan. Seller shall retain all obligations and liabilities, including with respect to the Transferred Employees, under the Restoration Plan for the Salaried Defined Benefit Retirement Plans of United Dominion Industries, Inc. (the "Benefit Restoration Plan"). Effective as of the Closing Date, accrual of benefits by the Transferred Employees under the Benefit Restoration Plan shall cease. The accrued benefit, if any, of each Transferred Employee under the Benefit Restoration Plan as of the Closing Date shall become fully vested as of the Closing Date. Seller shall either pay to each affected Transferred Employee a single sum cash payment in satisfaction of such accrued benefit determined on such basis as shall be mutually agreeable to Seller and the affected Transferred Employee, or in the alternative, Seller shall pay such accrued benefit to the affected Transferred Employee in an annuity or other mutually agreeable form of benefit payment when such Transferred Employee attains age fifty-five (55), or if later, separates from the service with the Purchaser.
Benefit Restoration Plan. Benefits pursuant to the Company’s Benefit Restoration Plan in which Executive is a participant in an amount not less than the amount that Executive would have been entitled to receive pursuant to the Retirement Plan and the Benefit Restoration Plan (i) if Executive were fully vested in his Retirement Plan benefits and (ii) had Executive remained an employee of the Company or its Affiliates throughout the [two] [three]-year period following the date of the Change in Control (provided, however, that in no event shall this clause (ii) cause Executive to have more than 35 years of service for purposes of the Benefit Restoration Plan). If Executive’s Retirement Plan benefit is pursuant to the cash balance formula, his annual compensation for each of the [two] [three] years following the Change in Control shall be based on his Compensation. The Company agrees to amend the Benefit Restoration Plan to the extent necessary to provide for the payment of this benefit, which shall be offset by, and not in addition to, any benefit actually payable pursuant to the qualified Retirement Plan. Such benefit shall be paid in accordance with the terms and conditions of the Benefit Restoration Plan.
AutoNDA by SimpleDocs
Benefit Restoration Plan. The Executive shall be entitled to participate in the Company’s Benefit Restoration Plan (the “BRP”) pursuant to its terms and conditions (or shall be provided with a benefit with an economically equivalent value); provided, however, that for purposes of benefit accrual under the BRP only (and not vesting), the Executive shall earn two years of service for every one year of service completed during his first five full years of service with the Company from his date of hire (thereafter the Executive shall earn only one year of service for each completed year of service) and provided, further, that upon his completion of five full years of service with the Company from his date of hire, the Executive shall be fully vested in the amount of his accrued benefit under the BRP (or economically equivalent benefit) (in either case, determined based on his years of service with the Company as modified by this Section 5).
Benefit Restoration Plan. Effective as of the IPO Closing Date, employees of the members of the NPTest Group shall no longer accrue benefits under the STC Benefit Restoration Plan. NPTEST Employees who have not reached age 55 as of the Separation Date shall forfeit any benefit under the STC Benefit Restoration Plan. As of the IPO Closing Date, STC shall assume all Liabilities to or relating to the NPTest Retired Employees under the STC Benefit Restoration Plan.
Benefit Restoration Plan. Xx. XxXxxxxx’x right to benefits under the Koppers Holdings Inc. Benefit Restoration Plan shall be determined solely by reference to the terms and conditions set forth therein and nothing contained herein is intended to or shall increase or decrease the benefits otherwise payable to Xx. XxXxxxxx thereunder.
Time is Money Join Law Insider Premium to draft better contracts faster.