AMOUNT OF RETIREMENT BENEFITS Sample Clauses

AMOUNT OF RETIREMENT BENEFITS. Following a Qualified Termination the Executive shall receive, beginning with the later of the date of such Qualified Termination or the Executive's 65th birthday (the "Commencement Date"), an annual retirement benefit equal to 65% of the highest rate of annual base salary in effect for the Executive with the Company at any time prior to the Executive's 61st birthday (the "Base Salary") with such benefit payable on each January 1 on or after the Commencement Date on which he is living; provided, however, that if the Executive's Commencement Date is other than on January 1, the Executive shall receive a partial annual retirement benefit for the remainder of the year in which such Commencement Date occurs in an amount equal to the full annual benefit that will commence on the next January 1 but reduced by a fraction, the numerator of which is the number of calendar months during such year that have elapsed prior to the Commencement Date (with any partial month rounded up to a complete month), and the denominator of which is 12 and such partial benefit shall be paid to the Executive on the first day of the month coinciding with or next following the Commencement Date; provided further, however, that:
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AMOUNT OF RETIREMENT BENEFITS. The Executive shall receive, beginning on May 1, 1998, (the "Commencement Date"), an annual retirement benefit equal to 65% of the highest rate of annual base salary in effect for the Executive with the Company at any time prior to the Executive's 61st birthday (the "Base Salary") with such benefit payable on each January 1 on or after the Commencement Date on which he is living; provided the Executive shall receive a partial annual retirement benefit for the remainder of the year in which such Commencement Date occurs in an amount equal to the full annual benefit that will commence on the next January 1 but reduced by a fraction, the numerator of which is the number of calendar months during such year that have elapsed prior to the Commencement Date (with any partial month rounded up to a complete month), and the denominator of which is 12 and such partial benefit shall be paid to the Executive on the first day of the month coinciding with or next following the Commencement Date.
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AMOUNT OF RETIREMENT BENEFITS. If the Participant separates from service with the Company after attainment of five (5) years of Service, as defined in the Pension Plan, benefits will be payable to the Participant and will commence, at the election of the Participant as provided in Section 3.2, and shall equal the excess, if any, of (a) minus (b) where:
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AMOUNT OF RETIREMENT BENEFITS 
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Related to AMOUNT OF RETIREMENT BENEFITS

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Retirement Benefits Upon the occurrence of the Qualifying --------- ------------------- Date (except as otherwise specifically provided herein), the Bank will pay to the Director $671 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Amount of Severance Benefit If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall:

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

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