Post-Retirement Medical Liability definition

Post-Retirement Medical Liability has the meaning set forth in Section 7.8(i).
Sample 1
Post-Retirement Medical Liability means the present value of the Sellers' ongoing financial obligation to provide post-retirement medical benefits to employees of the Company, the Company Subsidiaries and their predecessors (including Purolator) who have retired on or before the Closing Date (including employees who elect within sixty (60) days after the Closing Date to start receiving retirement benefits on the first day of the month following the Closing Date) and their eligible spouses and dependants under the CNF Inc. Welfare Benefits Plan determined in accordance with this Section 7.8(i). The Post-Retirement Medical Liability shall be determined (A) under the Company Benefit Plans on the assumption that they are not amended or terminated, (B) including internal and external administration costs, and (C) without regard to tax effects. Prior to the Closing, the Shareholder and the Purchaser each shall designate an actuary for the purpose of making the determinations under this Section 7.8(i) and Section 7.8(j) and the Shareholder shall provide to the Purchaser's actuary such retiree, dependent and plan data as is reasonably requested by the Purchaser's actuary pursuant to either such Section. As soon as practicable but in no event more than twenty-one (21) days after the Closing Date, the Shareholder's actuary shall present to the Purchaser and the Purchaser's actuary its proposed Post- Retirement Medical Liability and such proposal shall set forth in reasonable detail the assumptions underlying such proposal and the retiree, dependent and plan data and such other information upon which the proposal is based ("Shareholder's Proposal"). Within thirty (30) days after receipt of Shareholder's Proposal and the receipt of any additional information reasonably requested by the Purchaser's actuary, the Purchaser's actuary shall certify its agreement in writing to Shareholder's Proposal, in which case, Shareholder's Proposal shall be the Post- Retirement Medical Liability, or, alternatively, present to the Shareholder and the Shareholder's actuary the Purchaser's proposed Post-Retirement Medical Liability, setting forth in reasonable detail the assumptions underlying such proposal and the information upon which the proposal is based ("Purchaser's Proposal"). Within fourteen (14) days after receipt of Purchaser's Proposal, the Shareholder's actuary shall either certify its agreement in writing to Purchaser's Proposal, in which case, Purchaser's Proposal shall be the Post-Retirement Medical Liabi...
Sample 1

Related to Post-Retirement Medical Liability

  • Continuing care retirement community means a residential

  • 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 the aggregate as are payable thereunder prior to a Change in Control;

  • Retiree means any person who has begun accruing a retirement

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Retiree Health Plan means an "employee welfare benefit plan" within the meaning of Section 3(1) of ERISA that provides benefits to individuals after termination of their employment, other than as required by Section 601 of ERISA.

  • 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.

  • Health benefit plan means a policy, contract, certificate or agreement offered or issued by a health carrier to provide, deliver, arrange for, pay for or reimburse any of the costs of health care services.

  • Disability retirement for plan 1 members, means the period

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: Age at Voluntary Termination Number of Years of Advance Notice 58 or younger 59 60 or older 3 years 2 years 1 year By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).

  • Newly hired employee or “New Hire” means any employee, whether permanent, full-time, or part-time, hired by the Office and who is still employed as of the date of new employee orientation. It also includes all employees who are or have been previously employed by the Office and whose current position has placed them in the bargaining unit represented by CSEA. For those latter employees, for purposes of this article only, the “date of hire” is the date upon which the employees’ employment status changed as such that the employee was placed in the CSEA unit.

  • 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.

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

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

  • Defined Benefit Plan means either a plan described in Section 3(35) of ERISA or a plan subject to the minimum funding standards set forth in Section 302 of ERISA and Section 412 of the Code.

  • Welfare Plan means a “welfare plan” as defined in Section 3(1) of ERISA.

  • Defined Benefit Plan Fraction means a fraction, the numerator of which is the projected annual benefit (determined as of the close of the relevant Plan Year) of the Participant under all Defined Benefit Plans maintained by one or more Related Companies, and the denominator of which is the lesser of (i) the product of 1.25 multiplied by the dollar limitation in effect under Section 415(b)(1)(A) of the Code for the Plan Year, or (ii) the product of 1.4 multiplied by the amount which may be taken into account under Section 415(b)(1)(B) of the Code with respect to the Participant for the Plan Year.

  • Qualifying Employee means any employee of Managing Agent or Parent or any of their respective subsidiaries who is and has been an employee of Managing Agent or Parent or any of their respective subsidiaries for at least thirty-six (36) months.