Non-U.S. Partial Transfer Pension Plans Sample Clauses
The Non-U.S. Partial Transfer Pension Plans clause governs the treatment of pension plans that are located outside the United States and are only partially transferred as part of a transaction. It typically outlines the responsibilities of the parties regarding the transfer of pension liabilities, assets, and ongoing obligations for employees who participate in these foreign pension plans. For example, it may specify how accrued benefits are calculated and which party is responsible for funding or administering the transferred portion. The core function of this clause is to ensure a clear allocation of pension-related risks and responsibilities between the parties, thereby preventing disputes and ensuring compliance with relevant international pension regulations.
Non-U.S. Partial Transfer Pension Plans. Except as required by applicable Law or under the terms of a Local Agreement, Honeywell and SpinCo shall use commercially reasonable efforts to effectuate an assignment and transfer of Liabilities for vested and unvested benefits relating to SpinCo Employees, SpinCo LTD Employees and Former SpinCo Employees, and an amount of assets related thereto, under any non-U.S. defined benefit pension plans sponsored by Honeywell or a member of the Honeywell Group in respect of employees in Belgium, Finland, Germany, and Switzerland (each, a “Honeywell Partial Transfer Pension Plan”) to a non-U.S. defined benefit pension plan or plans sponsored by SpinCo (each, a “SpinCo Partial Transfer Pension Plan”) in accordance with the principles of Section 8.01 (or any analogous principles or other requirements under applicable Law), except that the amount of assets transferred from any such Honeywell Partial Transfer Pension Plan (or any trust related thereto) to a corresponding SpinCo Partial Transfer Pension Plan (or any trust related thereto) shall be determined on a plan-by-plan, country-by-country (or, if required by applicable Law, other jurisdiction-by-jurisdiction) basis and shall be equal to a percentage of the Projected Benefit Obligation relating to SpinCo Employees, SpinCo LTD Employees and Former SpinCo Employees participating in such Honeywell Partial Transfer Pension Plan or SpinCo Partial Transfer Pension Plan, as of the Distribution Date, applicable to such plan in such country (or other required jurisdiction) equal to the applicable Honeywell Partial Transfer Pension Plan’s funding level (expressed as a percentage and as determined by an actuary designated by Honeywell) in such country (or other required jurisdiction) as of the Distribution Date, or such higher amount as required by applicable Law in such country (or other required jurisdiction). However, pension Liabilities for Germany shall transfer with zero assets. For the avoidance of doubt, any such SpinCo Partial Transfer Pension Plan shall be a SpinCo Benefit Plan. Further details regarding the treatment of the Honeywell Partial Transfer Pension Plans and SpinCo Partial Transfer Pension Plans will be as set forth in the applicable Local Agreement.
Non-U.S. Partial Transfer Pension Plans. Except as required by applicable Law or under the terms of a Local Agreement, Honeywell and SpinCo shall use commercially reasonable efforts to effectuate an assignment and transfer of Liabilities for vested and unvested benefits relating to SpinCo Employees, SpinCo LTD Employees and Former SpinCo Employees, and an amount of assets related thereto, under any non-U.S. defined benefit pension plans sponsored by Honeywell or a member of the Honeywell Group in respect of employees in Germany or Switzerland (each, a “Honeywell Partial Transfer Pension Plan”) to a non-U.S. defined benefit pension plan or plans sponsored by SpinCo (each, a “SpinCo Partial Transfer Pension Plan”) in accordance with the principles of Section 8.01 (or any analogous principles or other requirements under applicable Law), except that the amount of assets transferred from any such Honeywell Partial Transfer Pension Plan (or any trust related thereto) to a corresponding SpinCo Partial Transfer Pension Plan (or any trust related thereto) shall be determined on a plan-by-plan, country-by-country (or, if required by applicable Law, other jurisdiction-by-jurisdiction) basis and shall be equal to the amount required to be transferred by applicable Law or the terms of the applicable SpinCo Partial Transfer Pension Plan (including any insurance policies identified for any applicable participant), whichever is higher, in such country (or other required jurisdiction). For the avoidance of doubt, any such SpinCo Partial Transfer Pension Plan shall be a SpinCo Benefit Plan.
Non-U.S. Partial Transfer Pension Plans. Except as required by applicable Law or under the terms of a Local Agreement, Automation and Aerospace shall use commercially reasonable efforts to effectuate an assignment and transfer of Liabilities for vested and unvested benefits relating to Aerospace Employees, and an amount of assets related thereto, under any non-U.S. defined benefit pension plans sponsored by Automation or a member of the Automation Group in respect of employees in Germany and Switzerland (each, a “Automation Partial Transfer Pension Plan”) to a non-U.S. defined benefit pension plan or plans sponsored by Aerospace (each, a “Aerospace Partial Transfer Pension Plan”) in accordance with the principles of Section 8.01 (or any analogous principles or other requirements under applicable Law), except that the amount of assets transferred from any such Automation Partial Transfer Pension Plan (or any trust related thereto) to a corresponding Aerospace Partial Transfer Pension Plan (or any trust related thereto) shall be determined on a plan-by-plan, country-by-country (or, if required by applicable Law, other jurisdiction-by-jurisdiction) basis and shall be equal to a percentage of the Projected Benefit Obligation (as defined in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 715) relating to Aerospace Employees, participating in such Automation Partial Transfer Pension Plan or Aerospace Partial Transfer Pension Plan, as of the Distribution Date, applicable to such plan in such country (or other required jurisdiction) equal to the applicable Automation Partial Transfer Pension Plan’s funding level (expressed as a percentage and as determined by an actuary designated by Automation) in such country (or other required jurisdiction) as of the Distribution Date, or such higher amount as required by applicable Law in such country (or other required jurisdiction). For these purposes, such amounts will be calculated by an actuary designated by Automation and the Projected Benefit Obligation will be calculated by using the same principles and methods as the ASC 715-30 disclosures prepared by Automation at the prior year end, adjusted to reflect market conditions at the Distribution Date. For the avoidance of doubt, any such Aerospace Partial Transfer Pension Plan .shall be an Aerospace Benefit Plan. Further details regarding the treatment of the Automation Partial Transfer Pension Plans and Aerospace Partial Transfer Pension Plans will be as set forth in th...