Defined Benefit Plans Sample Clauses
The Defined Benefit Plans clause outlines the employer's obligations regarding retirement plans that promise a specified monthly benefit to employees upon retirement. Typically, this clause details how benefits are calculated, such as based on salary history and years of service, and may specify funding, vesting schedules, or reporting requirements. Its core function is to ensure employees understand their retirement entitlements and to clarify the employer’s responsibilities, thereby reducing disputes and ensuring compliance with applicable laws.
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Defined Benefit Plans. (a) Effective as of the Closing Date, the Transferred Employees will no longer participate in the Chemtura Corporation Retirement Plan (the “Pension Plan”), and the Seller will have taken all such action prior to the Closing Date as may be required to achieve this result. Effective as of the Closing Date, the Purchaser will establish a replacement defined benefit pension plan (the “New Defined Benefit Plan”) intended to be qualified under Section 401(a) of the Code, and a related trust intended to be exempt from taxation under Section 501(a) of the Code, for the benefit of the Transferred Employees, the terms of which plan and trust will be substantially identical to the terms of the Pension Plan. The Purchaser agrees to apply for, and to take all actions necessary to secure, as soon as practicable after the Closing Date, a determination letter from the IRS to the effect that the New Defined Benefit Plan is qualified under the applicable provisions of the Code. The Purchaser will recognize the service of the Transferred Employees with the Seller or any of its Affiliates prior to the Closing Date for all purposes under the New Defined Benefit Plan.
(b) As soon as practicable following the date of this Agreement, the Seller will cause its actuaries to determine, effective as of the Closing Date and in accordance with the requirements of ERISA and Section 414(1) of the Code, an amount of assets of the Pension Plan (the “Plan Assets Amount”) equal to the present value of benefits accrued to the Closing Date for all Transferred Employees, determined as if the Transferred Employees terminated employment with the Seller as of the Closing Date and with regard to only those benefits to which the Transferred Employees would be eligible based on their age and service as of the Closing Date. The Plan Assets Amount that will be transferred to the New Defined Benefit Plan will be the amount which would be allocated to Transferred Employees if the Pension Plan were terminated as of the Closing Date and assets were allocated to participants in accordance with Section 4044 of ERISA using the assumptions and methodology of the PBGC for plan terminations as of the Closing Date and such other reasonable assumptions not specified by the PBGC and determined by Seller’s actuary.
(c) As soon as practicable after the Seller’s actuaries determine the Plan Assets Amount, the Seller will cause the transfer of an amount of cash equal to the Plan Assets Amount from the Pension Plan to ...
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.
Defined Benefit Plans. The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined benefit plan" (as defined in Section 3(35) of ERISA), whether or not terminated.
Defined Benefit Plans. Neither the Company nor any of the Subsidiaries is engaged in any unfair labor practice. Except for matters that would not, individually or in the aggregate, have a Material Adverse Effect, (i) there is (A) no unfair labor practice complaint pending or, to the Company’s or the Operating Partnership’s knowledge, threatened against the Company or any of the Subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or, to the Company’s or the Operating Partnership’s knowledge, threatened; (B) no strike, labor dispute, slowdown or stoppage pending or, to the Company’s or the Operating Partnership’s knowledge, threatened against the Company or any of the Subsidiaries; and (C) no union representation dispute currently existing concerning the employees of the Company or any of the Subsidiaries; (ii) to the Company’s or the Operating Partnership’s knowledge, no union organizing activities are currently taking place concerning the employees of the Company or any of the Subsidiaries; and (iii) there has been no violation of any federal, state, local or foreign law relating to discrimination in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision of the Employee Retirement Income Security Act of 1974 (“ERISA”) or the rules and regulations promulgated thereunder concerning the employees of the Company or any of the Subsidiaries.
Defined Benefit Plans. 7 3.1 FREEZING OF PENSION PLAN BENEFITS................................7 3.2 CREDITING SERVICE UNDER ATI'S PENSION PLAN.......................7
Defined Benefit Plans. 8 3.1 ESTABLISHMENT OF TELEDYNE TECHNOLOGIES PENSION PLAN AND TRUST...........................8 3.2 ASSUMPTION OF PENSION PLAN LIABILITIES AND ALLOCATION OF INTERESTS IN THE ATI MASTER PENSION TRUST...................................................................8 3.3 FREEZING OF PENSION PLAN BENEFITS.......................................................9 3.4 CREDITING SERVICE UNDER ATI'S PENSION PLAN..............................................9
Defined Benefit Plans. 33 Section 6.03
Defined Benefit Plans. 15 3.1 ESTABLISHMENT OF MIRROR PENSION TRUSTS..............................................15 3.2 PIZZA HUT PENSION PLANS.............................................................15 3.3 ASSUMPTION OF PENSION PLAN AND PENSION EQUALIZATION PLAN LIABILITIES AND ALLOCATION OF INTERESTS IN THE PEPSICO PENSION TRUST................................15 (a) Assumption of Liabilities by TRICON Pension Plan................................15 (b) Asset Allocations and Transfers.................................................15 3.4 ACTION IN EVENT OF PBGC INTERVENTION................................................17
Defined Benefit Plans. (a) Effective as of June 30, 1997, Next Level Communications (a member of the NextLevel Group) ceased to be a sponsor of the General Instrument Corporation Pension Plan for Salaried and Hourly Paid Non-Union Employees (the "Pension Plan"), and GS and the members of the GS Group became the only sponsors of the Pension Plan. Effective as of July 1, 1997, NextLevel Systems established a defined benefit plan (the "NextLevel Systems Pension Plan") for the benefit of the Active Employees and Former Employees of the NextLevel Group who were, immediately prior to such effective date, participants in the Pension Plan. Upon the transfer of assets contemplated in Section 3.01(c), all liabilities for benefits accrued under the Pension Plan through June 30, 1997 in respect of the Active Employees and Former Employees of the NextLevel Group shall be transferred from the Pension Plan to the NextLevel Systems Pension Plan. The Pension Plan shall retain all other liabilities of the Pension Plan.
(b) Promptly after the NextLevel Systems Distribution Date, GS shall cause the actuary of the Pension Plan (the "Plan Actuary") to allocate the assets of the Pension Plan as of June 30, 1997 between the Pension Plan and the NextLevel Systems Pension Plan. Such allocation shall reflect the division of liabilities set forth in Section 3.01(a) and shall be effected in accordance with Section 414(l) of the Code and the regulations thereunder, using for such purpose those actuarial assumptions prescribed by the Pension Benefit Guaranty Corporation for calculating unfunded benefit liabilities in connection with single employer plans terminating on June 30, 1997 (the "Assumptions"). If the fair market value of the assets of the Pension Plan as of June 30, 1997, exceeds the present value of accrued benefit liabilities calculated on a plan termination basis using the Assumptions, such excess shall be allocated between the Pension Plan and the NextLevel Systems Pension Plan in proportion to the present value of the accrued benefit liabilities allocated to each such plan. The assets allocable to the NextLevel Systems Pension Plan pursuant to this Section 3.01(b) as of June 30, 1997 is hereinafter referred to as the "Distribution Date Asset Value."
(c) As promptly as practical after the determination of the Distribution Date Asset Value pursuant to Section 3.01(b), GS shall cause the trustee of the Pension Plan to transfer to the trustee of the NextLevel Systems Pension Plan the Distribution D...
Defined Benefit Plans. With respect to each of the Retirement Income Plan for Salaried Employees of Essex Group, Inc. (the "Salaried Plan") and the Retirement Income Plan for Hourly Employees of Essex Group, Inc. (the "Hourly Plan", together with the Salaried Plan, the "Seller Pension Plans"), the parties agree as follows: