Early Retirement Supplement. The Company shall have no obligation under this Section 6(d) unless the Employee executes and delivers to the Company a valid general release agreement in a form reasonably acceptable to the Company in which the Employee releases the Company from any and all possible liability, including, without limitation, any and all liability based on the Employee's employment or the termination of his employment.
Early Retirement Supplement. To the extent that an Early Retirement Supplement is payable under the GRP to a Group I or Group II Employee who has completed at least 30 years combined GRP and Visteon Mirror GRP credited service, the amount of the Early Retirement Supplement shall be computed as described below:
(a) The GRP shall pay an Early Retirement Supplement equal to: ("Total 30 and Out Benefit" minus LIB) x FS (Max. 30) / 30
(b) While the Visteon Mirror GRP has the same benefit provisions as the Ford GRP, the Visteon Mirror GRP shall pay an Early Retirement Supplement equal to: ("Total 30 and Out Benefit" minus LIB) x [30 minus FS (Max. 30)] / 30 where
Early Retirement Supplement. To the extent that any Early Retirement Supplement is payable under the GRP to a Group I or Group II Employee, the amount of the total monthly benefit used for determining the Early Retirement Supplement shall be determined as follows: The amount of the total monthly benefit that would otherwise be used for determining the Early Retirement Supplement under the GRP at the time the Group I or Group II Employee retires shall be multiplied by a fraction, the numerator of which is the number of years of credited service, including fractions of a year, under the GRP not to exceed thirty years, and the denominator of which is thirty. To the extent that any Early Retirement Supplement is payable under the Visteon Mirror GRP to a Group I or Group II Employee, the amount of the total monthly benefit that would otherwise be used for determining the Early Retirement Supplement under the Visteon Mirror GRP at the time the Group I or Group II Employee retires shall be multiplied by a fraction, the numerator of which is thirty less the number of years (not to exceed thirty) of credited service, including fractions of a year, under the GRP to the Benefit Transition Date and the denominator of which is thirty. In the event the Group I or Group II Employee has credited service under the GRP of thirty or more years as of the Benefit Transition Date, no Visteon Mirror Supplement shall be payable.
Early Retirement Supplement. Effective March 16, 2001, for the employee who retires on or after that date, if sixty (60) years of age or greater, a supplement of $20.50 per year of credited service will be paid until age 65. Effective March 16, 2002, for the employee who retires on or after that date, if 60 years of age or greater, a supplement of $21.50 per year of credited service will be paid until age 65. Effective March 16, 2003, for the employee who retires on or after that date, if 60 years or greater, a supplement of $22.50 per year of credited service will be paid until age 65.
Early Retirement Supplement maintained for all employees whose pension credited service date is January 1, 1991 or earlier. Eliminated for all other employees.
Early Retirement Supplement. To the extent that an Early Retirement Supplement is payable under the GRP to a Group I or Group II Employee who has completed at least 30 years combined GRP and Visteon Mirror GRP credited service, the amount of the Early Retirement Supplement shall be computed as described below:
(a) The GRP shall pay an Early Retirement Supplement equal to: ("Total 30 and Out Benefit" minus LIB) x FS (Max. 30) / 30
(b) While the Visteon Mirror GRP has the same benefit provisions as the Ford GRP, the Visteon Mirror GRP shall pay an Early Retirement Supplement equal to: ("Total 30 and Out Benefit" minus LIB) x [30 minus FS (Max. 30)] / 30 where <PAGE> 14 "Total 30 and Out Benefit" is the Total 30 and Out Benefit applicable when the total GRP and Visteon Mirror GRP credited service exceeds 30 years. For illustration, the amount of Total 30 and Out Benefit from October 1, 1999 to September 30, 2000 is $2,380 per month. "FS (Max. 30)" is total credited service in the GRP, not to exceed 30 years. "LIB" is the monthly Life Income Benefit (before survivor option) applicable to the total GRP and Visteon Mirror GRP credited service. The amount of "Total 30 and Out Benefit" minus LIB cannot be negative.
Early Retirement Supplement and the Transferred Employee meets the eligibility conditions, the amount of the benefit payable under the GRP shall be determined as follows: The Early Retirement Supplement in effect at retirement shall be multiplied by a fraction, the numerator of which shall be the years of credited service under the GRP (not to exceed thirty years) and the denominator of which shall be thirty years. For example, a Transferred Employee with ten years of GRP credited service prior to July 1, 2000 and 25 years of service with Visteon and Ford after July 1, 2000 for total combined service of 35 years shall be eligible for 10/30 of a GRP Early Retirement Supplement payable to age 62 and one month.
(v) If a Transferred Employee does not have thirty years of eligibility service to qualify for an Early Retirement Supplement but otherwise achieves retirement eligibility, the amount of the GRP Temporary or Interim Supplement shall be determined by multiplying the rate in effect at retirement for the Temporary or Interim Supplement by the years of credited service under the GRP payable to age 62 and one month.
(c) Transferred Employees with Retirement Eligibility Under the GRP. Pursuant to the Employee Transition Agreement, certain Ford employees who were transferred to Visteon were eligible to retire under the normal retirement, regular early retirement, special early retirement or disability benefit provisions of the GRP and had not commenced benefits as of the Employment Date. The GRP benefits for such retirement eligible Transferred Employees will be administered as follows:
(i) Years of credited service under the GRP prior to July 1, 2000 shall be used to determine the amount of the GRP benefit. The benefit rates shall be those in effect at the time of retirement.
(ii) The sum of the years of credited service under the GRP prior to July 1, 2000, plus years of service at Visteon (or any predecessor company), plus years of service under the FRP after the Transition Date, shall be used solely for the purposes of fulfilling the minimum years of credited service required as a condition of eligibility for GRP benefits, but not for the purposes of calculating the benefit amount.
(iii) Solely for purposes of determining the contributory benefit under the GRP, Final Average Monthly Salary under the GRP shall mean the highest average monthly salary paid to a Transferred Employee by Ford or Visteon as of the five consecutive December 31 dates that occur during the 120 consecutive mont...
Early Retirement Supplement. If a Participant retires on or after May after attaining age with years of service he/ she shall be entitled to receive a supplementary payment commencing on his/her early retirement date and ending on the earlier of the first day of the month following the attainment of age or the first day of the month following the date of death of the Participant. The amount of such supplementary payment shall be calculated as follows: For those who retire on or before the attainment of age times the number of years of credited service not exceeding with proportional allowance for completed months, reducing on the first day of the month following the attainment of years of age to times such service. Effective May bridging will increase to times the number of years of credited service not exceeding with proportional allowance for completed months, reducing on the first day of the month following the attainment of years of age to times such service. Participants over age with years of service who retire before age will be eligible for the bridging supplement with a reduction of of per month for each month that retirement precedes age The payment amount reduces on the first day of the month following the attainment of years of age to times such service. For those who retire after the attainment of years of age, times the number of years of Credited Service not exceeding with proportional allowance for completed months. For participants retiring after May and who have attained age or over on May and who have also completed at least years of service on May shall receive a bridging supplement of per month for each year of credited service up to a maximum of years. Such bridging supplement shall cease when the participant reaches age
Early Retirement Supplement and the Transferred Employee meets the eligibility conditions, the amount of the benefit payable under the GRP shall be determined as follows: The Early Retirement Supplement in effect at retirement shall be multiplied by a fraction, the numerator of which shall be the years of credited service under the GRP (not to exceed thirty years) and the denominator of which shall be thirty years. For example, a Transferred Employee with ten years of GRP credited service prior to July 1, 2000 and 25 years of service with Visteon and ACH on and after July 1, 2000 for total combined service of 35 years shall be eligible for 10/30 of a GRP Early Retirement Supplement payable to age 62 and one month.
(v) If a Transferred Employee does not have thirty years of eligibility service to qualify for an Early Retirement Supplement but otherwise achieves retirement eligibility, the amount of the GRP Temporary or Interim Supplement shall be determined by multiplying the rate in effect at retirement for the Temporary or Interim Supplement by the years of credited service under the GRP payable to age 62 and one month.
Early Retirement Supplement. Full-time faculty members retiring or leaving the College at age fifty-five (55) and qualify for Kansas Public Employees Retirement System (KPERS) with a reduction in benefits are awarded a retirement supplement based on the schedule below. 5 - 9 years of service $1,000 10 - 14 years of service $2,000 15 - 19 years of service $3,000 20 - 24 years of service $4,000 25 or more years of service $5,000
