ANNUAL ANNUITY EQUIVALENT. for a 401(k) plan or other defined contribution plan shall be equal to the annual benefit that would be payable pursuant to a single life annuity with equal annual payments, commencing on the Normal Retirement Age and continuing for the Executive's life, that could be purchased with the amount assumed to be available for such purchase pursuant to this Section 1.
Appears in 4 contracts
Samples: Supplemental Executive Retirement Agreement (Benjamin Franklin Bancorp, Inc.), Supplemental Executive Retirement Agreement (Benjamin Franklin Bancorp, Inc.), Supplemental Executive Retirement Agreement (Benjamin Franklin Bancorp, Inc.)
