Additional Retirement Benefit Sample Clauses
The Additional Retirement Benefit clause provides for extra financial benefits to an employee upon retirement, beyond the standard retirement plan. Typically, this clause outlines the eligibility criteria, calculation methods, and payment schedules for the supplemental benefit, which may be based on years of service, final salary, or other factors. Its core function is to enhance retirement security for employees, serving as an incentive for long-term service and helping employers attract and retain valuable staff.
Additional Retirement Benefit. If you are a participant in the Company’s U.S. Retirement Income Plan (the “Retirement Plan”), the Company will pay you on the fifth (5th) business day following the Date of Termination a lump sum retirement benefit, in addition to the benefits to which you are or would be entitled under the Retirement Plan. That benefit will be a lump sum amount that is the actuarial equivalent of your benefits calculated pursuant to the terms of the Retirement Plan with the following adjustments: (a) regardless of your Years of Vesting Service under the Retirement Plan, you will be treated as if you were 100% vested under the Retirement Plan, (b) the number of Years of Benefit Service used will be the actual number of Years of Benefit Service accumulated as of the Date of Termination plus an additional number of Years of Benefit Service (up to a maximum of five (5) additional years) equal to the number of additional Years of Benefit Service that you would have earned if you had remained an employee of the Company until attainment of age sixty-two (62), (c) the Final Average Earnings (for purposes of applying the benefit formula under the Retirement Plan) will be determined using (I) the highest monthly rate of Base Salary in effect during the twelve (12) months immediately preceding the Date of Termination, plus (II) the higher of (A) the highest annual bonus paid to you or paid but deferred on your behalf under the Plan, (B) any earned, but unpaid, bonus accrued for your benefit under the Plan, or (C) your highest target annual bonus under the Plan, whether or not earned, in each case with respect to the three (3) calendar years immediately preceding the Date of Termination and the partial calendar year ending on the Date of Termination, divided by twelve (12) (regardless of the earnings limitations under the Retirement Plan or governmental regulations applicable to those plans), and (d) the monthly retirement benefit so calculated will be reduced by an amount equal to the monthly retirement benefit payable to you under the Retirement Plan. All capitalized terms used in this subparagraph, unless otherwise defined, will have the same meanings as those terms are defined in the Retirement Plan. The actuarial equivalent will be calculated based on the assumptions contained in the Retirement Plan on the Date of Termination; provided that the assumptions on which the actuarial equivalent will be calculated will be no less favorable to you than those assumptions contained in t...
Additional Retirement Benefit. Effective as of the Termination Date, the Executive’s interest in the Savings Plan shall become fully vested and nonforfeitable. In addition, Key shall provide to the Executive, at the time specified in Section 1.3, an additional retirement benefit which shall equal the benefit that the Executive otherwise would have been entitled to receive under the Savings Plan had the Executive remained an active full time employee of Key during the period beginning on the Termination Date and ending on the third anniversary of the Termination Date (the “36-month Continuing Benefit Period”). In calculating the Executive’s additional retirement benefit under the Savings Plan (i) the amount to be provided to the Executive under clause 1.1(b)(i) will be deemed to be the Executive’s base salary paid ratably during the 36-month Continuing Benefit Period, (ii) the amount to be provided to the Executive under clause 1.1(b)(ii) will be deemed to be the Executive’s incentive compensation paid ratably during the 36-month Continuing Benefit Period, and (iii) the rate of employer matching contributions allocated under the Savings Plan shall reflect the rate of employer matching contributions under the Savings Plan immediately prior to the Termination Date. The payment of the Executive’s additional retirement benefit, as if accrued under the Savings Plan, shall be paid to the Executive in a single lump sum cash payment.
Additional Retirement Benefit. (i) Subject to the terms and conditions set forth herein, upon a Termination of Employment other than by reason of Executive’s death, Executive shall be entitled to payment by the Company of a SERP Benefit, expressed as a life annuity commencing on Executive’s sixtieth birthday, and providing for annual payments to Executive equal to (1) the product of (A) 60%, times (B) Executive’s Final Average Compensation (as defined below), minus (2) the sum of the annual vested retirement benefits (each expressed as a life annuity commencing on Executive’s sixtieth birthday) payable to Executive under the terms of any “defined benefit plan” (as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended) or plans, including excess benefit or supplemental retirement plans or agreements, maintained by the Company or by any of Executive’s prior employers. The SERP Benefit shall be reduced by 4% for each year (or pro rata for any portion thereof) during which Executive collects his SERP Benefit prior to the attainment of age 60. For purposes of this Section 4(e), (A) Final Average Compensation shall mean the average of Executive’s base salary and bonus with respect to the three calendar years coincident with or immediately preceding Executive’s Termination of Employment, and (B) Final Average Compensation and Service shall take into account up to twelve months of severance payments made under Section 5(a) hereof, which payments shall be treated as having been made over the first twelve months of the Severance Period (as defined in the Severance Plan). If Executive dies before he receives his SERP Benefit, Executive’s surviving spouse (determined as of the date of Executive’s death) shall be entitled to an annual survivor benefit equal to 75% of the SERP Benefit commencing on the later of the date Executive would have attained age 60 or his Termination of Employment, and continuing for her life. No survivor benefit is payable if Executive receives the lump sum value of the SERP Benefit following his Termination of Employment; provided, however, that the survivor benefit described in this paragraph shall be taken into account when valuing the lump sum actuarial equivalent value of the SERP Benefit.
(ii) Subject to Section 4(e)(iii) below, (A) the actuarial equivalent value of the SERP Benefit or survivor benefit, as applicable, shall be paid in a single lump sum to Executive or his surviving spouse as of the first day of the month following ...
Additional Retirement Benefit. In addition to any retirement benefits to which the Executive is entitled under the Retirement Plan in which the Executive participates on the Date of Termination, the Executive shall be paid in one sum in cash within thirty (30) days after the Date of Termination an amount, as an additional retirement benefit, equal to the actuarial equivalent of the additional amount that the Executive would have earned under such Retirement Plan had he accumulated four (4) additional years of continuance service under such Retirement Plan both for purposes of determining eligibility for a benefit and for purposes of calculating the amount of such benefit. For purposes of this paragraph, "actuarial equivalent" shall be determined using the same methods and assumptions utilized under the Retirement Plan, or any successor plan, immediately prior to the Change in Control of the Company.
Additional Retirement Benefit. Employee shall receive an annual additional retirement benefit of Fifty Thousand and 00/100 ($50,000.00) Dollars commencing at Employee’s “retirement,” as defined below and continuing until Employee’s death. For this purpose “retirement” shall have the same definition as under the C-COR Incorporated Amended and Restated Incentive Plan originally approved by the Board of Directors on April 29, 1998.
Additional Retirement Benefit. In addition to the benefit in 3.b Retirement Salary And Related Remuneration , the qualified retiring employee shall have the option of one of the following:
i. The District shall pay 8.5% of the teacher’s one-time-only 11.5% required ERO contribution to the Teachers’ Retirement system; or
ii. The District shall pay for the teacher’s portion of individual TRS insurance for ten
Additional Retirement Benefit. For a period from July 1, 2021 through June 30, 2024, any employee who is eligible for normal retirement under any State of Florida retirement plan, who retires from his/her position during that year, which he/she first becomes eligible for normal retirement, shall be paid a retirement benefit. This benefit will not be paid to an employee if he/she continues his/her employment beyond the time he/she is eligible for *normal retirement. Any employee who is eligible for retirement during that time may take advantage of this benefit. *Normal retirement is defined as 62 years of age or 30 years of employment if enrolled in the Florida Retirement System (FRS) prior to July 1, 2011, or 65 years of age or 33 years of employment if enrolled in the FRS on or after July 1, 2011. To qualify for retirement incentive an employee must:
Additional Retirement Benefit. Key shall pay to ▇▇▇▇▇, at the time specified in Section 7.1(h), an additional retirement benefit that shall equal the benefits that ▇▇▇▇▇ otherwise would have been entitled to receive under the Retirement Plan, the Supplemental Retirement Plan and the Savings Plan had ▇▇▇▇▇ remained an active full time employee of Key during the period beginning on the Termination Date and ending on the third anniversary of the Termination Date (the “Continuing Benefit Period”). In calculating ▇▇▇▇▇’▇ additional retirement benefit under the respective Plans (i) the entire Continuing Benefit Period shall be included for purposes of determining ▇▇▇▇▇’▇ years of service for both vesting and benefit accrual purposes, (ii) the amounts to be provided to ▇▇▇▇▇ under clause 7.1(c)(i) will be deemed to be ▇▇▇▇▇’▇ Base Salary paid ratably during the Continuing Benefit Period, (iii) the amounts to be provided to ▇▇▇▇▇ under clause 7(c)(ii) will be deemed to be ▇▇▇▇▇’▇ incentive compensation paid ratably during the Continuing Benefit Period, and (iv) the rate of employer matching contributions allocated under the Savings Plan shall reflect ▇▇▇▇▇’▇ rate of employer matching contributions under such Plans immediately prior to the Termination Date. The payment of ▇▇▇▇▇’▇ additional retirement benefit, as if accrued under the Retirement Plan and the Supplemental Retirement Plan, shall be paid to ▇▇▇▇▇ as an annuity payment in a form elected by ▇▇▇▇▇ under the annuity benefit payment options otherwise provided under the Retirement Plan and Supplemental Retirement Plan, and the additional retirement benefit payment as if accrued under the Savings Plan shall be paid to ▇▇▇▇▇ in a single lump sum cash payment. Notwithstanding the foregoing provisions of this Section 7.1(d), however, in the event that Key, during the ordinary course of its business and prior to a Change of Control, amends or modifies the Retirement Plan, Supplemental Retirement Plan, and/or the Savings Plan with such amendment or modification resulting in the termination of ▇▇▇▇▇’▇ future accruals or contributions under such Plan(s), then in such event shall the provisions of this Section 7.1(d) be modified to reflect the amendment or modification of such Plan(s).
Additional Retirement Benefit. The City will pay and report the value of any employer paid member contributions (“EPMC”) to PERS as individual compensation for all employees covered by this Agreement.
Additional Retirement Benefit. Following the termination of Noal▇'▇ ▇▇▇loyment with KeyCorp under any circumstances other than a termination during the Scheduled Term by KeyCorp for Cause, KeyCorp will pay to Noal▇ ▇▇ annual pension equal to the aggregate of (a) the amount of the retirement benefit Noal▇ ▇▇▇ld be entitled to receive under the KeyCorp Cash Balance Pension Plan (the "Pension Plan"), as in effect on the Termination Date, without regard to the limitations of Sections 415 and 401(a)(17) of the Internal Revenue Code, as if Noal▇ ▇▇▇ commenced employment with Society on June 20, 1973, and (b) the amount of annual supplemental retirement benefit, if any, which Noal▇ ▇▇▇ld be entitled to receive under the Ammended and Restated Society Corporation Supplemental Retirement Plan, as in effect on the Termination Date, as if Noal▇ ▇▇▇ commenced employment with Society on June 20, 1973, less the aggregate annual benefits received by Noal▇ ▇▇▇er all Combined Retirement Plans (including, as an "annual benefit received by Noal▇" ▇▇r these purposes, the actuarial equivalent, in annaul terms, of any lump sum benefit received by Noal▇ ▇▇▇er any of the Combined Retirement Plans). The provisions of the Pension Plan with respect to optional methods of payment (other than payment of the full benefit in a single lump sum), the commencement and duration of payments, and reemployment shall be applicable to the annual pension payable pursuant to this Section 16. As used in this Section 16, the terms "Pension Plan" and "Amended and Restated Society Corporation Supplemental Retirement Plan" mean and include, in each such case, such plan as currently in effect and as from time to