Common use of CERTAIN RETIREMENT BENEFITS Clause in Contracts

CERTAIN RETIREMENT BENEFITS. 6.1 Subject to the special terms and conditions contained below, upon cessation of Employee's employment with Employer, if the Employee has reached the Retirement Age, or as soon thereafter as Employee reaches the Retirement Age, the Bank hereby agrees that the Employee and Employee's spouse shall become the joint owners (with right of survival) with the Bank of the annual increase of the cash surrender value of the policy thereafter arising; however, the Employee's (and Employee's spouse's) right to draw against such increase (such draw to reduce eventual death benefits) shall never exceed $55,000 per 12-month period (the "Retirement Draw Benefit"). The shared right to ownership of this increase shall continue for the lifetime of the Employee and the lifetime of the Employee's surviving spouse, but in no event longer than 40 years.

CERTAIN RETIREMENT BENEFITS. 6.1 Subject to the special terms and conditions contained below, upon cessation of Employee's employment with Employer, if the Employee has reached the Retirement Age, or as soon thereafter as Employee reaches the Retirement Age, the Bank hereby agrees that the Employee and Employee's spouse shall become the joint owners (with right of survival) with the Bank of the annual increase of the cash surrender value of the policy thereafter arising; however, the Employee's (and Employee's spouse's) right to draw against such increase (such draw to reduce eventual death benefits) shall never exceed $55,000 _______ per 12-month period (the "Retirement Draw Benefit"). The shared right to ownership of this increase shall continue for the lifetime of the Employee and the lifetime of the Employee's surviving spouse, but in no event longer than 40 years.

CERTAIN RETIREMENT BENEFITS. 6.1 Subject to the special terms and conditions contained below, upon cessation of Employee's employment with Employer, if the Employee has reached the Retirement Age, or as soon thereafter as Employee reaches the Retirement Age, the Bank hereby agrees that the Employee and Employee's spouse shall become the joint owners (with right of survival) with the Bank of the annual increase of the cash surrender value of the policy thereafter arising; however, the Employee's (and Employee's spouse's) right to draw against such increase (such draw to reduce eventual death benefits) shall never exceed $55,000 60,000 per 12-month period (the "Retirement Draw Benefit"). The shared right to ownership of this increase shall continue for the lifetime of the Employee and the lifetime of the Employee's surviving spouse, but in no event longer than 40 years.