RETIREMENT AND PENSION PLANS. 17:01 The pension plan established under the Canada Pension Act, as amended, and the Ontario Municipal Employees Retirement System Act, as amended, shall be adopted by the Employer and the Union.
RETIREMENT AND PENSION PLANS. The Company maintains noncontributory defined benefit retirement and pension plans, with benefits for eligible United States salaried and hourly employees funded through trusts established in conjunction with these plans. Employees of certain foreign operations participate in various local plans which in the aggregate are not significant. The Company also has nonqualified unfunded retirement plans for its directors and certain retired employees, and contractual arrangements with certain executives that provide for supplemental pension benefits in excess of those provided by the Company's primary pension plan. Fifty percent of the projected benefit obligation of the supplemental pension benefit arrangements with the executives has been funded by grants of restricted shares of the Company's common stock. The remaining 50% is unfunded. The Company is providing for these arrangements by charges to earnings over the periods to age 65 of the participants. The Company's funding policy with respect to its qualified plans is to contribute amounts determined annually on an actuarial basis that provides for current and future benefits in accordance with funding requirements of federal law and regulations. Assets of funded benefit plans are invested in a variety of equity and debt instruments and in pooled temporary funds. AMETEK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) Net pension expense, excluding plan administrative expenses, consists of the following components: (IN THOUSANDS) ---------------------------- 1994 1993 1992 -------- -------- -------- Service cost for benefits earned during the period.......................................... $ 6,952 $ 6,902 $ 6,601 Interest cost on projected benefit obligation.... 15,041 14,374 13,106 Actual return on plan assets..................... (18,208) (15,605) (14,452) Net amortization and deferrals................... 206 652 673 -------- -------- -------- Net pension expense.............................. $ 3,991 $ 6,323 $ 5,928 ======== ======== ======== In addition to pension expense shown in the table above, in 1993 the Company also recorded a charge for curtailments of $7.6 million related to an hourly pension plan as part of the resizing and restructuring of its general gauge and aerospace operations. This action, in part, accounts for the lower pension expense in 1994. The charge to income for all retirement and pension plans, including the 1993 curtailment provision, was $4.5 million in 1994, $14.4...
RETIREMENT AND PENSION PLANS. The Company sponsors several retirement and pension plans covering eligible salaried and hourly employees. The plans generally provide benefits based on participants’ years of service and/or compensation. The following is a brief description of the Company’s retirement and pension plans. The Company maintains contributory and noncontributory defined benefit pension plans. Benefits for eligible salaried and hourly employees under all defined benefit plans are funded through trusts established in conjunction with the plans. The Company’s funding policy with respect to its defined benefit plans is to contribute amounts that provide for benefits based on actuarial calculations and the applicable requirements of U.S. federal and local foreign laws. The Company estimates that it will make both required and discretionary cash contributions of approximately $2 million to $6 million to its worldwide defined benefit pension plans in 2018. The Company uses a measurement date of December 31 (its fiscal year end) for its U.S. and foreign defined benefit pension plans. The Company sponsors a 401(k) retirement and savings plan for eligible U.S. employees. Participants in the retirement and savings plan may contribute a specified portion of their compensation on a pre-tax basis, which varies by location. The Company matches employee contributions ranging from 20% to 100%, up to a maximum percentage ranging from 1% to 8% of eligible compensation or up to a maximum of $1,200 per participant in some locations. The Company’s retirement and savings plan has a defined contribution retirement feature principally to cover U.S. salaried employees joining the Company after December 31, 1996. Under the retirement feature, the Company makes contributions for eligible employees based on a pre-established percentage of the covered employee’s salary subject to pre-established vesting. Employees of certain of the Company’s foreign operations participate in various local defined contribution plans. The Company has nonqualified unfunded retirement plans for its Directors and certain retired employees. It also provides supplemental retirement benefits, through contractual arrangements and/or a Supplemental Executive Retirement Plan (“SERP”) covering certain current and former executives of the Company. These supplemental benefits are designed to compensate the executive for retirement benefits that would have been provided under the Company’s primary retirement plan, except for statutory li...
RETIREMENT AND PENSION PLANS. All employees reaching normal age be obliged to retire from the services of the Employer and at such time shall be eligible to be paid pension allowance to which they are entitled Retirement.By-law Pension Plans establishedunder Canada Pension Act and Ontario MunicipalEmployees System Act shall be adopted by Employer and the Union. In addition to basic Pension Plan. the Employer agrees to pur- chase an l pension plan which provides credit for the years of continuous service the Employer prior to I,
RETIREMENT AND PENSION PLANS. This Policy shall not apply to a grantee or subgrantee’s investment of funds where the funds are held in trust for the benefit of employees or third parties.
RETIREMENT AND PENSION PLANS. All employees reaching normal retirement age shall be obliged to retire from the services Employer and at such time shall be eligible to be paid in addition to any benefits to which they are entitled, any pensions and/or any retirement allowance to which they are entitled under Retirement By-law The Pension Plans establishedunder the Canada Pension Plan Ad and the Ontario Municipal Employees Retirement System Act shall be adopted by the Employer and the Union. In addition to the basic Pension Plan, the Employer agrees to purchase an Supplementary Type I Pension Plan which provides credit for the years of continuous service with the Employer prior to January ARTICLE NO STRIKES OR LOCKOUTS In view of the orderly procedure establishedherein for the of employee's complaints and grievances, the Employer agrees that it will not cause or direct any lockouts of its employees for the duration of this Agreement. The Union agrees that it will not cause or take part in any stay-in or slowdown in any Department, or a strike or stoppage of any of the Employer's operations and/or services, or any picketing of the Employer's premises during the term of this Agreement It is agreed that the Employer may discipline or discharge any employee who causes or takes part in any such action. The words "strike" and shall be defined as in Sub Section of the Ontario Labour Relations Act, as amended from time to time.
RETIREMENT AND PENSION PLANS. All Employees reaching normal retirement age shall be obliged to retire the services of the Employer and at such time shall be eligible to be paid any pensions and/or retirement allowance to which they are entitled under the Regional Retirement By-law of The Regional Municipality of The pension plan established under The Canada Pension Act and The Ontario Municipal Employees Retirement System Act shall be adopted by the Employer and the Union. Where an Employee has the qualifications contained in the Job Descriptions and/or has proven his or her capability to handle the work, there shall be no discrimination between men and women in the matter of appointments or salaries in such positions. There shall be no discrimination practised by either the Employer or the Union against any Employee because of age (as in The Ontario Human Rights Code), race, religion, creed, colour, place of origin, sex or marital status, political affiliation, place of residence, participation or non-participation, membership or non-membership in the Union. There also be no coercion practised by the Employer or the Union. No person shall be required as a condition of employment to become or remain a member of the Union or any other organization. Neither the Employer nor the Union condone the practice of sexual harassment and any such claim shall be referred under the Discrimination and Harassment Policy.
RETIREMENT AND PENSION PLANS. The Seaboard Entities shall fully vest all Hired Employees under, and remain responsible for, all retirement and pension plans maintained by the Business for any of its employees; provided, however, the Seaboard Entities shall only vest union employees in union sponsored retirement and pension plans to the extent required by the terms of such union contract or by law . Notwithstanding the foregoing, ConAgra shall assume and be responsible for the Retirement Income Plan for Production Employees of Seaboard Farms of Chattanooga, Inc. ("Chattanooga Plan"), as described in Section 8.15.2 of the Disclosure Schedule. Seaboard and ConAgra agree to cooperate to transfer the sponsorship of the Chattanooga Plan from Seaboard to ConAgra as soon as is practicable after and effective as of the Closing. In connection therewith, Seaboard shall use its best efforts to cause to be assigned to ConAgra or the Chattanooga Plan such polices of insurance or other contracts as ConAgra designates in writing and as pertains to the funding of benefits under the Chattanooga Plan, or in any case where such assignment is commercially impracticable, Seaboard shall cooperate in arranging for the issuance of new or modified policies or contracts.
