Benefit Liability definition

Benefit Liability means any and all debts, liabilities and obligations, whether accrued or fixed, absolute or contingent, matured or unmatured or determined or determinable, arising under ERISA or under any Employee Benefit Plan.
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Benefit Liability means any Loss, Tax, liability, obligation or commitment of any nature whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise that relates to the sponsorship, administration, legal compliance, or maintenance of a Benefit Plan, including, but not limited to, an employee’s, former employee’s, contractor’s, union’s, participant’s or beneficiary’s rights, or claims for benefits (including claims incurred), or taxes, penalties, fees, or assessments imposed upon the Benefit Plan, its plan administrator, fiduciaries, participating employers, or the plan sponsor (and any ERISA Affiliates of the same).
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Benefit Liability means the value of commitments relating to the provision of benefits, as specified on page 219 of the Vendor Due Diligence report prepared by Deloitte dated 6 June 2006, which the Parties have contractually valued at ten million two hundred and fifty thousand euros (10,250,000 euros).
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Examples of Benefit Liability in a sentence

  • There is no material Unfunded Benefit Liability with respect to any Plan.

  • No Plan subject to Title IV of ERISA has any Unfunded Benefit Liability which could reasonably be expected to have a material adverse effect on the financial condition of Borrower.

  • Neither Borrower nor any ERISA Affiliate has transferred any Unfunded Benefit Liability to a person other than Borrower or an ERISA Affiliate or has otherwise engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA which could reasonably be expected to have a material adverse effect on the financial condition of Borrower.

  • There is no Unfunded Benefit Liability, with respect to any Plan of the Company or its ERISA Affiliates which could have a Material Adverse Effect.

  • There is no material Unfunded Benefit Liability, determined in accordance with Section 4001(a)(18) of ERISA, with respect to any Plan.

  • In the event that any member of the KBR Group makes a payment to Halliburton or its Subsidiaries hereunder, and the Benefit Liability on account of which such payment was made is subsequently diminished, either directly or through a third-party recovery, Halliburton will promptly repay (or will cause a Halliburton Subsidiary to promptly repay) such member of the KBR Group the amount by which the payment made by such member of the KBR Group exceeds the actual cost of the indemnified Benefit Liability.

  • The Maximum Benefit Liability for each Participant Account established hereunder shall be re-computed as of each October 31.

  • If the balance credited to a Participant Account as of any October 31 is less than the Maximum Benefit Liability of such Participant Account as of such date after the allocation of income and the reallocation of excess Participant Account balances are completed for such Valuation Date under Sections 7.04 and 7.05 respectively, the Company shall within forty (40) calendar days after such October 31 contribute to the Trust Fund the amount of the deficiency.

  • In the event the Participant is determined to be Disabled before the attainment of Normal Retirement Age or Separation from Service, the Employer shall pay to the Contingent Disability Trust: (i) a lump sum payment of the Benefit Liability Balance as of the end of the year preceding the year in which the Participant is determined to be Disabled.

  • On or before December 10, 1988, the Company contributed to the Trust Fund with respect to each Participant Account established hereunder as of the Effective Date an amount equal to the Maximum Benefit Liability of such Participant Account (determined as of the Effective Date).


More Definitions of Benefit Liability

Benefit Liability means any liability or obligation of Sarnia: (i) that is an accrued but unpaid monetary obligation to make a contribution under any Benefit Plan (other than any amount payable or other consideration that is due to any employee as an incentive or inducement to enter into an employment agreement with Surviving Corporation pursuant hereto); (ii) for accrued vacation pay or accrued sick pay; (iii) for accrued employee wages payable in the ordinary course of business and payroll taxes with respect thereto; (iv) that is due and owing to independent contractors; or (v) for other employee fringe benefits, including without limitation insurance programs (including COBRA obligations), expense reimbursement obligations, continuing education stipends and automobile allowances.
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Related to Benefit Liability

  • benefit liabilities has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA.

  • Unfunded Benefit Liabilities means with respect to any Plan at any time, the amount (if any) by which (i) the present value of all benefit liabilities under such Plan as defined in Section 4001(a)(16) of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan (on the basis of assumptions prescribed by the PBGC for the purpose of Section 4044 of ERISA).

  • BENEFIT LIMIT means the total benefit allowed under this plan for a covered healthcare service. The benefit limit may apply to the amount we pay, the duration, or the number of visits for a covered healthcare service.

  • Unfunded Pension Liability means the excess of a Pension Plan's benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan's assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.