Benefits Upon Normal Retirement. Upon a Participant's Termination of Employment on or after the Normal Retirement Date, the Company shall pay to the Participant the sum of $8,300 per year, payable in monthly installments of $691.67 each, commencing on the first day of the month coincident with or next following the date of Termination of Employment 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). At the sole discretion of the board of directors, the initial benefit may be increased in subsequent years to offset the effect of inflation.
Benefits Upon Normal Retirement. Upon the Participant’s Termination of Employment on the Normal Retirement Date, the Company shall pay to the Participant, as compensation for services rendered prior to such date, the sum of One Hundred Seventy-one Thousand Five Hundred and 00/100 Dollars ($171,500.00) per year, payable in monthly installments of Fourteen Thousand Two Hundred Ninety-one and 66/100 Dollars ($14,291.66) each, commencing on the first day of the month coincident with or next following the date of Termination of Employment and continuing on the first day of each month thereafter for the life of the Participant, but in any event until a minimum of one hundred eighty (180) total monthly payments are made to the Participant or the Participant’s beneficiary per Section 3.5(b). At the sole discretion of the Board of Directors, the initial benefit may be increased in subsequent years to offset the effect of inflation.
Benefits Upon Normal Retirement. Upon Executive’s Separation From Service on or after 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) equal to fifty percent (50%) of the “base compensation” that Executive received from Employer during the calendar year immediately preceding Executive’s Separation From Service. Subject to the restriction in Section 2.8 below, payments under this Section shall commence on the first day of the month coincident with or next following Executive’s date of Separation From Service and continue for a period of 180 months thereafter.
Benefits Upon Normal Retirement. Upon a Participant's Termination of Employment on or after the Normal Retirement Date, the Bank shall pay to the Participant the sum of $49,100 per year, payable in monthly installments of $4,091.66 each, commencing on the first day of the month coincident with or next following the date of Termination of Employment 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).
Benefits Upon Normal Retirement. Upon a Participant's Termination of Employment on the Normal Retirement Date, the Company shall pay to the Participant, as compensation for services rendered prior to such date, the sum of $60,700.00 per year, payable in monthly installments of $5,058.33 each, commencing on the first day of the month coincident with or next following the date of Termination of Employment and continuing on the first day of each month thereafter for a period of fifteen 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).
Benefits Upon Normal Retirement. Upon the Participant’s Termination of Employment on or after attaining Normal Retirement Date, the Bank shall pay to the Participant, as compensation for services rendered prior to such date, monthly payments in an amount equal to $ per month. 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 120 months. The amount of the monthly payments provided herein is subject to reduction as provided in paragraph 5, below, in the event such benefits are not 100% nonforfeitable. The Participant may elect to receive such payments for a period of 180 months, with a corresponding decrease in the amount of the monthly payment; provided, however, such election must be made by Participant in the Plan Year which is at least twelve months before Participant’s termination of employment.
Benefits Upon Normal Retirement. If a Participant is ------------------------------- employed by an Employer at his Normal Retirement Age, his Company Matching Account and Profit Sharing Account, to the extent not previously fully vested, shall fully vest at that time. If the Participant continues in an Employer's employ after Normal Retirement Age, he shall continue to be eligible to make Deferrals under the Plan and to share in the allocations of Company Matching Contributions and Discretionary Profit Sharing Contributions under the Plan until his actual Normal Retirement. Upon Normal Retirement, a Participant shall be entitled to receive benefits equal to the total value of his Accounts in the Plan as determined in accordance with the provisions of Section 5.8. Such benefits shall be paid in a lump sum as soon as practicable following Normal Retirement.
Benefits Upon Normal Retirement. Upon the Participant Termination of Employment on or after attaining Normal Retirement Age, the Bank shall pay to the Participant, as compensation for services rendered prior to his or her Normal Retirement Date, monthly payments in an amount equal to per month. 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 180 months.
Benefits Upon Normal Retirement. Upon the Participant's Termination of Employment on or after the Normal Retirement Date, the Company shall pay to the Participant the sum of $19,577, which amount is the amount standing to his credit in the Salary Continuation Accrual Account as of March 31, 1998, which amount shall be increased by the Crediting Rate each year prior to the year this benefit is paid in its entirety, such amount to be paid in 180 equal monthly installments commencing on the first day of the month coincident with or next following the date of Termination of Employment and continuing on the first day of each month thereafter."
Benefits Upon Normal Retirement. Upon a Executive's Termination of Employment on or after the Normal Retirement Date, the Company shall pay to the Executive the sum of $80,600 per year, payable in monthly installments of $6,716.67 each, commencing on the first day of the month coincident with or next following the date of Termination of Employment and continuing on the first day of each month thereafter for the life of the Participant, but in any event until a minimum of 180 total monthly payments are made to the Executive or the Executive's beneficiary per Section 3.6(b).
