ELIGIBILITY FOR EARLY RETIREMENT PENSION Sample Clauses

ELIGIBILITY FOR EARLY RETIREMENT PENSION. A Participant who ---------------------------------------- has received credit for at least ten (10) Years of Participation and has attained age fifty-five (55) may retire at any time prior to Normal Retirement Age. A Participant eligible for an early retirement pension who elects to retire prior to Normal Retirement Age shall receive an early retirement pension as of his early retirement date. A Participant's early retirement pension shall equal his Accrued Benefit, multiplied by the appropriate percentage from the following table. Such percentage is based upon the number of years by which the Participant's Early Retirement Date precedes his Normal Retirement Date. If such is not an exact number of years, a straight-line interpolation shall be made. Number of Years Percentage --------------- ---------- \ 0 100.00% 1 93.33 2 86.67 3 80.00 4 73.33 5 66.67 6 63.33 7 60.00 8 56.67 9 53.33 10 50.00 In the event that a Participant elects a form of payment other than the straight life annuity form, the pension will be the Actuarial Equivalent of the early retirement pension otherwise payable at his Early Retirement Date based on the form of payment selected.
Sample 1
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ELIGIBILITY FOR EARLY RETIREMENT PENSION. A Participant who meets the eligibility criteria for an Unreduced Early Retirement Pension or a Reduced Early Retirement Pension and who vests and eligible for a benefit on or after his Early Retirement Date but before his Normal Retirement Date shall receive an Early Retirement Pension.
Sample 1
ELIGIBILITY FOR EARLY RETIREMENT PENSION. For Unreduced Early Retirement Pension [X] The later of the date: [X] The Participant attains sixty (60) years of age [X] The Participant completes thirty (30) years of Vesting Service [--] The Participant’s age, combined with the Participant’s years of Vesting Service, equals or exceeds the numerical value of ( ) [--] The earlier of date determined immediately above and the later of the date: [--] The Participant attains ( ) years of age [--] The Participant completes ( ) years of Vesting Service [--] The Participant’s age, combined with the Participant’s years of Vesting Service, equals or exceeds the numerical value of ( ) For Reduced Early Retirement Pension [X] The later of the date: [X] The Participant attains sixty (60) years of age [X] The Participant completes ten (10) years of Vesting Service [--] The Participant’s age, combined with the Participant’s years of Vesting Service, equals or exceeds the numerical value of ( ) [--] The earlier of date determined immediately above and the later of the date: [--] The Participant attains ( ) years of age [--] The Participant completes ( ) years of Vesting Service
Sample 1
ELIGIBILITY FOR EARLY RETIREMENT PENSION. For Unreduced Early Retirement Pension (Select all that apply)
Sample 1

Related to ELIGIBILITY FOR EARLY RETIREMENT PENSION

  • 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 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.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

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

  • 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 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.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

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

  • 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.

  • 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.

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