Examples of Transferred Employee Plan in a sentence
No Transferred Employee Plan is a multi-employer plan (within the meaning of Section 3(37) or Section 4001(a)(3) of ERISA).
Buyer can assume each Transferred Employee Plan without payment of additional amounts or consideration, other than insurance premiums that Seller would otherwise be required to pay, pursuant to the terms of such Transferred Employee Plan.
Neither the execution and delivery of this Agreement nor the consummation of the Transactions, either alone or together with another event, will (i) result in any change of control or similar payment (whether or not contingent) becoming due to any Employee, (ii) increase any benefits under any Transferred Employee Plan, or (iii) result in the acceleration of the time of payment of, vesting of or other rights with respect to any such benefit under any Transferred Employee Plan.
To the Knowledge of Seller, each Transferred Employee Plan is now and always has been operated in all material respects in accordance with its terms and the requirements of all applicable Laws, regulations and rules promulgated thereunder including ERISA and the Code.
Seller and its Affiliates have performed in all material respects all obligations required to be performed by them under any Transferred Employee Plan and are not in any material respect in default under or in violation of any Transferred Employee Plan.
There are no Actions or claims (other than routine claims for benefits) pending or, to the Knowledge of Seller, threatened with respect to any Transferred Employee Plan or any related trust or other funding medium thereunder or with respect to Seller or any ERISA Affiliate as the sponsor or fiduciary thereof and, to the Knowledge of Seller, there is no basis for any such Action.
To the extent applicable, the following documents with respect to each material Transferred Employee Plan have been made available to Buyer: (i) the most recent Form 5500, (ii) the most recent summary annual report, (iii) summary plan description, (iv) the most recent audited financial statements, (v) the most recent annual actuarial valuation, and (vi) all material correspondence to or from any Government Authority sent or received in the last year, (vii) each trust agreement.
No material action, claim, investigation or proceeding is pending or, to the Knowledge of Seller, threatened in writing, with respect to any Transferred Employee Plan (other than claims for benefits in the Ordinary Course), and no fact or event exists, to the Knowledge of Seller, that could give rise to any such action, claim or proceeding.
No Transferred Employee Plan is a “nonqualified deferred compensation plan” (as defined in Section 409A(d)(1) of the Code).
No Employee Plan (including any Transferred Employee Plan) provides for medical or welfare benefits (through insurance or otherwise), or has any liability or contingent liability to do so, to any Plastics Business Employees, or current or former directors or independent contractors of the Plastics Business, after termination of employment or service, except as may be required by Part 6 of Subtitle B of Title I of ERISA and Section 4980B of the Code or any similar applicable Law.