Salaried Pension Plan Sample Clauses

Salaried Pension Plan. (i) As soon as practicable following the determination of the Permitted Transfer Amount (as defined below) in accordance with Section 4.1(a)(ii) hereof, the Seller shall direct the trustee of the Quanex Corporation Salaried Employees' Pension Plan to transfer, in cash, from the trust maintained under the Quanex Corporation Salaried Employees' Pension Plan to the trust maintained under the LaSalle Steel Company Salaried Employees' Pension Plan (the "Buyer Salaried Pension Plan"), an amount equal to the amount required to be transferred pursuant to Section 414(1) of the Code (determined as of the Closing Date) with respect to current and former employees of the Company set forth on Schedule 4.1(a) of the Disclosure Schedule (the "Salaried Participants") and their beneficiaries calculated utilizing such actuarial assumptions as are agreed upon by the enrolled actuaries for the Quanex Corporation Salaried Employees' Pension Plan and the Buyer Salaried Pension Plan, which agreement shall not be withheld unreasonably (the "Permitted Transfer Amount"), provided, however, that to the extent permitted by Section 414(1) of the Code, the Permitted Transfer Amount shall be equal to $6,709,000 adjusted for (i) contributions reflected on the Closing Balance Sheet and benefit distributions made to the Salaried Participants and their beneficiaries during the period (the "Adjustment Period") commencing on October 31, 1996 and ending on the date on which the transfer occurs (the "Transfer Date") and (ii) a pro rata share of the Quanex Corporation Salaried Employees' Pension Plan actual investment earnings or losses occurring during the Adjustment Period and Plan administrative expenses actually paid from the Quanex Corporation Salaried Employees' Pension Plan during the Adjustment Period (the "Fixed Transfer Amount"); provided, further, that (i) if the Permitted Transfer Amount is less than the Fixed Transfer Amount, then the Permitted Transfer Amount shall be transferred from trust to trust, and the Seller shall pay to the Buyer, in cash on the Transfer Date, the excess of the Fixed Transfer Amount over the Permitted Transfer Amount and (ii) if the Permitted Transfer Amount exceeds the Fixed Transfer Amount, then the Permitted Transfer Amount shall be transferred trust to trust, and the Buyer shall pay to the Seller, in cash on the Transfer Date, the excess of the Permitted Transfer Amount over the Fixed Transfer Amount.
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Salaried Pension Plan. (a) Establishment of TRW Automotive Plan. Effective as of the Closing Date, the Company shall, or shall cause one or more TRW Automotive Subsidiaries to, establish a new defined benefit pension plan to provide benefits to TRW Automotive Participants who immediately prior to the Closing Date were participants in, or entitled to a present or future benefit (whether or not vested) under, the TRW SPP (the "TRW Automotive U.S. SPP") and a master trust related thereto (the "TRW Automotive Master Trust") (such participants, the "Salaried Plan Participants"). The TRW Automotive U.S. SPP shall be qualified under Section 401(a) of the Code. Effective as of the date of transfer of the Initial Transfer Amount pursuant to Section 3.1(c)(iii) (Delayed Transfer Date for Delayed Transfer Employees or Returned Transfer Date for Returned Transfer Employees), the TRW Automotive U.S. SPP shall credit each participant thereunder for purposes of eligibility to participate, vesting, benefit accruals and all other plan purposes with all service which had been credited to such participant for such purposes under the TRW SPP. Until the actual transfer of the Initial Transfer Amount, all benefits payable to Salaried Plan Participants (including benefits that have accrued under the TRW Automotive U.S. SPP following the Closing Date) shall be paid from the TRW Master Trust.
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Salaried Pension Plan. As of the date hereof, Transferor maintains the Xxxxxx Industries Pension Floor Plan (the "Floor Plan") under which eligible Business Employees have frozen accrued benefits. Notwithstanding anything herein to the contrary, the Company will not assume the Floor Plan, or any rights, duties, obligations or liabilities thereunder, nor shall it become a successor employer or be responsible in any way for Transferor's participation in or obligations or responsibilities with respect to the Floor Plan. Transferor shall take such actions as are necessary to fully vest as of the Closing Date the accrued benefits of each Business Employee under the Floor Plan.
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Salaried Pension Plan. (a) Establishment of TRW Automotive Plan. Effective as of the Benefit Transition Date, TRW Automotive shall establish a new defined benefit pension plan to provide benefits to eligible TRW Automotive Participants (the “TRW Automotive SPP”) and a master trust related thereto (the “TRW Automotive Master Trust”). The TRW Automotive SPP shall be qualified under Section 401(a) of the Code and shall contain provisions that duplicate the substantive benefit provisions of the TRW SPP as of the Benefit Transition Date except for a Code Section 401(h)
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Salaried Pension Plan. (A) The Buyer shall, effective as of and from the Closing Date, designate a registered pension plan to provide pension benefits to Canadian salaried Affected Employees from and after the Closing Date (the “Buyer’s Canadian Salaried Pension Plan”).
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Salaried Pension Plan. (a) Effective as of the end of the day immediately preceding the Closing Date, the Transferred Salaried Employees and the Transferred Hourly Non-Union Employees who participate in and accrue benefits under the Rxxxx Xxxx Multifoods Corporation Pension Plan (“Salaried Pension Plan”) shall cease to actively participate in and accrue benefits thereunder.
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Salaried Pension Plan. (a) Establishment of TRW Automotive Plan. Effective as of the earlier of the Distribution Date or Benefit Transition Date (the "TRW Automotive SPP Effective Date"), TRW Automotive shall establish a new defined benefit pension plan to provide benefits to eligible TRW Automotive Participants (the “TRW Automotive SPP”) and a master trust related thereto (the “TRW Automotive Master Trust”). The TRW Automotive SPP shall be qualified under Section 401(a) of the Code and shall contain provisions that duplicate the substantive benefit provisions of the TRW SPP as of the TRW Automotive SPP Effective Date except for a Code Section 401(h) account. The TRW Automotive SPP shall credit each participant thereunder for purposes of eligibility to participate, vesting, benefit accruals (but only following the transfer of the TRW Automotive SPP Transfer Amount pursuant to Section 3.1(e)(ii)) and all other plan purposes with all service which had been credited to such participant for such purposes under the TRW SPP immediately prior to the TRW Automotive SPP Effective Date.
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Salaried Pension Plan. Seller currently maintains the "Pension Plan --------------------- for Salaried Employees of GenCorp Inc. and Certain Subsidiary Companies" (the "Salaried Pension Plan") which provides certain retirement benefits to eligible salaried employees of GenCorp, including eligible Transferred Salaried Employees. With respect to the Salaried Pension Plan the following shall apply:
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Salaried Pension Plan. In accordance with the provisions of Section 6.03, Purchaser shall assume and succeed to all of Seller’s rights, interest, title and Liabilities with respect to the Mayflower Vehicle Systems, Inc. Salaried Retirement Plan (the “Salaried Retirement Plan”), including such rights, interest, title and Liabilities with respect to the current and former employees of Seller’s South Charleston Business and their beneficiaries and alternate payees. As of the Closing Date, Purchaser shall amend the Salaried Retirement Plan to fully vest the accrued benefits of (i) all employees of Sellers’ South Charleston Business in the Salaried Retirement Plan as of the Closing, and (ii) former employees of Sellers’ South Charleston Business listed in Section 6.04 of the Disclosure Schedule who were terminated as part of the reduction in force at the South Charleston Business commencing in 2004 through the Closing. The vested and non-vested accumulated benefit obligation of each such terminated employee as of December 31, 2004 is set forth in Section 6.04 of the Disclosure Schedule.
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Related to Salaried Pension Plan

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Guaranteed Pension Plans Each contribution required to be made to a Guaranteed Pension Plan, whether required to be made to avoid the incurrence of an accumulated funding deficiency, the notice or lien provisions of §302(f) of ERISA, or otherwise, has been timely made. No waiver of an accumulated funding deficiency or extension of amortization periods has been received with respect to any Guaranteed Pension Plan, and neither the Borrower nor any ERISA Affiliate is obligated to or has posted security in connection with an amendment to a Guaranteed Pension Plan pursuant to §307 of ERISA or §401(a)(29) of the Code. No liability to the PBGC (other than required insurance premiums, all of which have been paid) has been incurred by the Borrower or any ERISA Affiliate with respect to any Guaranteed Pension Plan and there has not been any ERISA Reportable Event (other than an ERISA Reportable Event as to which the requirement of 30 days notice has been waived), or any other event or condition which presents a material risk of termination of any Guaranteed Pension Plan by the PBGC. Based on the latest valuation of each Guaranteed Pension Plan (which in each case occurred within twelve months of the date of this representation), and on the actuarial methods and assumptions employed for that valuation, the aggregate benefit liabilities of all such Guaranteed Pension Plans within the meaning of §4001 of ERISA did not exceed the aggregate value of the assets of all such Guaranteed Pension Plans, disregarding for this purpose the benefit liabilities and assets of any Guaranteed Pension Plan with assets in excess of benefit liabilities.

  • Retirement Plan Employee shall participate, after meeting eligibility requirements, in any qualified retirement plans and/or welfare plans maintained by the Company during the term of this Agreement.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Salaried Employees 1. Employees in this unit who qualify for exemption from the FLSA overtime provisions based upon duties and who are assigned to a class or pay grade, if the class has multiple pay grades, with a top step regular biweekly rate, without bonuses, above the top step regular biweekly rate for the class of Shift Superintendent Wastewater Treatment I shall be treated as salaried employees, in accordance with the provisions of the FLSA as identified in Los Angeles Administrative Code section 4.113(b). Salaried employees may be assigned 5/40, 4/10, 9/80 or other schedules at the discretion of Management. Notwithstanding any LAAC and MOU provisions, or other City department rules and regulations to the contrary, these employees shall not be required to record specific hours of work for compensation purposes, although hours may be recorded for other purposes. These employees will be paid the predetermined salary for each biweekly pay period, as indicated in the appropriate salary appendices, and shall not receive overtime compensation. Salaried employees shall not be subject to deductions from salary or any leave banks for absence from work for less than a full workday. This provision applies to occasional partial day absences from work which is authorized by the appropriate supervisor designated by management. This provision does not apply to long-term or recurring partial day absences (e.g., intermittent leave/reduced work schedule for purposes of Family/Medical Leave). Salaried employees shall not be subject to disciplinary suspension for a period of less than a workweek (seven days; half of the biweekly pay) unless based on violations of a safety rule of major significance. This requirement shall be superseded by the revised Department of Labor FLSA regulations pertaining to disciplinary suspensions of FLSA-exempt employees on the operative date of the FLSA regulations. The appointing authority of each City department may grant time off for hours worked due to unusual situations.

  • Municipal Pension Plan (i) All newly hired regular employees shall participate under the Municipal Pension Plan, subject to the terms and conditions of such Plan, from their initial date of hire as a regular employee.

  • Pension Plan 15.01 The CLAC Pension Plan (“the Plan”), a defined contribution pension plan, is registered with the Canada Revenue Agency. The Plan applies to all employees covered by this Agreement.

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