Hourly Pension Plan Sample Clauses

Hourly Pension Plan. (a) Effective as of the Closing Date, the Transferred Employees shall no longer be eligible to participate in the Retirement Plan for Chillicothe Bargained Hourly Employees of Pace 731 and 988 of OPEIU 422 (the “Seller’s Hourly Pension Plan”), and the Seller shall take all action prior to the Closing Date as may be required to achieve this result. The Purchaser agrees to establish or maintain a defined benefit plan (the “Purchaser’s Hourly Pension Plan”) which is intended to be qualified under Section 401(a) of the Code and a related trust that is intended to be exempt from taxation under Section 501(a) of the Code for the benefit of the Transferred Employees who participated in the Seller’s Hourly Pension Plan and which shall credit such Transferred Employees for their service with the Seller prior to the Closing Date for all purposes, but solely to the extent such service was recognized under the Seller’s Hourly Pension Plan. The Purchaser agrees that the Purchaser’s Hourly Pension Plan and its related trust shall be operative in all respects effective as of the Closing Date, and the Purchaser shall deliver to the Seller an officer’s certificate, a favorable determination letter or an opinion of counsel reasonably satisfactory to the Seller (a “Qualification Document”) to the effect that the Purchaser’s Hourly Pension Plan substantially complies by its terms with the requirements for qualification under Section 401(a) of the Code.
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Hourly Pension Plan. 5 Xxxxxx...................................................................................................... 1
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Hourly Pension Plan. If you retire directly from continuous service, you may elect to receive pension benefits equivalent to those provided in the Hourly Employees Pension Plan provided the benefits as determined on an actuarial basis are worth more to you than the pension otherwise payable under the Salaried Plan.
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Hourly Pension Plan. Seller currently maintains the Xxxxxx-Xxxxx Company Milford Hourly Pension Plan (the "Plan") pursuant to the Collective Bargaining Agreement. Buyer will succeed Seller as employer- sponsor of the Plan. Buyer and Seller shall contribute a sufficient amount to fund the Plan on a "going concern basis" as of October 31, 1996 ("Pension Contribution"). Buyer shall be responsible to contribute the sum of Three Hundred Fifty Thousand ($350,000) Dollars to the Plan and Seller shall contribute the balance of the Pension Contribution. The Pension Contribution shall be calculated by Towers Xxxxxx as soon after the Closing Date as is reasonably possible and the Seller's portion shall be paid by Seller to the Plan promptly thereafter. Buyer shall assume and perform all of the duties and obligations as employer-sponsor of the Plan after the Closing Date.
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Hourly Pension Plan. (a) Effective as of the end of the day immediately preceding the Closing Date, Union Employees who participate in and accrue benefits under The Hourly Employees’ Pension Plan of Rxxxx Xxxx Multifoods Corporation (“Hourly Pension Plan”) shall cease to participate in and accrue benefits thereunder.
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Related to Hourly Pension Plan

  • No Pension Plans Neither the Company nor any current or past ERISA Affiliate has ever maintained, established, sponsored, participated in, or contributed to, any Pension Plans subject to Title IV of ERISA or Section 412 of the Code.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Canadian Pension Plans The Loan Parties shall not (a) contribute to or assume an obligation to contribute to any Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent, or (b) acquire an interest in any Person if such Person sponsors, administers, maintains or contributes to or has any liability in respect of any Canadian Defined Benefit Plan, or at any time in the five-year period preceding such acquisition has sponsored, administered, maintained, or contributed to a Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time to time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, the Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executives.

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

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