Early Retirement Prior to Benefit Age Sample Clauses

Early Retirement Prior to Benefit Age. If the Executive desires to terminate employment due to "Early Retirement" (as set forth herein) prior to attainment of Executive's Benefit Age and to commence receiving benefits hereunder at the time of such Early Retirement, Executive shall be entitled to receive the Early Retirement Benefit, as described below, at such time subject to the following conditions. Executive must be at least fifty-five (55) years of age, have ten (10) years of employment with the Bank and/or the Company and have been a participant under this Agreement for at least two (2) years. In addition, Executive must have made an election at least thirteen (13) months prior to Executive's Early Retirement date to commence receiving benefits on the first day of the first month following the date of such Early Retirement (as set forth herein at Exhibit B). The Early Retirement benefit shall be the Executive's Supplemental Retirement Benefit calculated using the Executive's Years of Service on the date of Early Retirement. Such benefit shall be annuitized (using the Interest Factor) and be payable commencing on the first day of the first month following Executive's Early Retirement in monthly installments throughout the Payout Period. In the event the Executive dies prior to commencement of such payments, the Bank shall pay to the Executive's Beneficiary a Survivor's Benefit calculated as if the Bank had not obtained insurance on the Executive. In the event the Executive dies prior to completion of all such payments due and owing hereunder, the Bank shall pay to the Executive's Beneficiary a continuation of the monthly installments payable to the Executive for the remainder of the Payout Period.
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Early Retirement Prior to Benefit Age. If the Executive terminates employment due to Early Retirement prior to attainment of his Benefit Age, Executive shall be entitled to receive the Supplemental Early Retirement Benefit. The Supplemental Early Retirement Benefit shall be: Such benefit shall commence on the Executive’s Benefit Commencement Date and shall be payable in monthly installments throughout the Payout Period. In the event the Executive dies following his Termination of Employment prior to completion of all such payments due and owing hereunder, the Employer shall pay to the Executive’s Beneficiary a lump sum payment equal to the Accrued Benefit at the time of death.
Sample 1
Early Retirement Prior to Benefit Age. If the Executive terminates employment due to Early Retirement prior to attainment of his Benefit Age, Executive shall be entitled to receive the Supplemental Early Retirement Benefit, as described below. The Supplemental Early Retirement Benefit shall be the Executive’s Supplemental Retirement Benefit calculated using the Executive’s Years of Service on the date of the Executive’s Early Retirement. Such benefit shall commence on the Executive’s Benefit Commencement Date and shall be payable in monthly installments throughout the Payout Period. In the event the Executive dies following his Termination of Employment prior to completion of all such payments due and owing hereunder, the Employer shall pay to the Executive’s Beneficiary a lump sum payment equal to the Accrued Benefit at the time of death.
Sample 1

Related to Early Retirement Prior to Benefit Age

  • Early Retirement Age The age set by the Employer in the Adoption Agreement, not less than age fifty-five (55), at which a Participant becomes fully vested and is eligible to retire and receive his or her benefits under the Plan.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

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