Pensions and Other Employee Benefits Sample Clauses

Pensions and Other Employee Benefits. Pensions The Company maintains a number of pension plans, both contributory and noncontributory, covering certain employees. Eligibility for participation in these plans varies and benefits are generally based on members' compensation and years of service. The Company's funding policy is generally to contribute in accordance with cost accounting standards that affect government contractors, subject to the Internal Revenue Code and regulations thereon. Plan assets are invested primarily in U.S. government and agency obligations and listed stocks and bonds. The pension credit of $18,608,000 in 1995 is net of $14,992,000 pension cost for LFS. Pension credit includes the following components: 1995 1994 1993 --------- --------- --------- (IN THOUSANDS) Service cost-benefits earned during the period.................................. $ 58,699 $ 29,530 $ 25,387 Interest cost on projected benefit obligation.............................. 164,266 158,681 123,560 Actual return on plan assets............. (4,814) (271,974) (123,292) Net amortization and deferral............ (236,759) 64,221 (38,886) --------- --------- --------- Total pension credit................. $ (18,608) $ (19,542) $ (13,231) ========= ========= ========= The following presents the plans' funded status and amounts recognized in the balance sheet: MARCH 31, ------------------------------------------------------- 1995 1994 --------------------------- --------------------------- ASSETS EXCEED ACCUMULATED ASSETS EXCEED ACCUMULATED ACCUMULATED BENEFITS ACCUMULATED BENEFITS BENEFITS EXCEED ASSETS BENEFITS EXCEED ASSETS ------------- ------------- ------------- ------------- (IN THOUSANDS) Actuarial present value of benefit obligations:

Pensions and Other Employee Benefits. 16.1 Schedule 16.1 of the Sellers’ Disclosure Letter contains a list, as at the date of this Agreement, of:

Pensions and Other Employee Benefits. All the Entities Carrying Out the T&D Activities are regularly registered and regularly contribute for all their current or, where applicable, former employees to any governmental and or mandatory schemes applicable in their jurisdiction for the retirement of their employees or for the benefit of any dependants of the employees. None of these Entities owes any sum to any of the bodies in charge of these schemes or to any employee or former employee other than the normal course of the operation of the schemes. There has been no violation of these schemes and there are no claims outstanding, pending or threatened from anybody against any of the Entities Carrying Out the T&D Activities. The schemes listed in the Disclosure Letter are all the material defined benefit plans and non-governmental or non mandatory schemes (with the exception of the defined contribution plans) to which any of the Entities Carrying Out the T&D Activities makes or could become liable to make payments for providing retirement benefits in respect of all or some of its employees. No proposal has been announced or discussed with employees’ representatives to establish any other scheme providing for any such benefits in respect of such employees. The schemes listed in the Disclosure Letter are in compliance with any applicable law and funded in accordance with the rules of such schemes. There has been no violation of these schemes and there is no relevant claim outstanding, pending or, so far as the Seller is aware, threatened against any of the Entities Carrying Out the T&D Activities.

Pensions and Other Employee Benefits