Restriction of Benefits Upon Early Termination of the Plan.... Sample Clauses

Restriction of Benefits Upon Early Termination of the Plan..... ..58 ================================================================================ 187 ii XXXXXX FEDERAL SAVINGS BANK Foreword -------------------------------------------------------------------------------- XXXXXX FEDERAL SAVINGS BANK RETIREMENT INCOME PLAN FOREWORD Effective November 1, 1953, the Employer (or its predecessor) established the Prior Plan ("Prior Plan") for the benefit of its eligible employees. Effective January 1, 1976, the Prior Plan was amended and restated in its entirety and became known as Xxxxxx Federal Savings Bank Retirement Income Plan. The Prior Plan was amended from time to time to comply with legislative requirements and to reflect changing Plan provisions. Effective January 1, 1989, the Prior Plan was further amended and restated in its entirety to incorporate the changes required by the Tax Reform Act of 1986 and subsequent legislation and regulations, and also incorporated certain amendments to the Prior Plan as in effect on December 31, 1988. Effective as of January 1, 1997, the Employer amended and restated the Prior Plan. The Plan, as restated (hereinafter referred to as the "Plan"), complies with all applicable legislation and regulations thereunder issued to date addressing tax-qualified plans, including pension provisions under the Uniformed Services Employment and Reemployment Rights Act of 1994, the Retirement Protection Act of 1994, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the Restructuring and Reform Act of 1998 and the Community Renewal Tax Relief Act of 2000. Subject to any amendments that may subsequently be adopted by the Employer pursuant to Section 14.1, the provisions set forth in this Plan shall apply to any Employee who is in the employment of the Employer on or after January 1, 1997. Except to the extent specifically required to the contrary under the terms of this Plan, for terminations of employment prior to January 1, 1997, the rights and benefits of a former participant shall be determined in accordance with the provisions of the Prior Plan as in effect on the date of the former participant's termination of employment. The Prior Plan is amended and restated in its entirety. The Plan shall contain the terms and conditions set forth herein. Pursuant to resolutions adopted by the Employer, the Plan shall be frozen effective December 31, 2000 (the "Plan Freeze Date"). Effective as of the Plan Freeze Date, (A) no Employee may commence or recommence participation i...
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Restriction of Benefits Upon Early Termination of the Plan..... SECTION XV RESTRICTION OF BENEFITS UPON EARLY TERMINATION OF THE PLAN
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Restriction of Benefits Upon Early Termination of the Plan..... This Section XV is included in the Plan to conform to the requirements of Income Tax Regulations Section 1.401(a)(4).
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Restriction of Benefits Upon Early Termination of the Plan..... (c) the value of the benefit payable to the Restricted Employee is less than or equal to three thousand five hundred dollars ($3,500) (and effective January 1, 1998, five thousand dollars ($5,000). For purposes of this paragraph (4), the value of Plan assets and the value of current liabilities must be determined as of the same date.
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Related to Restriction of Benefits Upon Early Termination of the Plan....

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Benefits Upon Termination If the Executive’s employment by the Company is terminated during the Period of Employment for any reason by the Company or by the Executive, or upon or following the expiration of the Period of Employment (in any case, the date that the Executive’s employment by the Company terminates is referred to as the “Severance Date”), the Company shall have no further obligation to make or provide to the Executive, and the Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows:

  • Cessation of Benefits An employee shall cease to be eligible for benefits of this Plan at the earliest of the following dates:

  • Retention of Benefits Union leave under the following four (4) sections will be unpaid. The Employer will maintain regular pay and xxxx the Union for the costs of the employee’s salary and benefits. If the Union member is part-time or casual, and the leave is greater than their normal work hours, the Employer will pay the employee for the full length of the leave requested by the Union. The Employer will xxxx the Union for these days as noted above. The Union will pay these invoices within twenty-eight (28) days. Union leave is not unpaid leave for the purposes of Article 22.02 [i.e. such leave will not affect the employee’s benefits, seniority or increment anniversary date].

  • Benefits Upon Plan Termination In the event this Long-Term Disability Plan is terminated, the benefit payments shall continue to be paid in accordance with the provisions of this Plan to disabled employees who became disabled while covered by this Plan prior to its termination.

  • Early Termination of Agreement This Agreement may be terminated prior to the expiration of its term by:

  • Early Termination of Services Termination at any time upon thirty (30) days’ prior written notice; provided, however, that the Services set forth in this Schedule may be terminated with respect to a particular country without such Services being terminated with respect to any other country. Notwithstanding the second sentence of Section 4(b) of the Agreement, individual Services within this Schedule may be terminated on a per country basis without all other Services being simultaneously terminated. Following the written notice period and coinciding with the early termination by the Recipient of any Service(s) in this Schedule, Early Termination Fees equal to 75% of the monthly cost of such terminated Services shall be charged to Recipient monthly until the earlier of (i) one (1) month after termination or (ii) the expiration of the Term of this Schedule.

  • Duration of Benefits Eligibility for Income Protection benefits will cease upon the earliest of the following dates:

  • Termination of Plan The Sponsor may terminate the Plan and the Trust with respect to all Employers by executing and delivering to the Committee and the Trustee, a notice of termination, specifying the date of termination.

  • Limitation of Benefits (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any benefit, payment or distribution by the Company or any of its direct and/or indirect subsidiaries to or for the benefit of Employee (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 18) (such benefits, payments or distributions are hereinafter referred to as “Payments”) would, if paid, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then, prior to the making of any Payments to Employee, a calculation shall be made comparing (i) the net after-tax benefit to Employee of the Payments after payment by Employee of the Excise Tax, to (ii) the net after-tax benefit to Employee if the Payments had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments shall be limited to the extent necessary to avoid being subject to the Excise Tax (the “Reduced Amount”). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, to the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual present value of such Payments as of the date of the change of control, as determined by the Determination Firm (as defined in Section 18(b) below). For purposes of this Section 18, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 18, the “Parachute Value” of a Payment means the present value as of the date of the change of control of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.

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