Excess Benefit Plans Sample Clauses

Excess Benefit Plans. (a) Ralcorp shall continue to sponsor the Ralcorp Excess Benefit Plan after the Distribution Date, for such period of time as Ralcorp shall determine in its sole discretion. Ralcorp shall take all necessary steps for the Ralcorp Excess Benefit Plan to accept Liabilities from the Post Excess Benefit Plan representing any benefits accrued by Delayed Transfer Employees who transfer from the Post Group to the Ralcorp Group and have accrued benefits in the Post Excess Benefit Plan as of the Transfer Date.
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Excess Benefit Plans. EHP (acting directly or through a member of the EHP Group) shall establish the EHP Excess Benefit Plan effective as of the Effective Time, with terms substantially similar to those under the EPC Excess Benefit Plan. EHP (acting directly or through a member of the EHP Group) shall take all necessary steps for the EHP Excess Benefit Plan to accept Liabilities from the EPC Excess Benefit Plan representing any benefits accrued in the EPC Excess Benefit Plan as of the Effective Time by individuals who are EHP Employees and former EHP Employees in accordance with the Allocation Method and whose names are set forth on Schedule H for such purpose.
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Excess Benefit Plans. An excess benefit plan is an unfounded plan maintained solely to make up benefits that are restricted because they exceed the amounts permitted by Code Section 415. Section 415 caps an individual's benefit under a defined contribution plan at the lesser of 25% of compensation or $30,000 (adjusted for inflation.) In a defined benefit plan it limits a participant's benefit to 100% of compensation or $90,000 per year (adjusted for inflation.) Because excess plans are restricted to plans providing benefits in excess of the Section 415 limits, this is a narrow exemption. A plan that makes up benefits restricted by the $150,000 compensation cap or the cap on 401(k) deferrals will not qualify as an excess plan. Top Hat Plans. Because of the limited scope of excess benefit plans, the ERISA exemption most useful to employers is the "top hat" exemption. A top hat plan is an unfunded plan "maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees." Unfortunately, the exact parameters of this top hat group continues to be a subject of debate and speculation. The Department of Labor has never published regulations on the subject and the relevant legislative history from ERISA is sparse. Further, the advisory opinions that the Department of Labor has issued from time to time on top hat plans have not been consistent on what the determinative factors are. The most helpful guidance would be a straight compensation-based test, and several have been mentioned from time to time (none officially) such as 3 times the Social Security wage base (currently around $60,000) or the $150,000 cap of Code Section 401(a)(17). There is a consensus in the benefits bar that the definition of a "highly compensated employee" found in Code Section 414(q) is too broad for ERISA purposes and cannot be relied on in drafting top hat plans. Based on the guidance that is available to date, the following factors should be considered in limiting the participation in a deferred compensation plan so that it covers only "a select group of management or highly compensated employees: - Participation Percentage. Both the Department of Labor and the courts have focused on the percentage of the employer's work force made up by the plan participants. Percentage participation of 5% or more would be outside the range of plans approved in the cases and rulings to date, although an exception might be made if all the plan...
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Excess Benefit Plans. (a) Establishing Xxxxxxxx 66 SERP. On or prior to the Effective Time, Xxxxxxxx 66 shall, or shall cause another Xxxxxxxx 66 Entity to, establish and adopt an excess benefit plan (the “Xxxxxxxx 66 SERP”) to provide each Xxxxxxxx 66 Group Employee who was a participant in the COP SERP as of immediately prior to the Effective Time (the “Xxxxxxxx 66 SERP Beneficiaries”) benefits in respect of service and compensation following the Effective Time substantially similar to those accrued with respect to such person under the COP SERP as of immediately prior to the Effective Time. Each member of the Xxxxxxxx 66 Group shall cease to be a participating employer in the COP SERP, and the Xxxxxxxx 66 Group Employees shall no longer participate in the COP SERP, effective as of the Effective Time. Notwithstanding the above, with respect to any Delayed Transfer Employee whose employment is transferred from a COP Entity to a Xxxxxxxx 66 Entity on a Transfer Date and who was a participant in the COP SERP (and each alternate payee or beneficiary of such person) as of immediately prior to such Transfer Date, the Xxxxxxxx 66 SERP shall provide benefits substantially similar to those accrued with respect to such person under the COP SERP as of immediately prior to such Delayed Transfer Employee’s transfer. The Parties agree that for purposes of the COP SERP the employment of a Xxxxxxxx 66 SERP Beneficiary shall not be considered to have terminated as a result of the Distribution or the transfer of employment from COP (or a COP Entity) to Xxxxxxxx 66 (or a Xxxxxxxx 66 Entity), and such employment shall only be considered to terminate for purposes of the Xxxxxxxx 66 SERP when the employment of such Xxxxxxxx 66 SERP Beneficiary with the Xxxxxxxx 66 Group terminates in accordance with the terms of the Xxxxxxxx 66 SERP and applicable Laws.
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Excess Benefit Plans 
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Related to Excess Benefit Plans

  • Welfare Benefit Plans During the Employment Period, the Executive and/or the Executive's family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and its affiliated companies (including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • ERISA; Benefit Plans Schedule 2.25 accurately (i) lists each ERISA Pension Benefit Plan (A)(1) the funding requirements of which (under Section 301 of ERISA or Section 412 of the Code) are, or at any time during the six-year period ending on the date hereof were, in whole or in part, the responsibility of the Company or any Company Subsidiary or (2) respecting which the Company or any Company Subsidiary is, or at any time during that period was, a "contributing sponsor" or an "employer" as defined in Sections 4001(a)(13) and 3(5), respectively, of ERISA (each plan described in this clause (A) being a "Company ERISA Pension Plan"), (B) each other ERISA Pension Benefit Plan respecting which an ERISA Affiliate is, or at any time during that period was, such a "contributing sponsor" or "employer" (each plan described in this clause (B) being an "ERISA Affiliate Pension Plan") and (C) each other ERISA Employee Benefit Plan that is being, or at any time during that period was, sponsored, maintained or contributed to by the Company or any Company Subsidiary (each plan described in this clause (C) and each Company ERISA Pension Plan being a "Company ERISA Benefit Plan"), (ii) states the termination date of each Company ERISA Benefit Plan and ERISA Affiliate Pension Plan that has been terminated and (iii) identifies for each ERISA Affiliate Pension Plan the relevant ERISA Affiliates. The Company has provided ARS with (i) true, complete and correct copies of (A) each Company ERISA Benefit Plan and ERISA Affiliate Pension Plan, (B) each trust agreement related thereto and (C) all amendments to those plans and trust agreements. Except as accurately set forth in Schedule 2.25, (i) neither the Company nor any Company Subsidiary is, or at any time during the six-year period ended on the date hereof was, a member of any ERISA Group that currently includes, or included when the Company or a Company Subsidiary was a member, among its members any Person other than the Company and the Company Subsidiaries and (ii) no Person is an ERISA Affiliate of the Company or any Company Subsidiary (other than the Company or any Company Subsidiary in the case of any other Company Subsidiary or any Company Subsidiary in the case of the Company, if the Company and the Company Subsidiaries comprise an ERISA Group).

  • Benefit Plan If an employee maintains coverage for benefit plans while on maternity or parental leave, the Employer agrees to pay the Employer's share of these premiums.

  • Company Benefit Plans (a) Section 4.13(a) of the Company Disclosure Letter sets forth a complete list, as of the date hereof, of each material Company Benefit Plan. For purposes of this Agreement, a “

  • Benefit Plans The Executive shall be entitled to participate in any benefit plans relating to stock options, stock purchases, awards, pension, thrift, profit sharing, life insurance, medical coverage, education, or other retirement or employee benefits available to other senior executive employees of the Company, subject to any restrictions (including waiting periods) specified in such plans.

  • Benefit Plans; ERISA (a) Section 2.09(a) of the Disclosure Schedule contains a true and complete list and description of each of the Benefit Plans and identifies each of the Benefit Plans that is a Qualified Plan and relates to Employees.

  • Employees; Benefit Plans (a) Following the Closing Date, BHB may choose to maintain any or all of the LSBG Benefit Plans in its sole discretion. Effective no later than the day immediately preceding the Closing Date, LSBG shall terminate any LSBG Benefit Plans for which participant consent is not required and that BHB has requested to be terminated by providing written notice to LSBG at least fifteen (15) days prior to the Closing Date. No later than the day immediately preceding the Closing Date, LSBG shall provide BHB with evidence that such LSBG Benefit Plans have been terminated. However, for any LSBG Benefit Plan terminated for which there is a comparable BHB Benefit Plan of general applicability (other than the defined benefit pension plan or any nonqualified deferred compensation plans or arrangements maintained by BHB), BHB shall take all reasonable action so that employees of LSBG shall be entitled to participate in such BHB Benefit Plan to the same extent as similarly-situated employees of BHB (it being understood that inclusion of the employees of LSBG in the BHB Benefit Plans may occur at different times with respect to different plans). BHB shall cause each BHB Benefit Plan in which employees of LSBG are eligible to participate to take into account for purposes of eligibility and vesting under the BHB Benefit Plans (but not for purposes of benefit accrual) the service of such employees with LSBG and its Subsidiaries to the same extent as such service was credited for such purpose by LSBG (other than for the defined benefit pension plan or any nonqualified deferred compensation plans or arrangements maintained by BHB); provided, however, that such service shall not be recognized to the extent that such recognition would result in a duplication of benefits. Nothing herein shall limit the ability of BHB to amend or terminate any of the LSBG Benefit Plans or BHB Benefit Plans in accordance with their terms at any time; provided, however, that BHB shall continue to maintain the LSBG Benefit Plans (other than stock-based or incentive plans and the defined benefit pension plan and any nonqualified deferred compensation plans or arrangements) for which there is a comparable BHB Benefit Plan until the LSBG Employees are permitted to participate in the BHB Benefit Plans, unless such BHB Benefit Plan has been frozen or terminated with respect to similarly-situated employees of BHB or any Subsidiary of BHB.

  • Executive Benefit Plans The Executive will be eligible to participate in any executive benefit plans offered by the Company including, without limitation, medical, dental, short-term and long-term disability, life, pension, profit sharing and nonqualified deferred compensation arrangements, as the Board may determine in its discretion. The Company reserves the right to modify, suspend or discontinue any and all of the plans, practices, policies and programs at any time without recourse by the Executive, so long as the Company takes such action generally with respect to other similarly situated officers.

  • Defined Benefit Plans The Company has not maintained or contributed to a defined benefit plan as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). No plan maintained or contributed to by the Company that is subject to ERISA (an “ERISA Plan”) (or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) that could subject the Company to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified” within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section 401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Company has never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

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