Common use of Adjustment in Normal Retirement Benefits and Early Retirement Benefits Clause in Contracts

Adjustment in Normal Retirement Benefits and Early Retirement Benefits. If Executive separates from service from the Company in the year commencing January 1, 2115 or later, Normal Retirement Benefits shall be increased to Fifty Thousand Dollars ($50,000) annually; and Early Retirement Benefits shall increase to Thirty Thousand Dollars ($30,000) annually at age 55, plus Two Thousand Dollars ($2,000) for each full year of age attained between ages 55 and 65 at the date of early retirement to a maximum of Forty Eight Thousand Dollars ($48,000) at age 64. Additionally, Normal Retirement Benefits and Early Retirement Benefits as provided for in this Section 2C shall be further increased by the percentage to the extent, if any, in each year from and after calendar year 1995, the Consumer Price Index for December exceeds the Consumer Price Index for the preceding December by more than ten percent (10%). “Consumer Price Index” shall mean the revised “Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) - United States. All items (1967 = 100)” published by the Bureau of Labor Statistics, U.S. Department of Labor. Notwithstanding anything herein to the contrary, no adjustments shall be made to the amount of Normal Retirement Benefit or Early Retirement Benefit otherwise payable with respect to any period after Executive separates from service.