Form, Timing and Amount of Benefit Sample Clauses

Form, Timing and Amount of Benefit. Benefits shall be payable to Employee upon his retirement eligibility and election, following his termination of employment with PNM, pursuant to any annuity form available under the Retirement Plan with appropriate actuarial equivalence adjustments as defined in the Retirement Plan, for forms other than a single life annuity on Employee's life.
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Form, Timing and Amount of Benefit. All payments shall be made in accordance with this Section.
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Form, Timing and Amount of Benefit. (a) The benefits payable under paragraph 1 above shall be payable pursuant to any annuity form available under the Retirement Plan with appropriate actuarial adjustments for forms other than a single life annuity on Maerki's life. The form shall be selected prior to Maerki's termination of employment. (b) The benefits payable under paragraph 1 shall commence at such time as Maerki shall elect following (x) Maerki's termination of employment with PNM, or (y) if later, the earliest date Maerki could commence receiving benefits under the Retirement Plan assuming his employment with PNM commenced February 15,1974.
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Form, Timing and Amount of Benefit. All payments shall be made in accordance with this Section. Prior to the amendment and restatement of this Agreement, payments to Employee were to be made “upon his retirement eligibility and election.” That provision is no longer permissible under the final regulations issued pursuant to Section 409A of the Code. By the adoption of this amended and restated Agreement, Employee and Company agree and Employee elects to have payments made in accordance with Section 9(a), unless Employee elects otherwise as described in Section 9(a)(1) or (2). The provisions of Section 9(a) are intended to be a new payment election in accordance with the transition relief provided by Notice 2006-79 and Notice 2007-86.
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Related to Form, Timing and Amount of Benefit

  • Amount of Benefit The annual benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

  • Amount of Benefits The vested amount credited to a Participant’s Account as determined under Articles 6, 7 and 8 shall determine and constitute the basis for the value of benefits payable to the Participant under the Plan.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

  • Distribution of Benefits Members of this unit with at least one year of the service to the District may apply for a number of days consistent with a one-for-one match of their individual sick leave accumulation as of the end of the previous contract year brought forward to the year of the onset of disability. The combined benefit of accumulated personal sick leave and disability bank leave may not exceed one hundred-eighty days and may carry over from one contract year to another. Employees with less than one full year of service in the District will not be require to contribute one of their individual accumulated sick leave days to the disability bank. The Board reviews the right to request re-application and documentation from anyone requesting more than forty (40) days from the pool. Any benefits will be minus other insurance coverage (i.e. worker’s compensation, social security, etc.).

  • Non-Duplication of Benefits Executive is not eligible to receive benefits under this Agreement more than one time.

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

  • Payment in Lieu of Benefits a) All employees not transferred to the Trust who received pay in lieu of benefits under a collective agreement in effect as of August 31, 2014, shall continue to receive the same benefit.

  • 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.

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