Early Retirement Reduction Factor Sample Clauses

Early Retirement Reduction Factor. If a Participant’s Early Retirement Benefit commences prior to age 65, the Participant’s Early Retirement Benefit shall be reduced by 4% for each full year between the Annuity Starting Date and the Participant’s 65th birthday.
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Early Retirement Reduction Factor. If a Participant’s Early Retirement Benefit commences prior to the Participant’s Normal Retirement Date, the Participant’s Early Retirement Benefit computed pursuant to Section 3.2.2 shall be reduced in accordance with the applicable Supplement.
Sample 1Sample 2
Early Retirement Reduction Factor. The Participant’s Early Retirement Benefit computed shall be reduced by one third of one percent (.33%) for each month in excess of 36 by which the commencement of the Participant’s Early Retirement Benefit precedes the Participant’s Normal Retirement Date.
Sample 1Sample 2
Early Retirement Reduction Factor. If a Participant’s Early Retirement Benefit commences prior to age 65, the Participant’s Early Retirement Benefit shall be paid according to the reduced percentage provided below. 65 00.00 % 64 93.00 % 63 86.53 % 62 80.60 % 61 75.20 % 60 70.33 % 59 66.00 % 58 62.20 % 57 58.93 % 56 56.20 % 55 54.00 % Notwithstanding the preceding to the contrary, effective September 1, 2005, the following reduced percentages shall apply: 65 0 % 64 96 % 63 92 % 62 88 % 61 84 % 60 80 % 59 75 % 58 70 % 57 65 % 56 60 % 55 55 %
Sample 1
Early Retirement Reduction Factor. If a Participant’s Early Retirement Benefit commences prior to age 62, the Participant’s Early Retirement Benefit shall be reduced by a percentage equal to 4% multiplied by the number of years (prorated for any fraction of a year) from the Annuity Starting Date to the first day of the month following the Participant’s 62nd birthday. The same reduction factor shall apply to a terminated Participant who is not Early Retirement eligible if the Participant has 10 Years of Vesting Service.
Sample 1
Early Retirement Reduction Factor. If a Participant’s Early Retirement Benefit commences prior to age 65, the Participant’s Early Retirement Benefit shall be paid according to the reduced percentage provided below. 65 00.00 % 64 93.00 % 63 86.53 % 62 80.60 % 61 75.20 % 60 70.33 % 59 66.00 % 58 62.20 % 57 58.93 % 56 56.20 % 55 54.00 %
Sample 1
Early Retirement Reduction Factor. The Participant’s Early Retirement Benefit computed shall be reduced by one third of one percent (.33%) for each month in excess of 36 by which the commencement of the Participant’s Early Retirement Benefit precedes the Participant’s Normal Retirement Date. 15 January 2007 27 of 27 I, HXXXXX XXXXXXXXX, acknowledge that my employment is currently governed by an Executive Contract with Meridian Gold Company and that pursuant to the Contract I am required to designate the beneficiary(ies) who will be entitled to receive any interest through the Contract which may be payable at the time of my death or an account of my death. I understand that this designation may be amended or revoked at any time and from time to time. I understand that this designation will remain in effect until my death, or until such time as it is amended or revoked if earlier. I further understand that my spouse has certain rights granted under the Retirement Equity Act to my benefits under the Plan. I understand that my spouse’s consent is, therefore, required if I designate anyone other than my spouse as my primary beneficiary.
Sample 1
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Early Retirement Reduction Factor. 10 8. Disability Retirement Benefit 10 (a) Eligible Participants 10 (b) Amount of Disability Retirement Benefit 10 (c) Recovery from Disability 11 10. Death Benefit to Surviving Spouse 13 (a) Eligibility for Surviving Spouse Benefit 13 (b) Amount of Surviving Spouse Benefit 13 11. Forms of Payment 13 (a) Benefit Forms 13 (b) Election Procedures 14 12. Variable Annuity Procedures 14 (a) Right to Elect 14 (b) Operational Procedures for the Variable Annuity 15 (c) Variable Annuity Adjustments 16 (d) Mortality Risk; Residual Assets 17 (e) Death of a Participant 17 (f) Special Definitions 17 13. Change in Control 18 (a) Changes to the Vesting Schedule 18 (b) Adjustment to the Service Fraction 19 (c) Elimination of Early Retirement Factors 19 (d) Effect on Section 5(d) 19 (e) Lump-Sum Payment 19
Sample 1
Early Retirement Reduction Factor. The early retirement factors applicable to an early retirement benefit payable under this Section 7 shall be 100% less the sum of (i) twenty-five hundredths percent (0.25%) for each month by which the later of (A) the initial payment date of the early retirement benefit and (B) the first day of the month coincident with or next following the Participant's sixtieth birthday precedes the Normal Retirement Date; plus (ii) one-half percent (0.5%) for each month by which the initial payment date of the early retirement benefit precedes the first day of the month coincident with or next following the date that the Participant attains his sixtieth birthday.
Sample 1

Related to Early Retirement Reduction Factor

  • 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 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 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.

  • 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 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.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • 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 Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • 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.

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