Common use of Benefits Upon Early Retirement Clause in Contracts

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.

Benefits Upon Early Retirement. Upon the a Participant’s '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 benefit described in the attached Exhibit A. 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 (15) years years, but in any event until a minimum of one hundred eighty (180) 180 total monthly payments are made to the Participant or to the Participant’s beneficiary 's Beneficiary per Section 3.5(b3.6(b). 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 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 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 the 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 this benefit as his “"Termination of Employment” " date instead of his actual termination date.