ITT Plan definition
Examples of ITT Plan in a sentence
Further, as provided in Section 1.17, years of Benefit Service (as defined in the ITT Plan) credited pursuant to the ITT Plan shall be credited as Years of Service pursuant to Section 2.02 and as Years of Participation pursuant to Section 1.02.
The employees of Vitelco who are eligible to become Participants under the Plan, provided service requirements are satisfied, generally were Members (as defined therein) in the Retirement Plan for Salaried Employees of ITT Corporation (hereinafter referred to as "ITT Plan").
The Advisory ---------------------------------------- Committee shall compute a Participant's normal retirement pension and, in the case of ITT/Vitelco Employees, the normal retirement allowance under the ITT Plan in the form of a straight life annuity commencing at Normal Retirement Age.
With respect to ITT/Vitelco Employees, such employees calculation of normal retirement pension as provided in Section 5.02 shall be modified by subtracting from the normal retirement pension calculated pursuant to subparagraphs (a), (b) and (c) of Section 5.02 the normal retirement allowance (Accrued Benefit) such Participant is entitled to pursuant to the ITT Plan as of June 23, 1987 assuming such Employees were fully vested as provided in the contract.
Further, the contract governing the acquisition of Vitelco provided that ITT Corporation would cause such employees to be fully vested in the accrued benefit provided in the ITT Plan as of June 23, 1987.
For purposes of vesting under ------------------------- Section 8.04, Year of Service shall mean any Plan Year during which an Employee completes not less than one thousand (1,000) Hours of service with the Employer and for ITT/ Vitelco Employees, as defined in Section 1.17, Years of Service shall include Plan Years prior to the Effective Date of the Plan to the same extent (but only to such extent) such service was recognized by the ITT Plan for such purposes.