BSC Benefit Plan definition

BSC Benefit Plan means any plan, program, arrangement or system of employee or director benefits maintained by BSC or the Subsidiary for the benefit of employees, former employees or Directors of BSC, the Subsidiary or the Affiliates and shall include (a) any qualified retirement plan such as a pension, profit sharing, stock bonus plan or employee stock ownership plan (“ESOP”), (b) any plan, program or arrangement providing deferred compensation, bonus deferral or incentive benefits, whether funded through a trust or otherwise, and (c) any welfare plan, program or policy providing vacation, severance, salary continuation, supplemental unemployment, disability, life, health coverage, retiree health, Voluntary Employees’ Beneficiary Association, medical expense reimbursement or dependent care assistance benefits, in any such foregoing case without regard to whether the BSC Benefit Plan constitutes an employee benefit plan under Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or the number of employees covered under such BSC Benefit Plan. Through the date of this Agreement, neither BSC nor the Subsidiary or the Affiliates have made or have committed to make any contributions to any BSC Benefit Plan outside the ordinary course of business and inconsistent with past practice with regard to amounts.
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Examples of BSC Benefit Plan in a sentence

  • Except as disclosed in the BSC Schedules, BSC, the Subsidiary or the Affiliates have all power and authority necessary to amend or terminate each BSC Benefit Plan without incurring any penalty or liability provided that, in the case of an employee pension benefit plan (as defined in section 3(2) of ERISA), benefits accrued as of the date of amendment or termination are not reduced.

  • All material Unfunded Liabilities with respect to each BSC Benefit Plan have been recorded and disclosed on the most recent financial statement of BSC and the Subsidiary or, if not, in the BSC Schedules.

  • The BSC Schedules list the name and a short description of each BSC Benefit Plan, together with an indication of its funding status (e.g., trust, insured or general company assets).

  • No material actions, suits or claims (other than routine claims of benefits) are pending or, to the knowledge of BSC, threatened against any BSC Benefit Plan or against BSC or the Subsidiary with respect to any BSC Benefit Plan.

  • To the knowledge of BSC, no prohibited transaction under Section 406 of ERISA and not exempt under Section 408 of ERISA has occurred with respect to any BSC Benefit Plan which would result, with respect to any person, in (a) the imposition, directly or indirectly, of a material excise tax under Section 4975 of the Code or (b) material fiduciary liability under Section 409 of ERISA.

  • Through the date of this Agreement, neither BSC nor the Subsidiary or the Affiliates have made or have committed to make any contributions to any BSC Benefit Plan outside the ordinary course of business and inconsistent with past practice with regard to amounts.

  • BSC, the Subsidiary and the Affiliates (or any pension plan maintained by any of them) have not incurred any material liability to the PBGC or the IRS with respect to any BSC Benefit Plan which is a defined benefit pension plan, except for the payment of PBGC premiums pursuant to Section 4007 of ERISA, all of which if due prior to the date of this Agreement have been fully paid, and no PBGC reportable event under Section 4043 of ERISA has occurred with respect to any such pension plan.

  • Except as otherwise disclosed in the BSC Schedules, the benefit liabilities, as defined in Section 4001(a)(16) of ERISA, of each BSC Benefit Plan subject to Title IV of ERISA, using the actuarial assumptions that would be used by the PBGC in the event of termination of such plan, do not exceed the fair market value of the assets of such plan.

  • For purposes of this Section 2.16 as a whole, the term “material” in connection with a liability shall mean a liability or loss, taxes, penalties, interest and related legal fees in the total amount of $25,000 or more, with such determination being made on the basis of the aggregate affected participants of a BSC Benefit Plan and not with respect to any single participant.