Merck SERP definition

Merck SERP means the MSD Supplemental Retirement Plan.
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Examples of Merck SERP in a sentence

  • The Merck SERP shall continue to be responsible for Liabilities in respect of all Employees (including Transferred Employees) and Former Employees accrued thereunder.

  • Unless otherwise required by non-U.S. law, where applicable, Merck will report and withhold, as necessary, on Merck SERP and Merck DCP distributions with respect to Liabilities it retains under Sections 3.03 and 3.04(b) with respect to Merck Employees, Former Employees, and Organon Employees.

  • Except as otherwise provided by Code Section 409A, a Transferred Employee shall not be considered to have undergone a “separation from service” for purposes of Code Section 409A and the Merck SERP solely by reason of the Spin-Off, and, following his or her Transfer Date, the determination of whether a Transferred Employee has incurred a separation from service with respect to his or her benefit in the Merck SERP shall be based solely upon his performance of services for the Organon Group.

  • No Employees of the Organon Group shall accrue any benefits under the Merck SERP following the later of the Distribution Date and their applicable Transfer Date, but the Merck SERP shall credit such Employee’s continuous service with the Organon Group following the Transfer Date for purposes of early retirement eligibility and early retirement subsidies.

Related to Merck SERP

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in value in the aggregate as are payable thereunder prior to a Change in Control.

  • Deferred Plan means a trust governed by a registered retirement savings plan, registered retirement income fund, registered education savings plan or tax-free savings account.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Qualified Plan means a Pension Plan that is intended to be tax-qualified under Section 401(a) of the IRC.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Supplemental Retirement Plan means (i) the Company’s Amended and Restated Supplemental Executive Retirement Plan, (ii) the Company’s Supplemental Management Retirement Plan, (iii) the Company’s Amended and Restated Top Hat Restoration Plan, and (iv) the Company’s Defined Contribution Restoration Plan.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Disability Benefit means the benefit set forth in Article 8.

  • Company Pension Plan means each: (a) Company Employee Plan that is an “employee pension benefit plan,” within the meaning of Section 3(2) of ERISA; or (b) other occupational pension plan, including any final salary or money purchase plan.

  • Net Benefits Test means a calculation to determine whether the benefits of a reduction in price resulting from the dispatch of Economic Load Response exceeds the cost to other loads resulting from the billing unit effects of the load reduction, as specified in Operating Agreement, Schedule 1, section 3.3A.4 and the parallel provisions of Tariff, Attachment K-Appendix, section 3.3A.4.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • ESOP Account means a Participant’s account to which are credited Matching Contributions made to the Plan after March 31, 1989, and earnings and losses thereon.

  • Profit Sharing Account means any one of the accounts so designated and provided for in Section 6.01.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Automatic Investment Plan/Dividend Reinvestment Plan means a program in which regular purchases or sales are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation, including dividend reinvestment plans.