Excess Benefit Plan. It is agreed that a portion of the negotiated pension contributions to the Locals 302 and 612 of the International Union of Operating Engineers-Employers Construction Industry Retirement Fund (“Retirement Fund”) shall be remitted to a Non-Qualified Excess Benefit Trust (“Excess Benefit Trust”) to be utilized as necessary to establish, fund and administer the Excess Benefit Trust and a Non-Qualified Excess Benefit Plan under guidelines established in Internal Revenue Service (“IRS”) Private Letter Rulings and under any other IRS private letter ruling the parties may request. The amount remitted to the Excess Benefit Trust shall be the amount necessary to pay benefits and administrative expenses under the Non-Qualified Excess Benefit Plan for the following month, including any retroactive payments authorized by the Excess Benefit Plan, as calculated by the third-party administrator for the Retirement Fund and Excess Benefit Trust. The balance of the contributions not paid to the Excess Benefit Trust shall be remitted to the Retirement Fund. In no event shall amounts previously contributed to the Retirement Fund be reallocated to the Excess Benefit Trust. The Excess Benefit Plan will be designed solely to provide pension benefits to Retirement Fund participants, whose benefits are otherwise limited by Internal Revenue Code Section 415. The Excess Benefit Plan and Trust will be administered by a Board of Trustees, consisting of the same Trustees who administer the Retirement Fund. The Retirement Fund Trustees are granted the authority to establish and maintain the Excess Benefit Plan and Trust, provided that the language of the Excess Benefit Plan will allow for its termination if continuing benefits under that Plan will impair the funding status of the Retirement Fund, or if legislation is adopted modifying Internal Revenue Code Section 415 to such an extent that the Excess Benefit Plan is no longer required.
Excess Benefit Plan non-qualified defined contribution plan to accompany the 401(k) plan and to make contributions otherwise limited by the compensation restriction in Section 401(a)(17) of the Internal Revenue Code.
Excess Benefit Plan. Effective January 1, 2019, the Company will establish an unfunded “excess benefit plan” (“Excess Plan”) solely for the purposes of providing benefits that would have been provided under the VIP but for the limitations of Internal Revenue Code §415(c). The eligibility requirements, amount of benefits, time and form of benefit distribution and administrative provisions of the Excess Plan will mirror the provisions of the Company’s Supplemental Benefit Plan that provide for benefits in excess of the limitations of Internal Revenue Code §415(c) in all material respects. The Company reserves the right to unilaterally establish, alter, amend, and/or modify any or all terms of the Excess Plan as it deems necessary to comply with all applicable laws and regulations, at its sole discretion without further discussion or negotiation with the Union. All terms and conditions of the Excess Plan, as may be so established, amended or modified, will apply to employees covered by this Agreement. The Union understands that the Excess Plan will be a non-qualified deferred compensation plan under the Internal Revenue Code, and as such, employees who elect to participate in the Excess Plan will be subject to special restrictions and election rules with respect to the VIP (including, but not limited to, restrictions on changing deferral elections during a plan year and electing to defer Employee Incentive Plan payments), in addition to restrictions on elections under and distributions from the Excess Plan. The Company reserves the right to unilaterally alter, amend, and/or modify any or all terms of the VIP as it deems necessary to cause the Excess Plan to comply with the Internal Revenue Code, but no such alteration, amendment or modification deemed necessary by the Company to comply with the IRC shall impact individuals who do not enroll in the Excess Plan. Nothing under the Excess Plan will be subject to the grievance and arbitration procedure of Article 3.
Excess Benefit Plan. Wesbanco and the Employee mutually agree that the payment of the Employee’s benefits under ESB Financial’s Amended and Restated Excess Benefit Plan dated November 20, 2007 (the “Excess Benefit Plan”) will be triggered by his separation from service on the Effective Date of the Merger. Wesbanco will pay to the Employee the benefits to which the Employee is entitled under the terms of the Excess Benefit Plan in accordance with the provisions thereof.
Excess Benefit Plan. ICB and IBTC, as applicable, shall terminate the Home Federal Savings Bank Excess Benefit Plan Agreement between IBTC and Xxxx X. Xxxxx, Xx. in accordance with Treasury Regulation §1.409A-3(j)(4)(ix)(B). The present value of the benefits payable to Xx. Xxxxx under the Excess Benefit Plan will be distributed on the Closing Date.
Excess Benefit Plan. Excess Benefit Plan," when immediately preceded ------------------- by "HP," means the HP Excess Benefit Retirement Plan. When immediately preceded by "Agilent," "Excess Benefit Plan" means the non-qualified supplemental excess benefit retirement plan to be established by Agilent pursuant to Sections 2.2 and 5.1 that corresponds to the HP Excess Benefit Plan.
Excess Benefit Plan. Wesbanco and the Executive mutually agree that the payment of the Executive’s benefits under ESB Financial’s Amended and Restated Excess Benefit Plan dated November 20, 2007 (the “Excess Benefit Plan”) will be triggered by her separation from service on the Effective Date of the Merger. Wesbanco will pay to the Executive the benefits to which the Executive is entitled under the terms of the Excess Benefit Plan in accordance with the provisions thereof.
Excess Benefit Plan. 21 5.2 Executive Deferred Compensation Plan................................................................. 21 5.3
Excess Benefit Plan. Immediately prior to the Effective Time, Beacon Federal shall, in cooperation with BHLB, terminate each of the Beacon Federal Bancorp, Inc. Excess Benefit Plan effective November 1, 2008, and the Deferred Compensation Plan and Trust for Rxxx Xxxxxxxx, and the amounts due thereunder shall be paid in a lump sum to the participants therein, on or prior to the Effective Time in accordance with Section 409A of the Code.
Excess Benefit Plan. The Plan is an excess benefit plan as defined in section 3(36) of the Act. For additional details about funding matters, see Section 9.4. -6- 8
