Defined Contribution Pension Plans Sample Clauses

Defined Contribution Pension Plans. Buyer agrees that, effective as of the Closing Date, Buyer's defined contribution pension plans that Transferred Employees participate in shall be amended to recognize such Transferred Employees' participation and vesting periods of service with Seller and other members of the BP Group for purposes of determining participation, vesting and the level of company contributions.

Defined Contribution Pension Plans. 2.1 For purposes of this Article II of Schedule 3.3, the following capitalized terms shall have the meanings set forth below:

Defined Contribution Pension Plans. (i) Effective as of the Closing Date, or as promptly thereafter as may be administratively practicable, Purchaser shall cause a Purchaser Employee Plan that is intended to be a U.S. tax-qualified defined contribution pension plan (the “Purchaser U.S. Pension Replacement Plan”) to accept the enrollment of the Transferred Employees who participated in any of Seller’s U.S. tax-qualified defined contribution or defined benefit pension plans immediately prior to the Closing Date. Purchaser shall take all reasonable steps necessary to permit each Transferred Employee, if any, who shall receive an eligible rollover distribution (as defined in Section 402(c)(4) of the Code) from any of Seller’s U.S. tax-qualified defined contribution or defined benefit pension plans to rollover such eligible rollover distribution, including any associated loan of cash as part of any lump sum distribution to the extent permitted by the applicable Seller plan and applicable Law, into an account under a Purchaser U.S. Pension Replacement Plan as of the Closing Date (or, if applicable, the Deferred Employee Transfer Date), or as promptly thereafter as may be administratively practicable. (ii) Effective as of the Closing Date, or as promptly thereafter as may be administratively practicable, and except to the extent otherwise required by applicable Law, Purchaser shall cause Purchaser Employee Plans that are “defined contribution pension plans” within the meaning of FAS87 to accept the enrollment of any non-U.S. Transferred Employees who participated in any of Seller’s defined benefit pension plans in the jurisdictions with no Transferred Employee Plans immediately prior to the Closing Date. In addition, Purchaser shall take all steps that are commercially reasonable to cause one or more analogous Purchaser Employee Plans to accept the enrollment of any non-U.S. Transferred Employees who participated in any Seller Employee Plan that is a “defined contribution pension plan” within the meaning of FAS87 immediately prior to the Closing Date (or, if applicable, the Deferred Employee Transfer Date) effective as of the Closing Date, or as promptly thereafter as may be administratively practicable, and, except where the assets in respect of a non-U.S. Transferred Employee in such “defined contribution pension plan” could be less than the Liabilities in respect of such non-U.S. Transferred Employee, or to the extent otherwise required by applicable Law, Seller shall cause to be transferred fro...

Defined Contribution Pension Plans. (i) Neither Buyer nor its subsidiaries or affiliates shall become sponsoring employers under the Seller's Retirement Plus Savings Plan or Seller's Retirement Plus Savings Plan for Wage Employees (collectively, "SELLER'S INVESTMENT PLANS"). As of the Closing, Seller shall have caused all Former PM Employees to become fully vested in their accrued benefits under the Seller's Investment Plans. As soon as practicable after the Closing Date, Buyer shall establish and maintain or cause to be established and maintained, a defined contribution plan (the "BUYER'S INVESTMENT PLAN") to provide benefits to the Former PM Employees who, on the Closing Date, are participants ("INVESTMENT PLAN PARTICIPANTS") in the Seller's Investment Plans. The Buyer's Investment Plan shall provide the Investment Plan Participants credit for service with Seller and its affiliates and their respective predecessors prior to the Closing Date for all purposes of such plan. (ii) As soon as practicable after the Closing Date, Seller shall cause the trustee of the Seller's Investment Plans to transfer to the trust forming a part of the Buyer's Investment Plan in kind assets and/or cash as agreed to by Seller and Buyer (or with respect to participant loans granted prior to the Closing Date, if any, such loans and any promissory notes or other documents evidencing such loans), in an amount equal to the account balances of Investment Plan Participants as of the date immediately preceding the date (the "TRANSFER DATE") of transfer (the "ACCOUNT BALANCES"); provided, however, that Seller may cause the transfer of shares of its common stock which are held under Seller's Investment Plans by Investment Plan Participants as of the Transfer Date. Notwithstanding the foregoing, the Account Balances shall not be transferred until such time as Buyer receives a representation from Seller that, as of the Transfer Date, Seller's Investment Plans have been determined to be "qualified" within the meaning of Section 401(a) of the Code by the Internal Revenue Service, and are so qualified, and each related trust is exempt from taxation under Section 501 (a) of the Code. (iii) On or before the Closing Date, Seller shall cause all Investment Plan Participants to be fully vested in their Account Balances. (iv) Prior to the Transfer Date, the Seller shall cause employer matching contributions for Former PM Employees to be made under the Seller Investment Plan for the period up to and including the Closing Date; and in...

Defined Contribution Pension Plans. Delta Pilots Money Purchase Pension Plan - The Company sponsors the Delta Pilots Money Purchase Pension Plan (MPPP) to which the Company contributes 5% of covered pay for each eligible pilot. The MPPP is a continuation of the Delta Pilots Target Benefit Plan and is related to the Delta Pilots Retirement Plan through a floor-offset arrangement whereby the defined benefit pension payable to a pilot is subject to reduction by the actuarial equivalent of the accumulated account balance in the MPPP. During fiscal 1998, 1997 and 1996, the Company recognized expense of $54 million, $49 million and $2 million, respectively, for these plans. Employee Stock Ownership Plan -- The Company sponsors the Savings Plan, a qualified defined contribution pension plan under which eligible Delta personnel may contribute a portion of their earnings. The Savings Plan includes an employee stock ownership plan (ESOP) feature. Subject to certain conditions, the Company matches 50% of a participant's contributions to the Savings Plan, up to a maximum employer contribution of 2% of a participant's earnings. The Company's contributions are made quarterly through the allocation of Series B ESOP Convertible Preferred Stock (ESOP Preferred Stock), Common Stock or cash, and are recorded as salaries and related costs in the Company's Consolidated Statements of Operations. Delta's contributions to the Savings Plan were $49 million in fiscal 1998 and $45 million in fiscal 1997 and fiscal 1996. In connection with the adoption of the ESOP in 1989, the Company sold 6,944,450 shares of ESOP Preferred Stock to the Savings Plan for approximately $500 million. The Company has recorded unearned compensation to reflect the value of ESOP Preferred Stock sold to the Savings Plan but not yet allocated to participants' accounts. As shares of the ESOP Preferred Stock are allocated to participants' accounts, unearned compensation is reduced. Dividends on unallocated shares of ESOP Preferred Stock are used by the ESOP for debt service on the Series C ESOP Notes and are not considered dividends for financial reporting purposes. Dividends on allocated shares of ESOP Preferred Stock are credited to participants and considered dividends for financial reporting purposes. For purposes of computing basic and diluted income per common share, allocated shares of ESOP Preferred Stock are considered outstanding, but unallocated shares of ESOP Preferred Stock are not considered outstanding. Postretirement Benefits Othe...

Defined Contribution Pension Plans. Parent agrees that, for the Benefit Protection Period, it shall provide, or shall cause to be provided, to the Company Employees benefits under a tax-qualified defined contribution pension plan that provides (i) employer contributions and (ii) the opportunity for employee contributions that both are no less favorable to the Company Employees than those provided under the defined contribution pension plan maintained for such Company Employees immediately prior to the Closing Date.

Defined Contribution Pension Plans. As of the Operating Expiration Date, or as of the date such individuals become Hired Employees as provided herein, Buyer shall take, or cause to be taken, all action as may be necessary to cause such Hired Employees to become participants in a qualified defined contribution plan established or to be established by Buyer (the “Buyer Defined Contribution Plan”) as of such date, subject to any applicable age and service requirements. Service of each Hired Employee recognized under terms of a qualified defined contribution pension plan sponsored by Seller or Seller’s Affiliate (the “Seller Defined Contribution Plan”) for periods prior to such date shall be credited to the Hired Employee for all purposes (including eligibility and vesting) under the Buyer Defined Contribution Plan. Buyer shall take all appropriate action to permit the Hired Employees who were participants in the Seller Defined Contribution Plan and who received distributions of their account balances from the Seller Defined Contribution Plan in connection with the termination of their employment with Seller to make a direct rollover pursuant to Section 401(a)(31) of the Code to the Buyer Defined Contribution Plan. Buyer and Seller may agree to allow Hired Employees who are participants in Seller Defined Contribution Plan to include any loan notes outstanding as of the time of such distribution from such Seller Defined Contribution Plan as a part of such direct rollover in accordance with Section 402 of the Code.

Defined Contribution Pension Plans