Common use of Benefit Age Clause in Contracts

Benefit Age. My Benefit Age is sixty-five (65). ----------- Final Average Compensation Percentage: Twenty-three Percent (23%). ------------------------------------- Yearly Benefit Service Prorate Denominator: Twenty-five (25). ------------------------------------------ Vesting Rate: 10-Year Xxxxx Xxxxxxx from original date of hire. ------------ Separation from Service on or After Benefit Age. I understand that if I retire on or after attainment of my Benefit Age, I shall be entitled to the Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant provisions of the Plan. Unless I elect otherwise below, my Supplemental Benefit will be paid in a Lump Sum. Alternatively, I may elect to receive my Supplemental Benefit in another form by checking the applicable box below: [ ] Annuity (with 15 years certain) [ ] Installments for _____ Years [ ] Other ____________________________________________________________ Separation from Service Prior to Benefit Age. If I have a vested Accrued Annuity Benefit at the time of my voluntary or involuntary Separation from Service without Cause (as defined in the Plan) prior to attainment of my Benefit Age (other than due to death or Disability), I shall be entitled to the Supplemental Benefit, calculated in accordance with Section 3.2 and all relevant provisions of the Plan. Unless I elect otherwise below, my Supplemental Benefit will be paid in a Lump Sum. Alternatively, I may elect to receive my Supplemental Benefit in another form by checking the applicable box below: [ ] Annuity (with 15 years certain) [ ] Installments for _____ Years [ ] Other ____________________________________________________________

Appears in 1 contract

Samples: Supplemental Retirement (United Financial Bancorp Inc)

AutoNDA by SimpleDocs

Benefit Age. My Benefit Age is sixty-five (65). ----------- Final Average Compensation Percentage: Twenty-three Thirty Percent (2330%). ------------------------------------- Yearly Benefit Service Prorate Denominator: Twenty-five Twenty (2520). ------------------------------------------ Vesting Rate: 10-Year Xxxxx Xxxxxxx from original date of hire. ------------ Separation from Service on or After Benefit Age. I understand that if I retire on or after attainment of my Benefit Age, I shall be entitled to the Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant provisions of the Plan. Unless I elect otherwise below, my Supplemental Benefit will be paid in a Lump Sum. Alternatively, I may elect to receive my Supplemental Benefit in another form by checking the applicable box below: [ ] Annuity (with 15 years certain) [ ] Installments for _____ Years [ ] Other ____________________________________________________________ Separation from Service Prior to Benefit Age. If I have a vested Accrued Annuity Benefit at the time of my voluntary or involuntary Separation from Service without Cause (as defined in the Plan) prior to attainment of my Benefit Age (other than due to death or Disability), I shall be entitled to the Supplemental Benefit, calculated in accordance with Section 3.2 and all relevant provisions of the Plan. Unless I elect otherwise below, my Supplemental Benefit will be paid in a Lump Sum. Alternatively, I may elect to receive my Supplemental Benefit in another form by checking the applicable box below: [ ] Annuity (with 15 years certain) [ ] Installments for _____ Years [ ] Other _____________________________________________________________ Termination for Cause. I understand that if I have a termination for Cause, my entire benefit under this Plan shall be forfeited.

Appears in 1 contract

Samples: Supplemental Retirement (United Financial Bancorp Inc)

Benefit Age. My Benefit Age is sixty-five nine (6569). ----------- Final Average Compensation Percentage: Twenty-three Forty Percent (2340%). ------------------------------------- Yearly Benefit Service Prorate Denominator: Twenty-five Nine (259). ------------------------------------------ ------------------------------------------- Vesting Rate: 10-Year Xxxxx Xxxxxxx % per year from original date of hire. ------------ Separation from Service on or After Benefit Age. I understand that if I retire on or after attainment of my Benefit Age, I shall be entitled to the Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant provisions of the Plan. Unless I elect otherwise below, my Supplemental Benefit will be paid in a Lump Sum. Alternatively, I may elect to receive my Supplemental Benefit in another form by checking the applicable box below: [ ] Annuity (with 15 years certain) [ ] Installments for _____ Years [ ] Other ____________________________________________________________ Separation from Service Prior to Benefit Age. If I have a vested Accrued Annuity Benefit at the time of my voluntary or involuntary Separation from Service without Cause (as defined in the Plan) prior to attainment of my Benefit Age (other than due to death or Disability), I shall be entitled to the Supplemental Benefit, calculated in accordance with Section 3.2 and all relevant provisions of the Plan. Unless I elect otherwise below, my Supplemental Benefit will be paid in a Lump Sum. Alternatively, I may elect to receive my Supplemental Benefit in another form by checking the applicable box below: [ ] Annuity (with 15 years certain) [ ] Installments for _____ Years [ ] Other ____________________________________________________________

Appears in 1 contract

Samples: Supplemental Retirement (United Financial Bancorp Inc)

AutoNDA by SimpleDocs

Benefit Age. My Benefit Age is sixty-five (65). ----------- Final Average Compensation Percentage: Twenty-three Forty Percent (2345%). ------------------------------------- Yearly Benefit Service Prorate Fraction Denominator: Twentytwenty-five three (2523). ------------------------------------------ --------------------------------------------------- Vesting Rate: 10-Year Xxxxx Xxxxxxx % per year from original date of hire. Notwithstanding ------------ the foregoing, my Vesting Rate shall be 100% upon the occurrence of my Involuntary Separation from Service without Cause or Voluntary Separation from Service for Good Reason, or because of death or Disability. Separation from Service on or After Benefit Age. I understand that if I ----------------------------------------------- retire on or after attainment of my Benefit Age, I shall be entitled to the Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant provisions of the Plan. Unless I elect otherwise below, my Supplemental Benefit will be paid in a Lump Sum. Alternatively, I may elect to receive my Supplemental Benefit in another form by checking the applicable box below: [ ] |_| Annuity (with 15 20 years certain) [ ] Installments for |_| _____ Years [ ] % Lump Sum with 20 Annual Installments |_| Other ____________________________________________________________ Separation from Service Prior to Benefit Age. If I have a vested Accrued Annuity Benefit at the time of my voluntary or involuntary Separation from Service without Cause (as defined in the Plan) prior to attainment of my Benefit Age (other than due to death or Disability), I shall be entitled to the Supplemental Benefit, calculated in accordance with Section 3.2 and all relevant provisions of the Plan. Unless I elect otherwise below, my Supplemental Benefit will be paid in a Lump Sum. Alternatively, I may elect to receive my Supplemental Benefit in another form by checking the applicable box below: [ ] |_| Annuity (with 15 20 years certain) [ ] Installments for |_| _____ Years [ ] % Lump Sum with 20 Annual Installments |_| Other ____________________________________________________________

Appears in 1 contract

Samples: Georgetown Bancorp, Inc.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!