GP Employees definition
Examples of GP Employees in a sentence
GP has adopted a defined benefit pension plan (“GP Pension Plan”) effective as of July 1, 2006, to cover Eligible GP Employees, as well as other individuals subsequently employed by GP and determined to be eligible under the terms of the GP Pension Plan.
Under the terms of the Valero Energy Corporation Deferred Compensation Plan (“Deferred Compensation Plan”), Eligible GP Employees who are participants in the Deferred Compensation Plan shall be deemed to have terminated employment upon VEC ceasing to own a majority of the equity interest in GP.
Effective as of the expiration of the Welfare Plan Transition Period, Eligible GP Employees shall cease participation in the VEC flexible benefits plan, and GP may establish a flexible benefits plan under Code section 125 for Eligible GP Employees.
With respect to the continuation of coverage during the Welfare Plan Transition Period for the Eligible GP Employees and their dependents, GP shall continue to be charged by VEC the percentage of payroll attributable to the overall benefit costs as determined on January 1, 2006 (such percentage being 50.6%, a portion of which relates to the provision of welfare benefits).
Effective as of July 1, 2006, GP shall adopt an Excess Thrift Plan (“GP Excess Thrift Plan”) for Eligible GP Employees, as well as other individuals subsequently employed by GP and determined to be eligible under the terms of the GP Excess Thrift Plan, which shall have initial terms substantially similar to the terms of the Valero Energy Corporation Excess Thrift Plan (“VEC Excess Thrift Plan”).
The ▇▇ ▇▇▇▇▇▇ Plan shall accept direct rollovers of the account balances of Eligible GP Employees under the VEC Thrift Plan, and shall provide credit to all Eligible GP Employees for purposes of eligibility and vesting for all service credited by VEC for such purposes under the VEC Thrift Plan.
VEC will also be responsible for providing any required COBRA coverage for Eligible GP Employees and dependents whose COBRA qualifying event occurs during the Welfare Plan Transition Period, and for administering any QMCSOs received during the Welfare Plan Transition Period.
The GP Excess Thrift Plan shall provide credit to all Eligible GP Employees for purposes of vesting for all service credited by VEC for such purpose under the VEC Excess Thrift Plan.
The GP Pension Plan provides all Eligible GP Employees with service credit for purposes of vesting and eligibility for all service credited by VEC under the Valero Energy Corporation Pension Plan (“VEC Pension Plan”) for such purposes.
The parties will cooperate with each other to establish and implement one or more special direct rollover “window” opportunities for Eligible GP Employees to roll over their account balances under the VEC Thrift Plan (including, for such special direct rollover window periods, outstanding plan loans) to the ▇▇ ▇▇▇▇▇▇ Plan on such terms as the parties agree.