Benefit Increases. Benefit payments may be increased as provided in Section 2.1.3.
Benefit Increases. Commencing on the first anniversary of the first benefit payment, and continuing on each subsequent anniversary, the Company's Board of Directors, in its sole discretion, may increase the benefit.
Benefit Increases. Commencing on the first anniversary of the first benefit payment and continuing on each subsequent anniversary of that date, this annual benefit shall increase by three percent (3%) from the immediately preceding anniversary date.
Benefit Increases. Effective for the Plan Year commencing February 2, 2018, and for each subsequent Plan Year during the term of this Agreement:
(i) The Monthly Benefit shall be adjusted (the Monthly Benefit following any such adjustment, the “New Monthly Benefit”) such that, subject to Section 1(a)(4) below, the Normal Retirement Pension shall equal the maximum benefit amount permitted under the Internal Revenue Code of 1986, as amended (the “Code”) (and the regulations issued thereunder), as in effect as of the effective date of this Agreement, as such maximum benefit amount may be adjusted for future increases in the cost-of-living in the manner prescribed by Section 415(d)(2) of the Code. Effective for the Plan Year commencing February 2, 2018, and for each subsequent Plan Year during the term of this Agreement, the amount of the New Monthly Benefit shall be determined using the modified actuarial reduction factors to be specified in the Pension Plan by amendment effective for the Plan Year beginning February 2, 2018.
(ii) Any increase in the Normal Retirement Pension payable on or after the date of this Agreement: (A) shall apply only to those players and beneficiaries (x) who have not yet received or begun to receive a benefit under the Pension Plan as of the first day of the month following the beginning of the Plan Year to which the increase relates (the “New Benefit Increase Commencement Date”) or (y) who are receiving monthly benefits under the Pension Plan as of the New Benefit Increase Commencement Date; (B) shall be effective as of the New Benefit Increase Commencement Date; (C) shall apply only to any benefit payment(s) to be made on or after the applicable New Benefit Increase Commencement Date; and
Benefit Increases. Commencing on the first anniversary of the first benefit payment, and continuing on each subsequent anniversary, the annual benefit will be increased by the Consumer Price Index.
Benefit Increases. The Company's Board of Directors reserves the right to increase the lump sum Disability Benefit or to authorize additional Disability Benefit payments.
Benefit Increases. Commencing on the first anniversary of the first benefit payment, and continuing on each subsequent anniversary, the Bank’s Board of Directors, at its sole and absolute discretion, may increase the benefit; however, any increase in such benefit due hereunder shall require the recalculation of all the amounts on Schedule A attached hereto.
Benefit Increases. After an Employee leaves the jurisdiction of one of the signatory plans the benefit level in that plan may be later increased. Benefits from that plan may be computed at the benefit level in effect at the time the Participant last earned Pension Credit under that plan, or the level at the time the pension is effective, at the option of each plan.
Benefit Increases. During negotiations in 2022 the Employer advised that as of October 31, 2021 there was a surplus of $18759.58 in the benefits account. As a result of that surplus benefit costs were not increased for the following year. The parties agreed during negotiations to defer the discussion on benefit increase until the later in 2022 when the new potential surplus costs are reported. The parties have agreed to meet in late 2022 to discuss the re-allocation of potential surplus funds should they exist in effort to increase different areas of the benefit plan. Any increases to benefits will be mutually agreed between the parties however Dental benefits have been tagged as a priority.
Benefit Increases. Benefit payments may be increased as provided in Section 2.1.3. Monterey Bay Bank Salary Continuation Agreement
