SAVINGS AND INVESTMENT PLAN. Section 28.1 All eligible regular full-time employees covered hereunder shall have the right to participate in the Company's Savings and Investment Plan, subject to the terms and conditions of the Plan prevailing during the period of the employee's participation.
SAVINGS AND INVESTMENT PLAN. 20.1 401(k). Bargaining unit employees may participate in the Company’s 401(k) Savings Plan as described in the Plan Documents and Rules, on a voluntary basis. The Company will annually contribute up to 3% as matching contributions to the Plan on behalf of employees covered by this Agreement. Local Lodge 850 Oklahoma City, OK 21
SAVINGS AND INVESTMENT PLAN. (i) Within 180 days after the Closing Date, Westlake, if it does not already maintain such a plan, shall establish and shall thereafter maintain a tax-qualified defined contribution plan (the "Westlake's Savings Plan") under Section 401(k) of the Internal Revenue Code of 1986, as amended ("the Code") for all of those Plant Employees who were eligible to participate in The X.X.Xxxxxxxx Company Retirement Plus Savings Plan or The X.X.Xxxxxxxx Company Retirement Plus Savings Plan for Wage Employees collectively the "BFG RPSP") immediately prior to the Closing Date. The parties agree to work together to facilitate a trust-to-trust transfer under the requirements of the Code for those Plant Employees who elect to do so as of a given date, whereby all assets in the trust established under the BFG RPSP attributable to all Plant Employees electing to do so will be transferred to the trust established under the Westlake's Savings Plan. Westlake shall grant past service credit for service recognized by BFG for purposes of determining eligibility to participate and vesting in Westlake's Savings Plan. (ii) All Plant Employees shall be fully vested in their account balances in the BFG RPSP as of the Closing Date, regardless of their length of service at that time. (iii)
SAVINGS AND INVESTMENT PLAN. 3.4.4.1 Without limiting the generality of the foregoing, effective as of the Effective Date, Purchaser shall have in effect a profit sharing plan that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code that is qualified pursuant to Section 401(a) of the Code and trust that forms a part of such plan that is exempt from tax under Section 501(a) of the Code (such plan and trust, together, “Purchaser’s 401(k) Plan”), which will provide to Transferred Employees, who immediately prior to the applicable Employee Transfer Date are participants or who would be permitted during the Continuation Period to become participants in the Xxxxxxx-Xxxxx Squibb Company Savings and Investment Program (the “BMS 401(k) Plan”), contributions and vesting that are identical to that provided by the BMS 401(k) Plan immediately prior to the applicable Employee Transfer Date, but only during the Continuation Period and only to the extent that such transition contributions do not cause the Purchaser’s 401(k) Plan to fail to satisfy the requirements of Code Section 401(a)(4), 401(k) or 401(m). Each Transferred Employee participating in the BMS 401(k) Plan immediately prior to the applicable Employee Transfer Date shall become a participant in Purchaser’s 401(k) Plan as of the applicable Employee Transfer Date and each Transferred Employee who would have become eligible during the Continuation Period to participate in the BMS 401(k) Plan shall become a participant in Purchaser’s 401(k) Plan at such time as he or she would have become eligible to participate in the BMS 401(k) Plan.
SAVINGS AND INVESTMENT PLAN. Following your retirement, you may elect to take a lump sum distribution under the Savings and Investment Plan, defer your distribution until age 70 1/2 or elect to begin receiving installment payments over a period of up to 10 years, in accordance with the terms of the Plan. Your S&I balance as of January 10, 1996 was $163,263.28. In March 1996 you will be eligible to receive your Savings & Investment Replacement payment for 1995 in an amount estimated to be $17,550. As you know, you elected to defer this amount, and it will be paid out in a lump sum, according to your election.
SAVINGS AND INVESTMENT PLAN. The Company has a Savings and Investment Plan which allows participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue Code of 1986. The Company also may make discretionary annual matching contributions in amounts determined by the Board of Directors, subject to statutory limits. The Company did not make any contributions to the 401(k) Plan during the years ended December 31, 1996 and 1997 and the six months ended June 30, 1998. [5]
SAVINGS AND INVESTMENT PLAN. The Company has implemented a Savings and Investment Plan (the “Savings Plan”) pursuant to Section 401(k) of the Internal Revenue Code for all eligible employees. Under the Savings Plan, employees may elect to contribute a percentage of their compensation, subject to limits. The Company makes a matching contribution equal to 50% of an employee’s contribution, up to 8.0% of compensation, subject to certain limitations. The Savings Plan expenses for the years ended September 30, 2014 and 2013, amounted to $72,000 and $83,000, respectively. Employees Stock Ownership Plan (“ESOP”) The Company established an ESOP for all eligible employees in connection with the public offering of common stock in April 2007. The ESOP used the proceeds of a $1.6 million, 8.0% term loan from the Company to purchase 164,413 shares of Company common stock. The term loan from the Company to the ESOP is payable in annual installments of principal and interest over 30 years commencing on December 31, 2007. The Company intends to make discretionary contributions to the ESOP which will be equal to principal and interest payments on the term loan to the ESOP from the Company. Xxxxxx purchased with the loan proceeds are initially pledged as collateral for the term loan and are held in a suspense account for future allocation among participants. Contributions to the ESOP and shares released from the suspense account will be allocated among the participants on the basis of compensation, as defined by the ESOP, in the year of allocation. As of September 30, 2014 and 2013, the loan had a balance of $1,487,000 and $1,509,000, respectively. The ESOP is accounted for in accordance with the guidance issued by FASB. Accordingly, the ESOP shares pledged as collateral are reported as unearned ESOP shares in the consolidated statements of financial condition. As shares are committed to be released from collateral, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. Dividends on unallocated ESOP shares are recorded as a reduction of debt. ESOP compensation expense was $50,000 and $48,000 for the years ended September 30, 2014 and 2013, respectively. The ESOP shares are summarized as follows: September 30, 2014 2013 Unearned shares 121,900 127,380 Xxxxxx committed to be released 4,110 4,110 Shares released 36,992 31,512 Total shares 163,002 163,002 Fair value of unearned shares $ 1,573,000 $ 1,0...
SAVINGS AND INVESTMENT PLAN. (i) As soon as practicable after Closing and effective as of Closing, Purchaser shall take all action necessary and appropriate to establish and maintain a new, tax-qualified profit sharing plan with a tax-qualified cash or deferred arrangement ("Purchaser's Savings Plan") which provides benefits to Transferred Union Employees which are substantially identical to the benefits provided in the Durco International Inc. Savings and Thrift Plan ("Durco 401(k) Plan"), and Purchaser shall not change such benefits for at least one year after Closing.
SAVINGS AND INVESTMENT PLAN. (a) Effective as of the Closing Date, Buyer shall, or shall cause the Buyer Subsidiaries and the Clairol Entities to, have in effect a profit-sharing plan in accordance with Section 9.03 hereof that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (the "BUYER'S 401(k) PLAN") and is intended to be qualified pursuant to Section 401(a) of the Code. Buyer shall cause Buyer's 401(k) Plan to accept direct rollover contributions (within the meaning of Section 401(a)(31) of the Code and the regulations promulgated thereunder) of Employee account balances which are made in the form of cash and/or outstanding Employee loan balances from the Brixxxx-Xxxxx Xxuibb Company Savings and Investment Program (the "SELLER'S 401(k) PLAN"). Employees shall have a fully vested interest in their accounts under the Seller's 401(k) Plan, and in any accounts transferred to the Buyer's 401(k)
SAVINGS AND INVESTMENT PLAN. (a) Effective as of the Closing Date, Buyer shall, or shall cause the Buyer Subsidiaries and the Clairol Entities to, have in effect a profit-sharing plan in accordance with Section 9.03 hereof that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (the "BUYER'S 401(K) PLAN") and is intended to be qualified pursuant to Section 401(a) of the Code. Buyer shall cause Buyer's 401(k) Plan to accept direct rollover contributions (within the meaning of Section 401(a)(31) of the Code and the regulations promulgated thereunder) of Employee account balances which are made in the form of cash and/or outstanding Employee loan balances from the Bristol- Myers Squibb Company Savings and Investment Program (the "SXXXXX'X 000(X) PLAN"). Employees shall have a fully vested interest in their accounts under the Seller's 401(k) Plan, and in any accounts transferred to the Buyer's 401(k) Plan. Neither Buyer, the Buyer Subsidiaries, Buyer's 401(k) Plan nor any of their Affiliates shall have or assume any liability in connection with Seller's 401(k) Plan (except with respect to accounts that are transferred as described above).
