Benefits Upon Early Retirement Sample Clauses

Benefits Upon Early Retirement. Upon the Participant’s Termination of Employment on or after reaching the Early Retirement Date but prior to the Normal Retirement Date, the Company shall pay to the Participant, as compensation for services rendered prior to such date, monthly payments equal to 1/12th of the “Immediate Annual Benefit” for the Participant’s Age at the time of Termination of Employment on or after reaching the Early Retirement Date as described in the attached Exhibit A. Such payments shall commence on the first day of the month coincident with or next following the date of Termination of Employment and shall continue on the first day of each month thereafter for a period of fifteen (15) years but in any event until a minimum of one hundred eighty (180) total monthly payments are made to the Participant or to the Participant’s beneficiary per Section 3.5(b). The Participant may elect, on or before December 31 of the year prior to Termination of Employment, to defer commencement of payment of the early retirement benefit to a date not later than the Normal Retirement Date. Such election shall be in writing and submitted to the Company. If the Participant elects to defer payment of the benefit until his Normal Retirement Date, the Company shall pay to the Participant the normal retirement benefit described in Section 3.1 above. If the Participant elects to defer payment of the benefit to a date prior to the Normal Retirement Date, the Company shall pay to the Participant a benefit calculated in accordance with the first sentence of this Section 3.2, but using the date selected by the Participant for the commencement of his benefit as his “Termination of Employment” date instead of his actual termination date.
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Benefits Upon Early Retirement. Upon Executive’s Separation From Service on or after reaching the Early Retirement Date but prior to the Normal Retirement Date, Employer shall pay to Executive (or to Executive’s Beneficiary or Beneficiaries), as compensation for services rendered prior to such date an annual amount (payable in monthly installments) calculated under Section 2.1 above, multiplied by the Reduced Benefit Factor in Schedule A. Subject to the restriction in Section 2.8 below, such payments shall commence on the first day of the month coincident with or next following the date of Separation From Service and shall continue for a period of 180 months thereafter.
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Benefits Upon Early Retirement. Upon a Participant's Termination of Employment on or after reaching the Early Retirement Date but prior to the Normal Retirement Date, the Participant will become 100% vested in the benefit described in Section 3.1. The Company shall pay the Participant the sum of (ii) per year, payable in monthly installments of (iii) each, commencing on the Normal Retirement Date and continuing on the first day of each month thereafter for a period of 15 years, but in any event until a minimum of 180 total monthly payments are made to the Participant or the Participant's beneficiary per Section 3.6(b).
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Benefits Upon Early Retirement. The Participant may elect, on or before the earlier of a) December 31 of the year prior to Termination of Employment; or b) 90 days prior to Termination of Employment, to defer commencement of payment of the retirement benefit to a date not later than the Normal Retirement date. Such election shall be in writing and submitted to the Company. If a Participant elects to defer payment o the benefit until his Normal retirement Date, the Company shall pay to the Participant the normal retirement benefit described in Section 3.1 above. If a Participant elects to defer payment of the benefit to a date prior to the Normal Retirement Date, the Company shall pay to the Participant a benefit calculated in accordance with the first sentence of this Section 3.2, but using the date selected by the Participant for the commencement of this benefit as his "Termination of Employment" date instead of his actual termination date.
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Benefits Upon Early Retirement. Upon a Participant's Termination of Employment on or after reaching the Early Retirement Date, but prior to the Normal Retirement Date, the Company shall pay to the Participant, the benefit described in Section 3.1. Such payments shall commence on the first day of the month coincident with or next following the date of Termination of Employment and shall continue on the first day of each month thereafter for a period of fifteen years. The Participant may elect, on or before the earlier of (a) December 31 of the year prior to Termination of Employment; or (b) 90 days prior to Termination of Employment, to defer commencement of payment of the retirement benefit to a date not later than the Normal Retirement Date. Such election shall be in writing and submitted to the Company. If a Participant elects to defer payment of the benefit until his Normal Retirement Date, the Company shall pay to the Participant the normal retirement benefit described in Section 3.1 above." 6. Section 3.3 of the Agreement is amended to read as follows:
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Benefits Upon Early Retirement. Upon a Executive's Termination of Employment on or after reaching the Early Retirement Date but prior to the Normal Retirement Date, the Company shall pay to the Executive, monthly payments equal to the benefit described in Schedule A, attached. Such payments shall commence on the first day of the month coincident with or next following the date of Termination of Employment and shall continue on the first day of each month thereafter for a period of fifteen years. The Executive may elect, on or before the earlier of a) December 31 of the year prior to Termination of Employment; or b) 90 days prior to Termination of Employment, to defer commencement of payment of the retirement benefit to a date not later than the Normal Retirement Date. Such election shall be in writing and submitted to the Company. If a Executive elects to defer payment of the benefit until his Normal Retirement Date, the Company shall pay to the Executive the normal retirement benefit described in Section 3.1 above. If a Executive elects to defer payment of the benefit to a date prior to the Normal Retirement Date, the Company shall pay to the Executive a benefit calculated in accordance with the first sentence of this Section 3.2, but using the date selected by the Executive for the commencement of this benefit as his "Termination of Employment" date instead of his actual termination date.
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Benefits Upon Early Retirement. Upon a Participant’s Separation From Service on or after reaching the Early Retirement Date but prior to the Normal Retirement Date, the Company shall pay to the Participant, as compensation for services rendered prior to such date, monthly payments equal to the benefit described in Schedule A, attached. Subject to the restriction in Section 3.8 below, such payments shall commence on the first day of the month coincident with or next following the date of Separation From Service and shall continue on the first day of each month thereafter for a period of fifteen years but in any event until a minimum of 180 payments are made to the Participant or to the Participant’s beneficiary per Section 3.6(b).
Sample 1
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Benefits Upon Early Retirement. Upon a Participant's Termination of Employment on or after reaching the Early Retirement Date but prior to the Normal Retirement Date, the Company shall pay to the Participant, as compensation for services rendered prior to such date, monthly payments equal to the benefit described in Schedule A, attached. Such payments shall commence on the first day of the month coincident with or next following the date of Termination of Employment and shall continue on the first day of each month thereafter for a period of fifteen years but in any event until a minimum of 180 payments are made to the Participant or to the Participant's beneficiary per Section 3.6(b). The Participant may elect, on or before December 31 of the year prior to Termination of Employment, to defer commencement of payment of the early retirement benefit to a date not later than the Normal Retirement Date. Such election shall be in writing and submitted to the Company. If a Participant elects to defer payment of the benefit until his Normal Retirement Date, the Company shall pay to the Participant the normal retirement benefit described in Section 3.1 above. If a Participant elects to defer payment of the benefit to a date prior to the Normal Retirement Date, the Company shall pay to the Participant a benefit calculated in accordance with the first sentence of this Section 3.2, but using the date selected by the Participant for the commencement of his benefit as his "Termination of Employment" date instead of his actual termination date.
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Benefits Upon Early Retirement. Employees shall be eligible for terminal pay at early retirement if the employee is eligible for retirement benefits at the time of separation, and has applied for retirement, in accordance with the following formula:
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Related to Benefits Upon Early Retirement

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

  • 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.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Early Retirement Age Early Retirement Age is the later of: (i) the date a Participant attains age ; (ii) the date a Participant reaches the anniversary of the first day of the Plan Year in which the Participant commenced participation in the Plan; or (iii) the date a Participant completes Years of Service. [Note: The Employer should leave blank any of clauses (i), (ii) and (iii) which are not applicable.] If (f)(iii) is selected, “Years of Service” under this Election 34(f)(iii) means (Choose (1) or (2).):

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

  • 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.

  • 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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