Form of Retirement Benefit Sample Clauses

Form of Retirement Benefit. If Executive is not married on the date Executive's benefit under paragraph 3.5(iii) commences, then benefits under the Plan will be paid to Executive in the form of a single life annuity for the life of Executive. If Executive is married on the date Executive's benefit under paragraph 3.5(iii) commences, then benefits under the Plan will be paid to Executive, at the written election of Executive made at least 15 days prior to the first payment of benefits under the Plan, in either (1) the form of a single life annuity for the life of Executive, or (2) the form of a joint and survivor annuity that is actuarially equivalent to the benefit that would have been payable under the Plan to Executive if Executive was not married on such date, with Executive's spouse as of the date benefit payments commence being entitled during such spouse's lifetime after Executive's death to a benefit equal to 50% of the benefit payable to Executive during their joint lifetimes. If Executive fails to make such election, Executive will be deemed to have elected a joint and survivor annuity.
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Form of Retirement Benefit. If Executive is not married on the date Executive's benefit under paragraph 3.5(iii) commences, then benefits under the Plan will be paid to Executive in the form of a single life annuity for the life of Executive (unless Executive elects a Lump-Sum Payment, in which case benefits under the Plan will be paid in cash in a lump-sum). If Executive is married on the date Executive's benefit under paragraph 3.5(iii) commences, then benefits under the Plan will be paid to Executive (unless Executive has elected a Lump-Sum Payment), at the written election of Executive made at least 15 days prior to the first payment of benefits under the Plan, in either (1) the form of a single life annuity for the life of Executive, or (2) the form of a joint and survivor annuity that is actuarially equivalent to the benefit that would have been payable under the Plan to Executive if Executive was not married on such date, with Executive's spouse as of the date benefit payments commence being entitled during such spouse's lifetime after Executive's death to a benefit equal to 50% of the benefit payable to Executive during their joint lifetimes. If Executive fails to make such election and does not make an election to receive a Lump-Sum Payment, Executive will be deemed to have elected a joint and survivor annuity.
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Form of Retirement Benefit. If Executive is not married on the date Executive's benefit under paragraph 3.5(iii) commences, then benefits under the Plan will be paid to Executive in the form of a single life annuity for the life of Executive. If Executive is married on the date Executive's benefit under paragraph 3.5(iii) commences, then benefits under the Plan will be paid in the form of a joint and survivor annuity that is actuarially equivalent to the benefit that would have been payable under the Plan to Executive if Executive was not married on such date, with Executive's spouse as of the date benefit payments commence being entitled during such spouse's lifetime after Executive's death to a benefit equal to 50% of the benefit payable to Executive during their joint lifetimes.
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Form of Retirement Benefit. Following the DROP Retirement Date, the Participant’s retirement benefit, as determined pursuant to Section 4.06(f), shall be payable in the form of monthly payments for the remainder of the Participant’s life, unless an optional form of payment has been elected pursuant to Section 4.04. A Participant may elect to have his or her benefits following the DROP Retirement Date paid in the form of a joint and survivor annuity or guaranteed period certain under Section 4.04 in accordance with the Plan’s procedures for electing optional forms of benefits. The election made by the Participant does not have to be the same as the election made with respect to the amount credited to his or her DROP Account under Section 4.06(e). A Participant may also elect to receive the value of his or her DROP Account (but not his or her Normal Retirement Pension) in the form of a single lump sum payment. Upon the Participant’s commencement of benefits, any election made by the Participant (including the designation of a Beneficiary under any option other than the guaranteed period option) shall be irrevocable. The benefit payable to the Participant following his or her DROP Retirement Date shall be adjusted beginning as of January 1 of the year following the Participant’s DROP Retirement Date for changes in the cost of living in accordance with the provisions of Section 4.02.
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Form of Retirement Benefit. 31 Section 6.1 QUALIFIED JOINT AND SURVIVOR ANNUITY 31 Section 6.2 QUALIFIED PRE-RETIREMENT SURVIVOR ANNUITY 31 Section 6.3 NOTICE REQUIREMENTS 32 Section 6.4 CASH OUT PROVISION 34 Section 6.5 ELIGIBLE ROLLOVER 34 Section 6.6 DETERMINATION OF AMOUNT TO BE DISTRIBUTED EACH YEAR 35 ARTICLE VII—MAXIMUM BENEFIT LIMITATION 37 Section 7.1 GENERAL LIMITATION RULE 37 ARTICLE VIII—CONTRIBUTIONS AND FUNDING 38 Section 8.1 CONTRIBUTIONS AND FUNDING 38 Section 8.2 ANTI-CUTBACK OF BENEFITS 38 Section 8.3 RECIPROCITY AGREEMENT 38 ARTICLE IX—AMENDMENT AND DURATION OF THIS PLAN 39 Section 9.1 RIGHT TO AMEND AND/OR TERMINATE 39 Section 9.2 TAX QUALIFICATION 39 Section 9.3 DURATION OF PLAN 39 ARTICLE X—TERMINATION 40 Section 10.1 CONTINUATION OF PLAN 40 Section 10.2 TERMINATION OR PARTIAL TERMINATION 40 ARTICLE XI—THE PENSION FUND AND THE TRUSTEES 41 Section 11.1 ASSETS AND LIABILITIES 41 Section 11.2 NON-REVERSION 41 Section 11.3 EMPLOYER LIABILITY 41 ARTICLE XII—ADMINISTRATION 42 Section 12.1 ADMINISTRATION BY TRUSTEES 42 Section 12.2 TRUSTEE OBLIGATION 42 Section 12.3 TRUSTEE POWERS 42 ARTICLE XIII—MISCELLANEOUS 44 Section 13.1 EMPLOYEE INFORMATION 44 Section 13.2 EMPLOYEE RIGHTS 44 Section 13.3 CONTRACT OF EMPLOYMENT 44 Section 13.4 EMPLOYER/EMPLOYEE RELATIONSHIP 44 Section 13.5 CLAIMS AND APPEALS PROCEDURE 44 Section 13.6 ACTIONS OF THE TRUSTEES 46 Section 13.7 PERIODIC ACTUARIAL CALCULATION 46 Section 13.8 INCOMPETENCE OF PENSIONER 46 Section 13.9 BENEFIT PAYMENTS REVERT TO FUND AFTER THREE YEARS 46 Section 13.10 MERGER OR CONSOLIDATION 46 Section 13.11 NON-ALIENATION OF BENEFITS 46 Section 13.12 PROSPECTIVE OPERATION 47 Section 13.13 MILITARY DUTY 47 ARTICLE XIV—EMPLOYER WITHDRAWAL LIABILITY 49 Section 14.1 COMPLETE WITHDRAWAL DEFINED 49 Section 14.2 PARTIAL WITHDRAWAL DEFINED 49 Section 14.3 CALCULATION OF WITHDRAWAL LIABILITY 50 Section 14.4 DE MINIMIS REDUCTION OF WITHDRAWAL LIABILITY 52 Section 14.5 ACTUARIAL ASSUMPTIONS 52 Section 14.6 PAYMENT OF WITHDRAWAL LIABILITY 52 Section 14.7 RESOLUTION OF DISPUTES 54 Section 14.8 FURNISHING INFORMATION TO EMPLOYERS 54 Section 14.9 MISCELLANEOUS 55 ARTICLE XV—REQUIRED MINIMUM DISTRIBUTIONS 57 Section 15.1 REQUIRED BEGINNING DATE 57 Section 15.2 DEATH OF PARTICIPANT BEFORE DISTRIBUTIONS BEGIN. 57 Section 15.3 FORM OF DISTRIBUTION. 57 Section 15.4 GENERAL ANNUITY REQUIREMENTS 58 Section 15.5 AMOUNT REQUIRED TO BE DISTRIBUTED BY REQUIRED BEGINNING DATE 58 Section 15.6 ADDITIONAL ACCRUALS AFTER FIRST DISTRIBUTION CALENDAR YEA...
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Form of Retirement Benefit. Following the DROP Retirement Date, the Participant’s retirement benefit, as determined pursuant to Section 4.06(f), shall be payable in the form of monthly payments for the remainder of the Participant’s life, unless an optional form of payment has been elected pursuant to Section 4.04. A Participant may elect to have his or her benefits following the DROP Retirement Date paid in the form of a joint and survivor annuity or guaranteed period certain under Section
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Form of Retirement Benefit. If Executive is not married on the date Executive's benefit under paragraph 3.6(c) commences, then benefits under the Plan will be paid to Executive in the form of a single life annuity for the life of Executive. If Executive is married on the date Executive's benefit under paragraph 3.6(c) commences, then benefits under the Plan will be paid to Executive, at the written election of Executive made at least 15 days prior to the first payment of benefits under the Plan, in either (i) the form of a single life annuity for the life of Executive, or (ii) the form of a joint and survivor annuity that is actuarially equivalent to the benefit that would have been payable under the Plan to Executive if Executive was not married on such date, with Executive's spouse as of the date benefit payments commence being entitled during such spouse's lifetime after Executive's death to a benefit equal to 50% of the benefit payable to Executive during their joint lifetimes. If Executive fails to make such election, Executive will be deemed to have elected a joint and survivor annuity.
Sample 1
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Related to Form of Retirement Benefit

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • 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.

  • 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.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • 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).

  • 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.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • 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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