Credit for Past Service. After the Effective Time, the Company and the Company Subsidiaries shall give the Transferred Employees full credit for their prior service with the Seller and the Seller Subsidiaries (or any service credited as such in connection with a previous acquisition by the Seller or any Seller Subsidiary): (i) for purposes of eligibility (including without limitation initial participation and eligibility for current benefits) and vesting under any qualified or nonqualified retirement or profit sharing plans maintained by the Company in which Transferred Employees may be eligible to participate; and (ii) for all purposes under any welfare benefit plans, “cafeteria plans” (as defined in Code Section 125), vacation plans and similar arrangements maintained by the Company.
Credit for Past Service. As of the Closing Date, the Purchaser or an ERISA Affiliate thereof will offer health plan coverage to Continuing Employees. The Purchaser shall either continue the health plan offered by the Sellers prior to the Closing Date or establish another health plan as the Purchaser determines in its sole discretion. Purchaser and its Affiliates shall be under no obligation to grant Continuing Employees credit in any of its employee benefit plans for any past service with the Sellers, for eligibility and vesting purposes or otherwise. It is understood and agreed that the Purchaser shall have the right, in its sole discretion, to amend, modify, or terminate such plans at any time. Nothing herein shall entitle any Continuing Employees to any coverage or benefits under any employee benefit plans of any Affiliate of Purchaser.
Credit for Past Service. For purposes of placement of a new hire teacher on the salary schedule, credit for prior years of service shall be given for (see Appendix A):
Credit for Past Service. Without limitation of the foregoing provisions of this Section 7.9, each participant in any benefit plan of the Surviving Corporation shall receive credit for service with KCPL or Western Resources, as the case may be, for purposes of (i) eligibility to participate, vesting and eligibility to receive benefits under any benefit plan of the Surviving Corporation or any of its Subsidiaries or affiliates and (ii) benefit accrual under any severance or vacation pay plan; provided, however, that such crediting of service shall not operate to duplicate any benefit to any such participant or the funding for any such benefit.
Credit for Past Service. Without limitation on the foregoing provisions of this Section 5.13, each participant of any PTC Benefit Plan shall receive credit for purposes of (i) eligibility to participate, vesting and eligibility to receive benefits under any IUB Benefit Plan or any benefit plan of the Surviving Corporation or any of its Subsidiaries that replaces a PTC Benefit Plan or IUB Benefit Plan, and (ii) benefit accrual under any severance, sickness or vacation pay plan, for service credited for the corresponding purpose under such PTC Benefit Plan; PROVIDED, HOWEVER, that such crediting of service shall not operate to duplicate any benefit to any such participant or the funding for any such benefit. (c) PTC 401K PENSION PLAN. Pursuant to its terms, PTC's 401K Pension Plan (the "Plan") will terminate as of the Effective Time of the Merger and all PTC employees who have elected to participate in the Plan will become fully vested. Accordingly, at the Effective Time of the Merger, IUB shall take such actions as are necessary to permit employees of PTC and its Subsidiaries, who so elect, 24
Credit for Past Service. After the Effective Time, Parent shall give or cause Parent Subsidiaries to give the Transferred Employees full credit for their prior service with the Company and the Company Subsidiaries (or any service credited as such in connection with a previous acquisition by the Company or any Company Subsidiary): (i) for purposes of eligibility (including without limitation initial participation and eligibility for current benefits) and vesting under any qualified defined contribution retirement plans maintained by Parent in which Transferred Employees may be eligible to participate; and (ii) for all purposes under any welfare benefit plans, “cafeteria plans” (as defined in Code Section 125), vacation or paid leave plans and similar arrangements maintained by Parent. Notwithstanding anything contained herein to the contrary, Parent will not give credit for prior service to Transferred Employees as regards Parent’s retiree health plan.
Credit for Past Service. After the Effective Time, Manpower shall give or will cause Manpower's Affiliates to give the Transferred Employees full credit for their prior service with the Company and the Company Subsidiaries (or any service credited as such in connection with a previous acquisition by the Company or any Company Subsidiary): (i) for purposes of eligibility (including without limitation initial participation and eligibility for current benefits) and vesting, but not for purposes of benefit accruals, under any qualified or nonqualified retirement or profit sharing plans maintained by Manpower in which Transferred Employees may be eligible to participate; and (ii) for all purposes under any welfare benefit plans, "cafeteria plans" (as defined in Code Section 125), vacation plans and similar arrangements maintained by Manpower. Notwithstanding anything contained herein to the contrary, Manpower will not give credit for prior service to Transferred Employees as regards Manpower's retiree health plan.
Credit for Past Service. Without limitation of the foregoing provisions of this Section 7.9, each participant in any benefit plan of the Surviving Corporation and each Ambassador Employee shall receive credit for service with Ambassador or AIMCO, as the case may be, for purposes of (i) eligibility to participate (including waiting periods and without being subject to any subsequent entry date requirement for which the waiting period has already been satisfied), vesting and eligibility to receive benefits (including without pre-existing conditions limitations) under any benefit plan of the Surviving Corporation or any of its Subsidiaries or affiliates and (ii) benefit accrual under any severance or vacation pay plan; PROVIDED, HOWEVER, that such crediting of benefit accrual service shall not operate to duplicate any benefit to any such participant for the same period or the funding for any such benefit.
Credit for Past Service. Buyer shall, with respect to the Transferred Employees, treat the employment with Seller as service with Buyer only for purposes of eligibility to participate in and vesting under its pension plan, and for no other purpose.
Credit for Past Service. The Buyer shall grant each of the Active Employees of the Company with credit for past years of employment at the Company with respect to eligibility and vesting under the Buyer’s employees benefit plans (subject to the terms and conditions of such plans).
