Pension Transfer. The Pension Plan is a locked-in retirement plan. Upon termination of employment, the termination benefits may be transferred to another locked-in retirement plan.
Pension Transfer. (a) Effective as of the Closing, Purchaser or one of its Subsidiaries (or, if directed by Purchaser, an Operator) shall have in effect a defined benefit pension plan intended to be qualified under Section 401(a) of the Code (the “Purchaser Pension Plan”) and related trust intended to be exempt from federal income tax under Section 501(a) of the Code and covering those Pension Participants who participated in the Seller Pension Plan. Effective as of the Closing, each Pension Participant shall cease to be a participant in the Seller Pension Plan and shall be eligible to participate in the Purchaser Pension Plan. Purchaser shall cause the Purchaser Pension Plan and upon the transfer of such assets, Purchaser (or, if applicable, an Operator) and the Purchaser Pension Plan shall assume all Liabilities under the Seller Pension Plan with respect to Pension Participants whose benefits are transferred to the Purchaser Pension Plan. The Purchaser Pension Plan shall contain terms substantially similar to the terms of the Seller Pension Plan with respect to the final average pay component, consistent with the requirements under the applicable Collective Bargaining Agreements and shall provide that the service of the Pension Participants shall be recognized for all purposes to the extent such service was recognized under the Seller Pension Plan.
Pension Transfer. Section 13.9 is amended by:
Pension Transfer. (a) Prior to the Closing Date, Seller shall establish (or cause an Affiliate to establish) a tax-qualified defined benefit pension plan and a related trust (collectively, “Seller Pension Plan”) to accept a transfer of assets and liabilities from the ArcelorMittal USA LLC Pension Plan (or any successor plan) (“AM Pension Plan”). Effective as of the Closing Date, in accordance with the provisions of this Section 6.20, all liabilities for benefits (including ancillary benefits) accrued under the AM Pension Plan for the Adjusted Retained Employees (as defined below) will transfer to and be assumed by the Seller Pension Plan. Without limiting the generality of the foregoing, following the Closing Date, the Seller Pension Plan shall provide to the Adjusted Retained Employees all benefits (including ancillary benefits) earned by such individuals under the AM Pension Plan, up to the Closing Date. For purposes of this Section 6.20, “
Pension Transfer. Effective as of the Closing Date, Xxxxx shall assign to L-P Engineered Wood and L-P Engineered Wood shall assume all of Xxxxx' rights, duties and obligations under and in respect of the Pension Plan, other than any obligations in respect of Supplemental Pension or the Supplemental Pension Benefits, and the assets thereof. Without limitation, L-P Engineered Wood shall assume all responsibility for all pension benefits accrued under the Pension Plan prior thereto for all participants in the Pension Plan, other than any obligations in respect of Supplemental Pension Benefits. Prior to the Closing Date L-P Engineered Wood and Xxxxx shall co-operate to make all amendments to the Pension Plan (and related documentation) and all applications for registration or regulatory approval as are required to implement the terms of this Section.
Pension Transfer. 35 ---------------- Pension Transfer Date......................... 35
Pension Transfer. (i) Prior to the Closing Date, Buyer shall establish or maintain a qualified defined benefit pension plan or a portion of a qualified defined benefit plan (the “Buyer Pension Plan”) that is identical in all material respects with the benefits, terms and conditions of the qualified defined benefit pension plan maintained for the Business Employees immediately prior to the Closing Date (the “Pension Plan”), for purposes of assuming the liabilities and providing pension benefits in respect of the Business Employees and make any and all filings and submissions to the appropriate Governmental Entities required to be made by it in connection with the transfer of assets described below and agrees to maintain such pension plan (including providing additional benefit accruals) (i) as required by the Collective Bargaining Agreements and (ii) otherwise for a period of not less than eighteen (18) months. The participation by Business Employees in the Pension Plan shall cease as of 11:59 PM Connecticut time on the Closing Date. Prior to the Closing Date, Buyer shall provide Seller a copy of Buyer’s most recent determination letter from the IRS with respect to the qualified status of the Buyer Pension Plan, and Seller shall provide Buyer with a copy of the most recent determination letter from the IRS with respect to the qualified status of the Pension Plan. Seller and Buyer shall reasonably cooperate to satisfy the Pension Plan trustee and Buyer Pension Plan trustee in connection with such transfer. Subject to the transfer of the Initial Pension Plan Transfer Amount, effective immediately following the Closing Date, the Buyer Pension Plan shall be responsible for all liabilities for the benefits payable for Business Employees immediately following the Closing Date under the terms of the Pension Plan and all benefit payments to Business Employees shall be made from the Buyer Pension Plan. Effective immediately following the Closing Date, the Pension Plan shall be liable to the Buyer Pension Plan for the “Pension Transfer Amount,” which shall be an amount equal to the aggregate present value of accrued vested and nonvested benefits under the Pension Plan of the Business Employees up to and including the Closing Date, determined on a projected benefit obligation basis by an actuary retained by Seller (“Seller’s Actuary”) utilizing the current GAAP assumptions used in Seller’s Form 10-K filing that most recently precedes the Closing Date (except for the discount rate and i...
Pension Transfer. Notwithstanding the agreement of the parties to replace the former OMERS Pension Plan with the current HOOPP Plan, the parties recognize that there are ongoing issues in respect of the transfer. Although the Collective Agreement states that HOOPP is the current plan, this agreement does not prejudice or limit the right of either party to pursue such issues related to the transfer including, but not limited to, a return to OMERS. Dated at Ontario, this day of , 2005. FOR THE EMPLOYER FOR THE UNION
