Common use of Age Discrimination in Employment Act Clause in Contracts

Age Discrimination in Employment Act. Notwithstanding any other provision of this Plan, the Employer, in accordance with the provisions of the Age Discrimination in Employment Act, shall have no right to compel a Participant to retire, except as otherwise provided in this Section, if in the calendar year or the preceding calendar year, the Employer may retire a Participant who for the two (2) year period prior to retirement is employed in a bona fide executive or high policy making position if (1) he has attained age sixty-five (65); (2) he has attained Normal Retirement Date and (3) his annual retirement benefit from the pension, profit-sharing, savings or deferred compensation plans maintained by the Employer equals, in the aggregate, at least $44,000. This Section shall be deemed to be automatically amended to reflect any subsequent Federal legislation or regulations.