Amount of Retirement Benefit. At your normal retirement date, you will receive an annual retirement benefit, payable monthly, equal to: 1% of your Final Average Salary below the average YMPE, Plus 12% of your Final Average Salary that exceeds the average YMPE, for each year of Credited Service. The 1% rate in the above formula is increased to 13% for each year of credited service after January 1, 1990.
Amount of Retirement Benefit. Subject to the limitations contained in Section 415 of the Code, an eligible Participant who is subject to a valid and binding DROP Election shall be entitled to receive a monthly retirement income, beginning with the first day of the month coincident with or next following his or her DROP Retirement Date equal to:
(1) His or her Normal Retirement Pension, calculated in accordance with Section 4.02 as if the Participant had terminated employment with the Authority on the Participant’s DROP Effective Date.
(2) Additional monthly retirement income that is the Actuarial Equivalent of the value of the Participant’s DROP Account on the DROP Retirement Date.
Amount of Retirement Benefit. (Basic Plan only)
6.1 The formula for determining the amount of the Pension is $6.00 per month for each Year of Service with a minimum of 10 Years of Service required, or for Years of Service in excess of 10 Years of Service, $6.00 per month for each Year of Service times an increasing adjustment factor of 0.005 added to each Year of Service, beginning at 1.005 for 11 Years of Service and increasing to a maximum adjustment factor of 1.20 for 50 Years of Service, except as provided in Section 1.11(e), and with a maximum of 50 Years of Service permitted to be credited, with the adjustment provided for in Section 2.4(a) as to Pension payments to a widow or widower and with the adjustment provided for in Section 5.6 as to disabled Participants and the widows or widowers of disabled Participants. Solely with respect to those Participants, widows, and widowers receiving a Pension as of December 1, 1992 (collectively, “retirees”), an additional Pension amount equal to one month’s Pension of such retirees (in the amount payable for December, 1992) shall be paid to such retirees prior to December 31, 1992. Solely with respect to those Participants, widows, and widowers receiving a Pension as of November 1, 1993 (collectively, “retirees”), an additional Pension amount equal to one month’s Pension of such retirees (in the amount payable for November, 1993) shall be paid to such retirees prior to November 30, 1993. The provisions of the preceding sentence shall not apply with respect to any retiree with frozen pension credits under the provisions of Section 6.2 of this Plan. Effective as of June 1, 1994, the formula for determining the amount of the Pension is $7.50 per month for each Year of Service with a minimum of 10 Years of Service required, or for Years of Service in excess of 10 Years of Service, $7.50 per month for each Year of Service times an increasing adjustment factor of 0.005 added to each Year of Service, beginning at 1.005 for 11 Years of Service and increasing to a maximum adjustment factor of 1.20 for 50 Years of Service, except as provided in Section 1.11(e), and with a maximum of 50 Years of Service permitted to be credited, with the adjustment provided for in Section 2.4(a) as to Pension payments to a widow or widower and with the adjustment provided for in Section 5.6 as to disabled Participants and the widows or widowers of disabled Participants. Effective as of January 1, 1996, the formula for determining the amount of the Pension is $9.00 per...
Amount of Retirement Benefit. At your normal retirement date, you will receive an annual retirement benefit, payable monthly, equal to:
Amount of Retirement Benefit. The supplemental retirement benefit shall be an amount equal to:
(a) The Retirement Allowance to which the Executive would have been entitled as defined and calculated under the terms and provisions of the Retirement Plan, as amended from time to time, assuming: (i) the benefit and compensation limitations and restrictions of the Internal Revenue Code do not apply, and (ii) an additional five (5) years of service as of his date of hire reduced by actual service years to which the Executive is entitled under the Retirement Plan, such additional years of service to reduce each year and result in zero (0) additional years of service upon the fifth anniversary of service for the Executive; LESS
(b) The sum of:
(i) The Retirement Allowance actually payable to the Executive from the Retirement Plan; plus
(ii) The Retirement Allowance actually payable to the Executive from the Allstate Supplemental Retirement Income Plan (the "Supplemental Plan").
Amount of Retirement Benefit. Upon a Separation from Service, the Executive shall be entitled to a cash benefit of One Million Five Hundred Thousand Dollars ($1,500,000), or a portion thereof, in accordance with the following vesting schedule as of the Effective Date in 2013 and the anniversary of the Executive’s date of birth on each year listed below (the “Retirement Benefit”): Effective Date 44 $ 868,421 April 2, 2014 45 $ 947,368 April 2, 2015 46 $ 1,026,316 April 2, 2016 47 $ 1,105,263 April 2, 2017 48 $ 1,184,211 April 2, 2018 49 $ 1,263,158 April 2, 2019 50 $ 1,342,105 April 2, 2020 51 $ 1,421,053 April 2, 2021 52 $ 1,500,000
Amount of Retirement Benefit. If Mr. Xxxxxxxx xetires from the Company on or after his attainment of age 65, Mr. Xxxxxxxx xill receive a benefit under this Program equal to (a) minus (b), where (a) equals the benefit Mr. Xxxxxxxx xould have received under the Grumman SRP calculated as if he had 25 years of "Continuous Service" credited under the Grumman SRP, and (b) equals the benefit to which he is actually entitled under the Grumman SRP.
Amount of Retirement Benefit. A Participant entitled to a benefit under Section A.03 will receive a benefit equal in value to the excess of (a) over (b) as follows:
Amount of Retirement Benefit. The annual benefit under this Section 2.1 is fifty-three percent (53%) of Final Pay at the Normal Retirement Date.
Amount of Retirement Benefit. Subject to the limitations contained in Section 415 of the Code, an eligible Participant who is subject to a valid and binding DROP Election shall be entitled to receive a monthly retirement income, beginning with the first day of the month coincident with or next following his or her DROP Retirement Date equal to:
(1) His or her Normal Retirement Pension, calculated in accordance with Section
