A Transferred Employee definition

A Transferred Employee who is a participant in the Seller Pension Plan as of the Closing Date and who, as of the Closing Date, is within three years of eligibility for early retirement benefits under the Seller Pension Plan shall be referred to herein as a "
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A Transferred Employee s "Seller Pension" shall be calculated by applying the benefit formula under the Seller Salaried Pension Plan (as in effect on the Closing Date) to the Transferred Employee's service and compensation credited under the Seller Salaried Pension Plan as of the Closing Date. A Transferred Employee's "Buyer Pension" shall be not less than an amount calculated by applying the benefit formula under the Buyer Pension Plan to the Transferred Employee's total accredited service and compensation under the Buyer Pension Plan (including service and compensation credited under the Seller Salaried Pension Plan as of the Closing Date as if such service and compensation had been earned under the Buyer Pension Plan and service and compensation credited under the Buyer Pension Plan after the Closing Date), multiplied by the ratio of accredited service earned after the Closing Date to such total accredited service; provided that for a period of at least five (5) years following the Closing Date, Buyer shall cause the benefit formula used in determining such "Buyer Pension" to provide "section 411(d)(6)" benefits at least as valuable as were provided under the benefit formula applicable to the Transferred Employee under the Seller Salaried Pension Plan on the Closing Date. A Transferred Employee's "Total Service Pension" shall be calculated by applying the benefit formula under the Buyer Pension Plan (before its amendment to reflect the five (5) year inclusion of Seller's formula) to the Transferred Employee's accredited service (including service and compensation credited with the Seller under the Seller Salaried Pension Plan as of the Closing Date as if such service and compensation was earned under the Buyer Pension Plan and service and compensation credited under the Buyer Pension Plan on and after the Closing Date). For purposes of computing a Transferred Employee's "Total Service Pension," compensation received by such a Transferred Employee from the Seller shall be treated as compensation received from the Buyer. The Seller Pension, the Buyer Pension, and the Total Service Pension shall take into account the Transferred Employee's actual age and entire period of service (including service credited under the Seller Salaried Pension Plan as of the Closing Date and service credited under the Buyer Pension Plan on and after the Closing Date) for vesting and benefit eligibility purposes.
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Examples of A Transferred Employee in a sentence

  • A Transferred Employee who meets the requirements for a special allowance under Article I, Section 9 when the Transferred Employee is considered to break Eligibility Credited Service is entitled to receive a special allowance under the Plan.

  • A Transferred Employee shall retain distribution rights under the BCLLC Plan only as required under section 411(d)(6) of the Code and regulations thereunder.

  • A Transferred Employee who meets the requirements for a supplementary pension under Article I, Section 5 when the Transferred Employee is considered to break Eligibility Credited Service is entitled to receive a supplementary pension under the Plan.

  • A Transferred Employee who met the definition of “Q.M. Bearings Eligible Employee” under the Prior Plan.

  • A Transferred Employee who was a participant in the BCLLC Plan immediately prior to the Transaction Date shall be eligible to participate in the Plan on the Transaction Date.

  • A Transferred Employee who qualifies as (1) a Full-Time Employee shall be eligible to participate hereunder as soon as administratively practicable following his or her Transfer Date, and (2) a Part-Time Employee shall be eligible to participate in the Plan as of the later of: (A) as soon as administratively practicable after his or her Transfer Date, or (B) the first January 1 or July 1 following his or her completion of one Year of Eligibility Service.

  • A Transferred Employee who met the definition of “MPB Eligible Employee” under the Prior Plan.

  • A Transferred Employee whose employment is terminated by the Purchaser or an Affiliate of Purchaser without cause will remain eligible for the Retention Escrow payments.

  • The fund is doing better this year and the rate of decline of the fund balance has slowed.

  • These materials can be used to record phase, amplitude and colour holograms.

Related to A Transferred Employee

  • Transferred Employee has the meaning set forth in Section 6.01(a).

  • Newly hired employee or “New Hire” means any employee, whether permanent, full-time, or part-time, hired by the Office and who is still employed as of the date of new employee orientation. It also includes all employees who are or have been previously employed by the Office and whose current position has placed them in the bargaining unit represented by CSEA. For those latter employees, for purposes of this article only, the “date of hire” is the date upon which the employees’ employment status changed as such that the employee was placed in the CSEA unit.

  • Business Employee means any Person who is a present or former employee of Seller at any time prior to or on the Closing Date, and who provided or previously provided any services relating to the Business.

  • Transferred Employees has the meaning set forth in Section 6.4(a).

  • Hired Employee has the meaning set forth in Section 6.1.6.

  • Retained Employee does not include any individual who has a direct or an indirect ownership interest of at least five percent (5%) in the profits, equity, capital, or value of the Taxpayer, or a child, grandchild, parent, or spouse, other than a spouse who is legally separated from the individual, of any individual who has direct or indirect ownership interest of at least five percent (5%) of the profits, equity, capital or value of the Company.

  • Continuing Employee has the meaning set forth in Section 6.7(a).

  • Affected employee means an employee who would be affected by the grant or denial of a variance, or any one of the employee’s authorized representatives, such as the collective bargaining agent.

  • Tipped employee means any employee engaged in an occupation in which s/he customarily and regularly receives more than $30 per month in tips. Tips include amounts designated as a tip by credit card customers on their charge slips. Nothing in this rule prevents an employer from requiring employees to share or allocate such tips or gratuities on a pre-established basis among other employees who customarily and regularly receive tips. Employer-required sharing of tips with employees who do not customarily and regularly receive tips, such as management or food preparers, or deduction of credit card processing fees from tipped employees, shall nullify allowable tip credits towards the minimum wage.

  • Company Employee means an employee of the Company or any of its Subsidiaries.

  • Designated Employee means an employee who has been designated by the school to receive complaints of hazing, harassment and bullying pursuant to subdivision 16 V.S.A. 570a(a)(7). The designated employees for each school building are identified in Appendix A of this policy.

  • U.S. Employee means a person who is an employee of the Company (or of any Subsidiary) for purposes of section 422 of the Code.

  • Excluded Employee means an employee as defined in section 3527, subd. (b) of the Government Code (Ralph C. Dills Act) except those excluded employees who are designated managerial pursuant to section 18801.1 of the Government Code.

  • Qualifying Employee means any employee of Managing Agent or Parent or any of their respective subsidiaries who is and has been an employee of Managing Agent or Parent or any of their respective subsidiaries for at least thirty-six (36) months.

  • SpinCo Employee means any individual who, immediately following the Distribution Date, will be employed by Spinco or any member of the Spinco Group in a capacity considered by Spinco to be common law employment, including active employees and employees on vacation and approved leaves of absence (including maternity, paternity, family, sick, short-term or long-term disability leave, qualified military service under the Uniformed Services Employment and Reemployment Rights Act of 1994, and leave under the Family Medical Leave Act and other approved leaves).

  • Transferring Employee means an employee at the airport who timely transfers to the regional authority by the transfer date.

  • Active Employee means a contributing member of the TRS who is employed by a public school and is not entitled to coverage under a plan provided under Insurance Code Chapter 1551 (Texas Em- ployees Group Benefits Act) or 1601 (State University Employees Uniform Insurance Benefits Act).

  • Designated Employees means a person occupying any of the following position in the Company:

  • Restricted Employee means any individual who was employed by any member of the Company Group during the course of Employee’s term of employment and with whom Employee had material contact during the twelve (12) month period immediately preceding the date of Employee’s termination.

  • Ongoing employee means an employee who has been employed for at least one complete standard measurement period.

  • Non-Key Employee means any Employee who is not a Key Employee.

  • Public employee means an individual holding a position by appointment or employment in the government of this state, in the government of 1 or more of the political subdivisions of this state, in the public school service, in a public or special district, in the service of an authority, commission, or board, or in any other branch of the public service, subject to the following exceptions:

  • Owner-Employee means a Self-Employed Individual who is a partner and owns more than 10% of either the capital or profits interest of the partnership.

  • New employee means a Full-Time Employee first employed by the Company in the Project and who is hired on or after the Effective Date of this Agreement.

  • Employee Transfer Date means in respect of any particular Transferring Employee the date on which the part of the Services to which they are assigned transfers from the Previous Contractor to the Contractor;

  • existing employee means an employee who elected to participate in the Virginia Sickness and