VEC SERP definition

Examples of VEC SERP in a sentence

  • In this connection, it is the intent of the Company that this Plan not constitute a new nonqualified deferred compensation plan, but rather an assumption and continuation of the portion of the Predecessor SERP spun-off and assumed by the Company, effective as of July 1, 2006, with respect to Eligible Employees of the Company who had accrued a benefit under the VEC SERP, and to provide benefits described herein to other Employees who become Participants hereunder.

  • It is the intent of the Company that this Plan shall assume the liabilities of the VEC SERP with respect to Eligible Former VEC Employees, and shall provide a single, nonqualified defined benefit to Eligible Former Eligible VEC Employees for their pre-July 1, 2006 benefit accruals under the VEC SERP and their post-July 1, 2006 benefit accruals under this Plan, and that this Plan and the Company shall be solely liable for all benefits due Eligible Former VEC Employees under this Plan and the VEC SERP.

  • The Plan was established in connection with a spin-off from the Valero Energy Corporation Supplemental Executive Retirement Plan (“VEC SERP”) of the benefits accrued under the VEC SERP with respect to Eligible Former VEC Employees (as defined below).

  • Effective as of July 1, 2006, eligible Employees of the Company ceased accruing additional benefits under the VEC Pension Plan and the VEC SERP.

  • Any Employee who was (a) an Employee on the Effective Date, and (b) a participant in the VEC SERP shall automatically become a Participant in this Plan.

  • Eligible GP Employees who, as of July 1, 2006, are participants in the VEC Excess Pension Plan or the VEC SERP shall automatically become participants in the GP Excess Pension Plan or the GP SERP, as the case may be, and shall cease to be eligible to participate in, or to receive additional accruals under, the VEC Excess Pension Plan or the VEC SERP.

  • Eligible GP Employees who, as of July 1, 2006 or the Cut-Over Date, as applicable, are participants in the VEC Excess Pension Plan or the VEC SERP shall, as of such date, automatically become participants in the GP Excess Pension Plan or the GP SERP, as the case may be, and shall cease to be eligible to participate in, or to receive additional accruals under, the VEC Excess Pension Plan or the VEC SERP.

Related to VEC SERP

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

  • 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;

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

  • 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.

  • Restoration Plan means all technical and organisational measures necessary for the restoration of the system back to normal state;

  • Profit Sharing Plan means a profit-sharing plan that is qualified pursuant to 26 U.S.C. § 401 of the Internal Revenue Code and subject to the Employee Retirement Income Security Act, and which provides for employer contributions in the form of cash, but not in the form of stock or other equity interests in a Medical Marijuana Business.

  • 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.

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

  • Thrift Plan means the Financial Institutions Thrift Plan, a qualified and tax-exempt defined contribution plan and trust under Sections 401(a) and 501(a) of the Code, as adopted by the Bank.

  • Savings Plan or "plans" means a plan that provides different investment strategies and allows account distributions for qualified higher education expenses.

  • 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.

  • Supplemental Plan means a written plan for a child outlining the agency's plan to locate a permanent placement for the child and which may be developed concurrently with the case plan.

  • 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.

  • Compensation Plans shall have the meaning set forth in Section 3.11(b).

  • Nonqualified deferred compensation plan means a compensation plan described in Section 3121(v)(2)(C) of the Internal Revenue Code.

  • pension means a pension or annual allowance paid under the Public Service Superannuation Act (PSSA), R.S., 1985, c. P-36, and any increases paid pursuant to the Supplementary Retirement Benefits Act, R.S., 1985, c. S-24 as it affects the PSSA. It does not include pensions payable pursuant to the Canadian Forces Superannuation Act, R.S., 1985, c. C-17, the Defence Services Pension Continuation Act, 1970, c. D-3, the Royal Canadian Mounted Police Pension Continuation Act , 1970, c. R-10, and the Royal Canadian Mounted Police Superannuation Act, R.S., 1985, c. R-11, the Members of Parliament Retiring Allowances Act, R.S. 1985, c. M-5, and that portion of pension payable to the Canada Pension Plan Act, R.S., 1985, c. C-8.

  • Deferred Compensation Plan means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

  • Company Benefit Plan has the meaning specified in Section 4.13(a).

  • Company Benefit Plans has the meaning set forth in Section 3.16(a).

  • Qualified Plans has the meaning set forth in Section 5.20.

  • Company 401(k) Plan shall have the meaning set forth in Section 4.11(f).

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

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

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

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

  • Parent Benefit Plans has the meaning set forth in Section 5.07(b).