Supplemental Pension. (a) Following any termination of his employment with the Company other than by the Company for Cause or as a result of his death, the Executive shall be entitled to receive a supplemental pension benefit with annual payments equal to five percent (5%) of his Average Final Annual Compensation (as defined below) multiplied by his full and partial years of service with the Company (including any additional years of credited service pursuant to Sections 14(d) and 15(c)); provided however, that the maximum annual pension to which the Executive shall be entitled shall be 50% of his Average Final Annual Compensation. For this purpose, "
Supplemental Pension. At the employee's sole discretion, after age 55, and with 10 or more years of service, but less than 30 years of service, the employee may retire with a supplemental pension reduced by 1/2 of 1% for each month that the retirement date precedes his 65th birthday.
Supplemental Pension. As additional compensation, the Company will provide nonqualified deferred compensation to the Executive after termination of his employment. The amount of the deferred compensation will be measured solely by the cash surrender value, at the time payment of the deferred compensation is due, of one or more life insurance contracts (as defined in Internal Revenue Code Section 7702) on the life of the Executive, purchased by or on behalf of the Company solely with the annual premiums described below. Such life insurance contracts shall provide such insurance coverage and contract terms (consistent with the premium limits described below), and shall be purchased from such one or more insurance companies, as shall be acceptable to the Executive. On the first business day of each calendar year (or the date of the execution of this Agreement in the case of 1997) during the Executive's service under this Agreement, the Company shall provide for the payment of total premiums, under all such life insurance contracts in the aggregate, equal to the sum of:
Supplemental Pension. In addition, the Executive shall be entitled to payments in the nature of supplemental pension payments at the rate of $200,000 (or such higher amount resulting from the annual COLA Adjustment described below) per year, payable in accordance with the regular payroll practices of the Company, for the period following the termination of his employment until the death of the survivor of the Executive and his current spouse, such payments, however, to begin only following the later of: (i) the termination of any salary payments (including, without limitation, any salary continuation payments contemplated under section 7(d)(ii), if applicable); and (ii) the tenth anniversary of the Final Date if the Executive receives a lump sum payment pursuant to section 7(d)(ii) or section 8(b). Such supplemental pension payments shall be payable upon the termination of the Executive’s employment under all circumstances (including, but not limited to, a termination pursuant to section 7(a)) other than termination by the Company for Cause. The amount of such supplemental pension payments shall be increased (the “COLA Adjustment”) during each year the supplemental pension payments are payable by an amount which reflects any increase in the cost of living on the immediately preceding June 30th over the cost of living on June 30, 2000, using as a basis for such increase the Consumer Price Index for all Urban Consumers (CPI-U) for New York, Northern New Jersey-Long Island, as published by the U.S. Department of Labor (the “Index”) or, in the event such Index is no longer published, such other index as is determined in good faith to be comparable by the board of directors of the Company. The COLA Adjustment shall be made each July 1st and shall remain applicable until the next June 30th. The Executive acknowledges that the Company’s obligation under section 5(b) is an unfunded, unsecured promise to pay certain amounts to the Executive in the future. The amounts payable under section 5(b) shall be paid out of the Company’s general assets and shall be subject to the risk of the Company’s creditors. In no event shall the Executive’s rights under section 5(b) be greater than the right of any unsecured general creditor of the Company.
Supplemental Pension. (i) Subject to the provisions of this Section 3(g), Executive shall earn during the Term a supplemental monthly pension for life (the "Pension") payable in the form of a straight life annuity commencing with the month following the month in which Executive attains age 65. The amount of the Pension shall be determined in accordance with the benefit formula and actuarial factors and assumptions set forth in the Detrex Corporation Employees Retirement Plan (the "Retirement Plan"), as in effect on the Effective Date, except that, for purposes of calculating the amount of the Pension, the following shall apply: (A) Executive shall be entitled to receive the Pension even if, at the time of his termination of employment, he is not entitled to receive a pension under the Retirement Plan; (B) for purposes of determining eligibility for benefits and calculating the amount of the Pension, Executive shall be credited with years of vesting and accrual service equal to the sum of (I) the number of whole months elapsed from April 1, 1995 to the date of Executive's termination of employment hereunder divided by six plus (II) five; (C) subject to Section 3(g)(ii) below, Executive shall be fully vested in the Pension as of the Effective Date; (D) the amount of the Pension shall be paid in the form of a 50% qualified joint and survivor annuity, unless Executive shall elect in writing prior to his termination of employment to have the Pension paid in another form of payment that may be elected under the Retirement Plan; provided, however, that the Company shall have the right at any time following Executive's termination of employment to pay the entire amount of the remaining Pension to Executive (or his surviving spouse, if applicable) in a lump sum (regardless of the amount of such lump sum) calculated in accordance with the actuarial factors specified in the Retirement Plan applicable to involuntary cashouts; (E) the amount of the Pension shall be reduced by the amount of the retirement benefits payable to Executive (or his spouse) under the Retirement Plan; (F) the monthly payments of the Pension shall not commence until the latest to occur of (I) the date Executive attains the earliest retirement age under the Retirement Plan, (II) the date Executive is no longer entitled to receive payments of the Severance Amount and (III) the date of Executive's termination of employment. If Executive should die prior to the commencement of the Pension, his surviving spouse, if any, s...
Supplemental Pension. (a) In the event of a Qualifying Termination of Employment, in lieu of accruing pension benefits under the Company's Pension Plan, the Company's 401(k) Plan (the "401(k) Plan"), the Company's Deferred Capital Accumulation Plan (the "DCAP"), the Company's Supplemental Retirement Plan (the "SERP"), and any other funded or unfunded pension plans now or hereafter maintained by the Company (collectively, the "Pension Plans") during the Continuation Period, the Executive shall be entitled to receive an unfunded supplemental pension benefit under this Agreement (the "Supplemental Benefit"). The Supplemental Benefit shall be calculated under Subsection 5.2(b) below and shall be paid in a lump sum within 30 business days after the date of the Qualifying Termination of Employment.
Supplemental Pension. Section 1. Except as otherwise provided by Article XIII, Section 16, effective for all work performed on or after July 1, 2013, the Individual Employer shall pay to the Operative Plasterers Local Union No. 66 Supplemental Retirement Benefit Fund the sum of four dollars and forty cents ($4.40) per hour, for each hour, straight time or overtime, worked by or paid for each of its employees upon work covered by this Agreement.
Supplemental Pension. Upon your retirement on any date subsequent to the date of this letter (the date as of which you so retire is referred to herein as your "Retirement Date") you shall be entitled to receive from GPU System sources, in addition to the additional retirement pension payable to you pursuant to Section 3 hereof, a supplemental pension, which shall be payable upon the following terms and conditions:
Supplemental Pension. The Employer shall contribute (see Wage and Fringe Benefits Supplement) per hour for all hours worked by or paid to Employees covered by this Agreement to the Pension Trust Fund.
Supplemental Pension. The Port agrees to contribute to the Pacific Coast Benefits Trust, on account of each of its employees who perform the work covered by this Agreement, for every hour for which compensation was paid as follows: Effective January 1, 2008, in the amount of $1.50 per hour.
