Benefits on Termination of Employment. If Executive’s employment is terminated during the Term, Executive shall be entitled to receive payments and benefits as follows:
Benefits on Termination of Employment. (a) If a Participant terminates employment prior to Normal Retirement Age, such Participant shall be entitled to receive the vested balance held in his or her account payable at Normal Retirement Age in the normal form, or if elected, in one of the other forms of payment provided hereunder and by the Employer in the Adoption Agreement. If applicable, the Early Retirement benefit provisions may be elected. Notwithstanding the preceding, a former Participant may, if allowed in the Adoption Agreement, make application to the Employer requesting early payment of any deferred vested and nonforfeitable benefit due.
(b) For purposes of this Article, if the value of a Participant’s Vested Account Balance is zero, the Participant shall be deemed to have received a distribution of such Vested Account Balance immediately following termination. If the Participant is reemployed prior to incurring five (5) consecutive one (1) year Breaks in Service or Periods of Severance, he or she will be deemed to have immediately repaid such distribution. Notwithstanding the above, if the Employer maintains or has maintained a policy of not distributing any amounts until the Participant’s Normal Retirement Age, the Employer can continue to uniformly apply such policy.
(c) If a Participant who is not 100% vested receives or is deemed to receive a distribution pursuant to this paragraph and resumes employment covered under this Plan, the Participant shall have the right to repay to the Plan the full amount of the distribution attributable to both Employer Contributions and Employee Contributions including Elective Deferrals and/or Xxxx Elective Deferrals on or before the earlier of the date the Participant incurs five (5) consecutive one (1) year Breaks in-Service following the date of distribution or five (5) years after the first date on which the Participant is subsequently reemployed. In such event, the Participant’s account shall be restored to the value thereof at the time the distribution was made. The account may be further increased by the Plan’s income and investment gains and/or losses on the undistributed amount from the date of the distribution to the date of repayment.
(d) If a Participant terminates employment with a Vested Account Balance greater than $5,000, and elects (with his or her Spouse’s consent, if required) to receive 100% of the value of his or her Vested Account Balance in a lump sum, the non-vested portion will be treated as a forfeiture. The Participant (...
Benefits on Termination of Employment. If a Participant terminates employment prior to Normal Retirement Age, such Participant shall be entitled to receive the vested balance held in his or her account payable at Normal Retirement Age in the normal form, or if elected, in one of the other forms of payment provided hereunder. If applicable, the Early Retirement benefit provisions may be elected. Notwithstanding the preceding, a former Participant may, if allowed in the Adoption Agreement, make application to the Employer requesting early payment of any deferred vested and nonforfeitable benefit due.
Benefits on Termination of Employment. On termination of employment, a member may elect to receive a lump sum refund of his required contributions to the Plan made on and after May 1, 1972, with interest, or he may elect to accept a deferred retirement income benefit commencing at his normal retirement date. Such deferred retirement income benefit will be in the amount which can be provided by the sum of the member's own required contributions to the Plan, plus a vested portion of the remainder of the retirement income benefit accrued or granted to him to the date of his termination of employment. In this regard, the vested portion of such remaining retirement income benefit will be equal to 50% after five (5) years for participation in the Plan and the former Plan, scaling up by 10% per year to 100% after ten (10) years of such participation. He will also be entitled to any benefit payable on termination of employment by The Standard Life Assurance Company under the former Plan, with interest accruals from May 1, 1973, augmented by this Plan to equal the rate of interest that applied during the appropriate period. The vesting and locking-in provisions of the Pension Benefits Act of Ontario will, however, apply at all times if termination of employment occurs after a member has completed ten (10) years of continuous service and has attained age forty-five (45).
Benefits on Termination of Employment. (a) In the event of termination of the Executive's employment pursuant to Sections 3(d) [Executive-Good Reason] or 3(e) [Company-Without Cause] above, the Company shall no longer be obligated to make any payments of any kind to the Executive under this Agreement except as follows: (i) the Company will continue to pay the Executive's then current Base Salary and Bonus for a period of two (2) years from the date of termination, reduced in the second year to the extent of compensation received by the Executive from other employment or self-employment and (ii) the Company will, for a period equal to the shorter of (x) two (2) years or (y) until the Executive shall commence other employment or self-employment, continue to provide to the Executive Insurance Benefits comparable to the insurance provided for executives of the Company generally during such period, and upon substantially similar terms and conditions as shall be provided for executives generally. If under any of the terms of any group policy maintained by the Company such coverage is not properly obtainable, the Executive may elect to receive the amount of premiums that the Company would have paid on his account, or to assume the risk of a denial of coverage by any such carrier.
(b) In the event of termination of the Executive's employment pursuant to Section 3 (a) [Death] above, the Company shall continue to pay to the Executive's widow, or if she is not then living, to his legal representatives, his then current Base Salary and Bonus for a period of two (2) years from the date of termination, and shall continue to maintain health insurance benefits comparable to the health insurance benefits provided to the Executive prior to his death, and provided for executives of the Company generally during such period, and upon substantially similar terms and conditions as were provided to Executive generally. If under any of the terms of any group policy maintained by the Company such coverage is not properly obtainable, the Executive's widow or legal representatives, as applicable, may elect to receive the amount of premiums that the Company would have paid on his account, or to assume the risk of a denial of coverage by any such carrier.
(c) In the event of termination of the Executive's employment pursuant to Sections 3(c) [Company-Cause] or (f) [Executive-Without Cause] above, the Company shall no longer be obligated to make any payments of any kind to the Executive under this Agreement, except for any u...
Benefits on Termination of Employment. If a Participant terminates employment prior to Normal Retirement Age, such Participant shall be entitled to receive the vested balance held in his or her account payable at Normal Retirement Age in the normal form, or if elected, in one of the other forms of payment provided hereunder. If applicable, the Early Retirement benefit provisions may be elected. Notwithstanding the preceding, a former Participant may, if allowed in the Adoption Agreement, make application to the Employer requesting early payment of any deferred vested and nonforfeitable benefit due. If a Participant terminates employment, and the value of the Participant’s Vested Account Balance is not greater than $5,000, the Participant may receive a lump sum distribution of the value of the entire vested portion of such account balance and the nonvested portion will be treated as a forfeiture. The Plan Administrator shall follow a consistent and nondiscriminatory policy, as may be established, regarding immediate cash-outs of Vested Account Balances.
Benefits on Termination of Employment. 8:01 A Member whose employment terminates before Retirement Date and who on the date of termination has been in the service of the Company for a continuous period of ten years shall receive a deferred life annuity payable from Normal Retirement Date calculated in respect of Credited Service at the Date of Termination.
8:02 The deferred life annuity is not capable of surrender or commutation during the life-time of the Member and does not confer upon any Member, personal representative or dependent, or any other person any right or interest in such a deferred life annuity capable of being surrendered or commuted during the life-time of the Member. NOTE:
Benefits on Termination of Employment. 1. This article only applies if you were born before 1 January 1963 (57 years of age or older) and were employed on 31 December 2019.
2. You will receive a payment of 1.5 times your monthly salary if your employment contract ends because you retire with the ABP Multi Option Pension or you receive IVA or WGA benefits.
3. You will not receive a payment of 1.5 times your monthly salary if your employment contract ends and you received more than 1.5 times your monthly salary in severance 7 The bonus will be paid out net for the amount permitted for tax purposes and gross for the remainder. pay from your employer. If your severance pay is less than 1.5 times your monthly salary, it will be supplemented to this amount on the basis of this article.
4. If you are retiring but were previously declared partially unfit for work and did not receive a pro rata payment of 1.5 times your monthly salary at the time, the benefit will be calculated as if you had not been declared partially unfit for work. In accordance with paragraph 3, any severance pay received will be taken into account.
Benefits on Termination of Employment. If Employee’s employment is terminated during the Term, Employee shall be entitled to receive payments and benefits as follows:
Benefits on Termination of Employment. On termination of employment, an employee may receive a return of his own contributions with interest. If employment is terminated on or after April 21, 1988 and after completion of two (2) years of continuous service, an employee may elect to leave his contributions in the Plan and receive a deferred pension from his normal retirement date equal to his pension accrued to his date of termination.
