Early or Late Retirement. In the event of early or late retirement (at ages from fifty-five (55) years to sixty-nine (69) years), the retiring employee will be entitled to the pension purchasable at the attained age based on the balance of the individual account. In the case of an employee who elects to retain employment with the Employer beyond the age of sixty-five (65), no further contributions will be made from his/her sixty-fifth (65th) birthday, unless by mutual consent between Employer and employee.
Early or Late Retirement. The Participant may apply to the Board of Directors for an early or late retirement. The decision whether to accept or reject such an application shall be in the sole discretion of the Board of Directors, and the Board shall have no obligation whatsoever to accept any such application. In the event the Board of Directors accepts the Participant’s application for early or late retirement, this Agreement shall be amended to reflect the revised terms of the Participant’s retirement date and amount of such retirement benefits. Such revised benefits shall be payable by the Bank pursuant to this Section 4 only to the extent that the Participant was continuously employed by the Bank during the period from the date of execution of this Agreement until the date of the Participant’s revised retirement date. Retirement benefits under this Section 4 shall be payable in equal monthly installments for a period of ten (10) consecutive years commencing on the first business day of the month following the Participant’s revised retirement date and continuing on the first business day of each month thereafter for one hundred twenty (120) consecutive months until all of the specified installments have been paid in full.
Early or Late Retirement. In the event of early or late retirement (at ages from fifty-five (55) years to seventy-one
Early or Late Retirement. Upon months notice, a Member may elect to retire on the first day of any month within the years preceding or on the first day of any month following the normal retirement date but he may not defer his annuity payments later than the December 1st in the calendar year in which he attains age If a Member remains in Service after the normal retirement date, the contributions of the Employer and the Member will continue until the earlier of (1) his retirement date and (2) the date annuity payments commence. BASIC CONTRIBUTIONS Each Member will contribute by payroll deduction of his Earnings. The Employer will contribute equally on of each Member an amount to the greater of (1) of the Member's Earnings and (2) for each hour worked by the Member. Any amounts forfeited by a Member under the provisions of Section and Section if' applicable, will be used by the Employer to help the Employer contributions. Such forfeited amounts will be used before the end of the calendar year following the calendar year in which the amount was forfeited. The Employer may, in its sole discretion, elect that all or any portion of such amounts be allocated within the same time period to Members on a pro-rata basis. Contributions under this Section and any amounts which may be allocated to Members on a pro-rata basis shall not exceed the allowable deductible limits as stated in Section VOLUNTARY CONTRIBUTIONS A Member may contribute voluntary contributions to the Plan, however they shall not exceed the allowable deductible limits as stated in Section The accumulation with interest of such voluntary contributions will,as elected by the Member, be applied on the Member's date of retirement to increase the amount of pension purchased on his behalf or, transferred to an Optional Retirement Vehicle as outlined in Section or taken as a cash payment or transferred to a Retirement Savings Plan. Member is contributing voluntary contributions by payroll deduction, in order for a Member to change the amount being deducted, the Member must give Written notice to the Employer no later than one month before the date of the change. INDIVIDUALACCOUNT An Individual Account be established at the time the Employee becomes a Member and will be credited with Member and Employer contributions. The Individual Account will be credited with net investment gain or loss at such times and in such amounts as described in Article of the Funding Contract, but not less than once every months. The Individual Account wi...
