DC Employees definition
Examples of DC Employees in a sentence
Purchaser and Seller Parent shall work together in order to facilitate any such distribution or rollover and to effect an eligible rollover distribution for those DC Employees (U.S.) who elect to rollover their account balances, including notes, directly into a Purchaser DC Plan (U.S.).
Purchaser and Seller Parent shall work together in order to facilitate any such distribution or rollover and to effect a rollover distribution for those DC Employees (non-U.S.) who elect to rollover their account balances, including notes, directly into a Purchaser DC Plan (non-U.S.).
To the extent permitted by applicable Law, each Purchaser DC Plan (non-U.S.) shall allow for the receipt in cash from the DC Employees (non-U.S.) of rollover distributions, but also including notes corresponding to loans.
The DC Transfer Amounts to be transferred, if any, from the respective Seller DC Plans (non-U.S.) shall be equitably adjusted to take into account benefit payments made from the respective Seller DC Plans (non-U.S.) to the DC Employees (non-U.S.) after the Closing but prior to the date of transfer and for any earnings and losses on such amount during such period.
The DC Employees shall be given credit under the respective Parent DC Plan for all service with and compensation from the Company and its Affiliates and their respective predecessors as if it were service with and compensation from the Parent for purposes of determining eligibility and vesting under each respective Parent DC Plan.
Buyer and Seller will work together in order to facilitate any such distribution or rollover and to effect an eligible rollover distribution for those DC Employees who timely elect to rollover their account balances, including notes, directly into a Buyer DC Plan.
The DC Employees shall be given credit under the respective Buyer DC Plan for all service with Seller and its Affiliates and their respective predecessors as if it were service with Buyer for purposes of determining eligibility and vesting under each respective Buyer DC Plan, solely to the extent such service is credited for the purposes of the applicable defined contribution plan in which the Transferred Employee participated immediately prior to Closing.
The DC Employees will be given credit under the respective Non-U.S. Buyer DC Plan for all service with and compensation from Sellers or their Affiliates as if it were service with and compensation from Buyers and their Affiliates for purposes of determining eligibility, vesting and the amount of any benefits or benefit accruals under each respective Non-U.S. Buyer DC Plan.
Purchasers and Sellers shall work together in order to facilitate any such distribution or rollover and to effect an eligible rollover distribution for those DC Employees who elect to rollover their account balances and outstanding Plan loan obligations directly into a Purchaser DC Plan.
Such Transferred Employees are referred to hereinafter as the “DC Employees.” Effective as of the 401(k) Cutover Date, the Sellers shall, or shall cause its applicable Affiliates to, cause the DC Employees to cease to be covered under the Seller 401(k) Plan and Buyer shall cause such DC Employees to become eligible to participate in the Buyer 401(k) Plan effective as of such date.