Common use of Deferred Retirement Benefit Clause in Contracts

Deferred Retirement Benefit. Effective with the first day of the Plan Year beginning on or after January 1, 1988, a Participant shall be entitled to receive as of his Deferred Retirement Date a monthly Standard Form of Retirement Income equal to one-twelfth (1/12th) of the greater of (i) the amount of his annual retirement benefit determined as of his Deferred Retirement Date in accordance with the Benefit formula elected by the Employer in the Adoption Agreement, or (ii) the Actuarial Equivalent of his Normal Retirement Benefit determined under section 5.1 above. The monthly retirement benefit so determined for a Participant who remains in employment after Normal Retirement Age shall be offset by the Actuarial Equivalent of the total of any distributions required by Section 9.5 which are made by the close of the Plan Year.