SAVINGS AND INVESTMENT PLAN. Section 28.1 All eligible regular full-time employees covered hereunder shall have the right to participate in the Company's Savings and Investment Plan, subject to the terms and conditions of the Plan prevailing during the period of the employee's participation.
SAVINGS AND INVESTMENT PLAN. (a) Effective as of the Closing Date, Buyer shall, or shall cause the Buyer Subsidiaries and the Clairol Entities to, have in effect a profit-sharing plan in accordance with Section 9.03 hereof that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (the "BUYER'S 401(K) PLAN") and is intended to be qualified pursuant to Section 401(a) of the Code. Buyer shall cause Buyer's 401(k) Plan to accept direct rollover contributions (within the meaning of Section 401(a)(31) of the Code and the regulations promulgated thereunder) of Employee account balances which are made in the form of cash and/or outstanding Employee loan balances from the Bristol- Myers Squibb Company Savings and Investment Program (the "SXXXXX'X 000(X) PLAN"). Employees shall have a fully vested interest in their accounts under the Seller's 401(k) Plan, and in any accounts transferred to the Buyer's 401(k) Plan. Neither Buyer, the Buyer Subsidiaries, Buyer's 401(k) Plan nor any of their Affiliates shall have or assume any liability in connection with Seller's 401(k) Plan (except with respect to accounts that are transferred as described above).
SAVINGS AND INVESTMENT PLAN. In compliance with IRS Regulations, no contributions can be made to the Raytheon Savings and Investment Plan (RAYSIP), including the Retirement Income Savings Program (RISP), based on severance pay. If you receive non-severance payments ATTACHMENT B (other than Results-Based Incentive (RBI)/Performance Sharing Program (PSP) if applicable) during the layoff period, they may be eligible for RAYSIP/RISP contributions in accordance with plan terms. The RAYSIP system is programmed to set your contribution rate to zero automatically 35 days after your layoff date. If you are re-employed by Raytheon, you will need to re-start your contributions. You may do so online at NetBenefits or by calling the Raytheon Savings and Investment Service Line’s toll-free number: 000-000-0000. • You may leave your money in the Plan until April 1st of the year following the year in which you reach age 70 1⁄2 if the value of your RAYSIP account is $1,000 or more. • You may continue to exchange your RAYSIP account investments—including your RAYSOP (if you had an account prior to 1/1/2007), RISP and company matching contribution accounts—among all the investment options available in the Plan, subject to the restrictions that apply to certain investment funds in the Plan. • You may request an immediate layoff withdrawal of your total vested RAYSIP account balance, including your vested RISP balance; partial withdrawals are not permitted. Please note also that a layoff withdrawal will not result in a default of any outstanding loans. • If you are not yet vested in your RISP account when you are laid off, you will receive RISP vesting credit for 12 months from your last day worked. If you become vested in your RISP account during that 12 month period, you will be permitted to withdraw your RISP balance at that time. In addition, your rights to resume RISP vesting service and/or to enter the 2010 RISP upon subsequent periods of service will be governed by the RAYSIP/RISP Break in Service and Vesting rules. • In addition, during the first 12 months following your last day worked, if you are eligible, you may be able to take out a RAYSIP Loan. • If you have an outstanding RAYSIP loan, repayments will continue to be taken from your severance pay. When your severance pay ends, you can continue your loan repayment by making payments in the same frequency as you were paid, i.e. weekly or bi-weekly. These payments can be made by sending a certified check, cashier’s check or money order payable t...
SAVINGS AND INVESTMENT PLAN. Following your retirement, you may elect to take a lump sum distribution under the Savings and Investment Plan, defer your distribution until age 70 1/2 or elect to begin receiving installment payments over a period of up to 10 years, in accordance with the terms of the Plan. Your S&I balance as of January 10, 1996 was $163,263.28. In March 1996 you will be eligible to receive your Savings & Investment Replacement payment for 1995 in an amount estimated to be $17,550. As you know, you elected to defer this amount, and it will be paid out in a lump sum, according to your election.
SAVINGS AND INVESTMENT PLAN. Dear Xx. Xxxxxxxx: This letter is sent to you in accordance with Section 8(b) of the Trust Agreement, dated as of September 28, 2001, between FMC Technologies, Inc. (“Sponsor”) and Fidelity Management Trust Company. The Sponsor hereby designates Xxxxx X. Xxxxxxxxxxx, Xxxxxxxxx X. Xxxxxxx and Xxxxxxx X. Xxxxxx as the individuals who may provide directions on behalf of the Administrator upon which Fidelity Management Trust Company shall be fully protected in relying. Only one such individual need provide any direction. The signature of each designated individual is set forth below and certified to be such. You may rely upon each designation and certification set forth in this letter until the Sponsor delivers to you written notice of the termination of authority of a designated individual. Very truly yours, /s/ Xxxxxxx X. Xxxxxx By: Member, FMC Technologies, Inc. Employee Welfare Benefits Plan Committee /s/ Xxxxx X. Xxxxxxxxxxx Xxxxx X. Xxxxxxxxxxx /s/ Xxxxxxxxx X. Xxxxxxx Xxxxxxxxx X. Xxxxxxx /s/ Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx Schedule “E” AUTHORIZED SIGNERS (NAMED FIDUCIARY) [FMC Technologies, Inc. Letterhead] September 28, 2001 Xxxxx Xxxxxxxx Fidelity Investments Institutional Operations Company, Inc. 000 Xxxxxxx Xxx - XX0X Xxxxxxxxxxx, XX 00000-0000
SAVINGS AND INVESTMENT PLAN. Dear Xx. Xxxxxxxx: This letter is sent to you in accordance with Section 8(c) of the Trust Agreement, dated as of September 28, 2001, between FMC Technologies, Inc. and Fidelity Management Trust Company. The Board of Directors of FMC Technologies, Inc. has designated the FMC Technologies, Inc. Employee Welfare Benefits Plan Committee (“Committee”) as the Named Fiduciary upon which Fidelity Management Trust Company shall be fully protected in relying. The current members of the Committee are Xxxxxxx X. Xxxx, Xxxxxxx X. Xxxxxxx, Xxxxxxx X. Xxxxxx and Xxxxxxx X. Xxxxxxxx III. At least two members of the Committee must provide any direction. The signature of each current member of the Committee is set forth below and certified to be such. You may rely upon each designation and certification set forth in this letter until FMC Technologies, Inc. delivers to you written notice of the termination of authority of a designated individual. Very truly yours, /s/ Xxxxxxx X. Xxxxxx By: Member, FMC Technologies, Inc. Employee Welfare Benefits Plan Committee /s/ Xxxxxxx X. Xxxx /s/ Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxx Xxxxxxx X. Xxxxxx /s/ Xxxxxxx X. Xxxxxxx /s/ Xxxxxxx X. Xxxxxxxx III Xxxxxxx X. Xxxxxxx Xxxxxxx X. Xxxxxxxx III Schedule “F” STATEMENT OF QUALIFIED STATUS FMC Technologies, Inc. Letterhead September 28, 2001 Xxxxx Xxxxxxxx Fidelity Investments Institutional Operations Company, Inc. 000 Xxxxxxx Xxx - XX0X Xxxxxxxxxxx, XX 00000-0000 FMC Technologies, Inc. Savings and Investment Plan (“Plan”) Dear Xx. Xxxxxxxx: In accordance with your request, this letter confirms that the Plan is intended to be qualified under section 401(a) of the Internal Revenue Code of 1986 (including amendments made by the Employee Retirement Income Security Act of 1974) (the “Code”). The Plan is a spin-off from the FMC Corporation Savings and Investment Plan and the FMC Corporation Savings and Investment Plan for Bargaining Unit Employees (“FMC Plans”). The most recent favorable determination letters as to the qualified status under section 401(a) of the Code of the FMC Plans are attached. If the determination letter program is continued, FMC Technologies, Inc. intends to submit the Plan to the Internal Revenue Service to request a favorable determination letter as to the Plan’s qualified status under section 401(a) of the Code. FMC Technologies, Inc. may have to make some modifications to the Plan at the request of the Internal Revenue Service in order to obtain this favorable determinatio...
SAVINGS AND INVESTMENT PLAN. The Company has implemented a Savings and Investment Plan (the “Savings Plan”) pursuant to Section 401(k) of the Internal Revenue Code for all eligible employees. Under the Savings Plan, employees may elect to contribute a percentage of their compensation, subject to limits. The Company makes a matching contribution equal to 50% of an employee’s contribution, up to 8.0% of compensation, subject to certain limitations. The Savings Plan expenses for the years ended September 30, 2014 and 2013, amounted to $72,000 and $83,000, respectively. Employees Stock Ownership Plan (“ESOP”) The Company established an ESOP for all eligible employees in connection with the public offering of common stock in April 2007. The ESOP used the proceeds of a $1.6 million, 8.0% term loan from the Company to purchase 164,413 shares of Company common stock. The term loan from the Company to the ESOP is payable in annual installments of principal and interest over 30 years commencing on December 31, 2007. The Company intends to make discretionary contributions to the ESOP which will be equal to principal and interest payments on the term loan to the ESOP from the Company. Xxxxxx purchased with the loan proceeds are initially pledged as collateral for the term loan and are held in a suspense account for future allocation among participants. Contributions to the ESOP and shares released from the suspense account will be allocated among the participants on the basis of compensation, as defined by the ESOP, in the year of allocation. As of September 30, 2014 and 2013, the loan had a balance of $1,487,000 and $1,509,000, respectively. The ESOP is accounted for in accordance with the guidance issued by FASB. Accordingly, the ESOP shares pledged as collateral are reported as unearned ESOP shares in the consolidated statements of financial condition. As shares are committed to be released from collateral, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. Dividends on unallocated ESOP shares are recorded as a reduction of debt. ESOP compensation expense was $50,000 and $48,000 for the years ended September 30, 2014 and 2013, respectively. The ESOP shares are summarized as follows: September 30, 2014 2013 Unearned shares 121,900 127,380 Xxxxxx committed to be released 4,110 4,110 Shares released 36,992 31,512 Total shares 163,002 163,002 Fair value of unearned shares $ 1,573,000 $ 1,0...
SAVINGS AND INVESTMENT PLAN. The Company has a Savings and Investment Plan which allows participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue Code of 1986. The Company also may make discretionary annual matching contributions in amounts determined by the Board of Directors, subject to statutory limits. The Company did not make any contributions to the 401(k) Plan during the years ended December 31, 1996 and 1997 and the six months ended June 30, 1998. [5]
SAVINGS AND INVESTMENT PLAN. (i) Within 180 days after the Closing Date, Westlake, if it does not already maintain such a plan, shall establish and shall thereafter maintain a tax-qualified defined contribution plan (the "Westlake's Savings Plan") under Section 401(k) of the Internal Revenue Code of 1986, as amended ("the Code") for all of those Plant Employees who were eligible to participate in The X.X.Xxxxxxxx Company Retirement Plus Savings Plan or The X.X.Xxxxxxxx Company Retirement Plus Savings Plan for Wage Employees collectively the "BFG RPSP") immediately prior to the Closing Date. The parties agree to work together to facilitate a trust-to-trust transfer under the requirements of the Code for those Plant Employees who elect to do so as of a given date, whereby all assets in the trust established under the BFG RPSP attributable to all Plant Employees electing to do so will be transferred to the trust established under the Westlake's Savings Plan. Westlake shall grant past service credit for service recognized by BFG for purposes of determining eligibility to participate and vesting in Westlake's Savings Plan. (ii) All Plant Employees shall be fully vested in their account balances in the BFG RPSP as of the Closing Date, regardless of their length of service at that time. (iii)
SAVINGS AND INVESTMENT PLAN. (i) As soon as practicable after Closing and effective as of Closing, Purchaser shall take all action necessary and appropriate to establish and maintain a new, tax-qualified profit sharing plan with a tax-qualified cash or deferred arrangement ("Purchaser's Savings Plan") which provides benefits to Transferred Union Employees which are substantially identical to the benefits provided in the Durco International Inc. Savings and Thrift Plan ("Durco 401(k) Plan"), and Purchaser shall not change such benefits for at least one year after Closing.
