Benefits for Normal and Early Retirement Sample Clauses

Benefits for Normal and Early Retirement. 1. The normal retirement date under the retirement plan shall continue to be age sixty-five [65] (however, employees may continue working until the mandatory retirement age of seventy [70]). For those employees working beyond age sixty- five (65), credit will be given for both pensionable earnings and pensionable service up to actual retirement date. 2. Employees retiring at age sixty (60) to seventy (70) with ten (l0) or more years of cumulative service will receive a monthly benefit the greater of: a. Sixteen dollars and forty cents ($16.40) plus one and three-fourths percent (1- 3/4%) of monthly pensionable earnings in excess of the maximum monthly social security average wage, or b. Twenty-one dollars ($21) per month, multiplied by the employee's total years of pensionable service. 3. Employees retiring at age fifty-five (55) through fifty-nine (59) with at least ten (l0) but less than thirty (30) years of cumulative service will receive a benefit as calculated in 2 above reduced by one-half (1/2) of one percent (l%) for each month by which their age at retirement precedes age sixty (60). 4. Employees retiring at age fifty-five (55) with at least thirty (30) years of cumulative service will receive a benefit calculated under 2 above without actuarial reduction. 5. Employees retiring prior to age fifty-five (55) with at least thirty (30) years of credited service will receive a benefit reduced by one-half (1/2) of one percent (1%) for each month by which their age at retirement precedes age fifty-five (55).
Sample 1
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Benefits for Normal and Early Retirement. 1. The normal retirement date under the retirement plan shall continue to be age sixty-five (65). 2. Employees retiring at age sixty (60) with ten (10) or more years of cumulative service will receive a monthly benefit equal to the greater of the benefit earned under the prior plan formula for all years of service accrued prior to September 1, 1993, or the monthly benefit calculated as follows:
Sample 1

Related to Benefits for Normal and Early Retirement

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • 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.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • 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.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Supplemental Compensation Pursuant to Section 7 of the Agreement, Supplemental Compensation is payable as follows.

  • 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.

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