Thrift Plans Clause Samples
The "Thrift Plans" clause outlines the terms under which employees may participate in employer-sponsored savings or investment programs, often designed to encourage regular saving through payroll deductions. Typically, this clause specifies eligibility requirements, contribution limits, and any matching contributions provided by the employer, as well as the process for enrolling or withdrawing from the plan. Its core practical function is to formalize the availability and administration of thrift or savings plans, ensuring both employer and employee understand their rights and obligations regarding these benefits.
Thrift Plans. If the Employer makes an election in Adoption Agreements 003 or 006 to require Voluntary Contributions to participate in this Plan, the Employer shall notify each eligible Employee in writing of his or her eligibility for participation at least 30 days prior to the appropriate Entry Date. The Employee shall indicate his or her intention to join the Plan by authorizing the Employer to withhold a percentage of his or her Compensation as provided in the Plan. Such authorization shall be returned to the Employer at least 10 days prior to the Employee's Entry Date. The Employee may decline participation by so indicating on the enrollment form or by failure to return the enrollment form to the Employer prior to the Employee's Entry Date. If the Employee declines to participate, such Employee shall be given the opportunity to join the Plan on the next Entry Date. The taking of a Hardship Withdrawal under the provisions of paragraph 6.9 will impact the Participant's ability to make these contributions.
Thrift Plans. (a) Transtar shall remain the sponsor of the Transtar, Inc. Savings Plan for Salaried Employees and the Transtar, Inc. Savings Plan for Represented Employees ("Transtar Thrift Plans").
(b) As soon as practical after the Closing Date, Holdings shall establish a thrift plan, or plans, (the "Holdings Thrift Plan") substantially similar to the Transtar Thrift Plans.) As of the Closing Date, Holdings Companies' employees will cease to be eligible to actively participate in the Transtar Thrift Plans. Upon the establishment of the Holdings Thrift Plan Transtar shall cause the Transtar Thrift Plans to transfer to the Holdings Thrift Plan the accounts of all participants in the Transtar Thrift Plans who are employed by the Holdings Companies, including those transferred to the Holdings Companies pursuant to Section 3.6 hereof, or who retired from a Holdings Company (the "Holdings Thrift Plan Participants"). Transtar shall cause the trust maintained under the Transtar Thrift Plans to transfer to the trust established under the Holdings Thrift Plan the assets attributable to the Holdings Thrift Plan Participants under the Transtar Thrift Plans; provided that amounts invested in loans to such participants shall be transferred in kind. Contingent upon the transfer of assets attributed to the Holdings Thrift Plan Participants, Holdings will assume all benefit obligations of the Transtar Thrift Plans relating to the Holdings Thrift Plan Participants. The amount of assets transferred will be equal to the sum of (x) the excess of (A) the Holdings Thrift Plan Participants accounts under the Transtar Thrift Plans determined as of the last date of the month preceding the transfer date over (B) any benefit payments made to Holdings Thrift Plan Participants under the Transtar Thrift Plans during the period from the preceding month end to the transfer date and (y) interest on such excess amount from the preceding month end to the transfer date using the rate paid on 30 day Treasury Bills on the transfer date.
(c) The USX Companies shall continue to maintain the Transtar non-qualified plans and the Holdings Companies shall establish non-qualified plans designed to provide benefits in excess of the limits imposed by Sections 415 and 401(a)(17) of the Code for thrift plans as appropriate for the participants respectively assigned to each party pursuant to Section 3.5 and Section 3.6; and, to the extent that any plan is funded, the USX Companies shall transfer or assign to Holdings ...
Thrift Plans. 10 ARTICLE III EMPLOYER CONTRIBUTIONS 3.1 Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 3.2
Thrift Plans. 17 3.4 Insurance and Other Welfare Benefit Plans...................19 3.5 Retirees....................................................21 3.6
Thrift Plans. Pursuant to the amendments to the USS Pension Plan r▇▇▇▇▇▇▇ ▇o in Subparagraph 18.B, all nonunion employees who are employed by AMI as of the Closing pursuant to Subparagraph 18.A above will continue to accrue pension continuous service for eligibility and vesting purposes. Such service shall also be used for vesting purposes under the United States Steel Corporation Savings Fund Plan for Salaried Employees. Employees of AMI will be permitted to withdraw their contributions and the employer contributions to such Savings Plan only in accordance with the terms of such Savings Plan. No employee contributions will be permitted after the Closing. Within six months following the Closing Date, AMI will design and install a stock purchase, thrift, or an incentive plant which will provide in the aggregate the same general level of contributions for the benefit of the nonunion employees who are employed by AMI pursuant to Subparagraph 18.A as have been provided heretofore in the aggregate by the USS Savings Fund Plan for Salaried Employees - Article I-III. Contributions will be deemed in the aggregate to be at the same level of contributions if, viewed ___ percentage of participants' compensation (such participants being only those who were employed exclusively in connection with the Operations or Alside), they are at least equal to the average percentage of compensation contributed by USS under the USS Savings Fund Plan for Salaried Employees - Article I-III for the three plan years ending immediately prior to the Closing and allocated to the accounts of employees employed exclusively in connection with the Operations or Alside or Alside, Inc. This rate will be contributed for the account of each participant entitled to participate in such plan. In the alternative, AMI will make salary and/or benefit improvements which as an expenditure by or cost to AMI will equal in the aggregate the average for the three plan years immediately prior to Closing of such contributions for the benefit of such employees. In the event such plan or salary and/or benefit improvements is or are not installed retroactively so as to pay benefits effective as of the Closing Date, AMI will provide the covered employees with the equivalent increase in compensation (without regard to the impact, if any, of Taxes) for the period that such plan or salary and/or benefit improvements have not been in effect. USS will furnish AMI with information reasonably requested by AMI to determine the contrib...
Thrift Plans