Late Retirement Benefit Sample Clauses

Late Retirement Benefit. (Plan Section 5.4) payable to a Participant who continues employment after attaining Normal Retirement Age shall be: a. [ ] No special provisions (i.e., greater of continued accruals or Actuarial Equivalent of Accrued Benefit). b. [ ] as follows: 1. [ ] paid as though the Participant had actually retired on the Normal Retirement Date. 2. [ ] at option of Participant, paid as though the Participant had actually retired on the Normal Retirement Date.
Sample 1Sample 2
AutoNDA by SimpleDocs
Late Retirement Benefit. (a) Unless a lump sum benefit is elected, the amount of Late Retirement Benefit will be the monthly annuity benefit provided by the annuity or annuities purchased with the amounts in the Participant's Individual Account, as provided in Article VI, Section 1. The type of annuity will be a straight life annuity or an annuity as set forth in Article VI, Section 2 or 3, as applicable. 101(b) Notwithstanding the above, all retirement benefits under this Plan shall commence no later than the date prescribed by Section 1(b) of this Article. With respect to a Participant entitled to receive benefits under Section 1(b) of this Article who has not commenced to receive retirement benefits hereunder or to a Participant electing a Late Retirement Date on or after April 1 of the calendar year following the calendar year in which the Participant attained age 70-1/2, a benefit equal to the amount of the benefit determined under subsection (a) above shall be paid as follows: no later than the date prescribed by Section 1(b) of this Article or the Participant’s Late Retirement Date, whichever is applicable, a benefit based upon the Participant’s Account balance as of the end of the second preceding Plan Year shall be distributed to the Participant, and the remainder of the benefit determined as of the end of the preceding Plan Year shall be paid to the Participant after it is calculated. Any additional allocations to which such Participant is entitled by virtue of earning a Qualified Year during a subsequent Computation Year shall be paid in accordance with the form of benefit elected by the Participant as soon as practicable after they are allocated under the Plan and shall not be subject to the provisions of Article II, Section 5 applicable to reemployment of retired Participants unless the Participant actually retires from the Industry. Except as provided in Article IV, Section 3(g)(3), a Participant who is a “five percent owner” within the meaning of Section 416 of the Code who receives benefits pursuant to this subsection (b) shall not be considered retired until his Late Retirement Date, as set forth in Article V, Section 1(a). Such a Participant shall not be permitted to elect a new form of benefits upon such Late Retirement Date. 101 AMENDED – Amendment XVI, December 17, 1997, retroactively effective January 1, 1993. AMENDED – Amendment XXXIV, February 28, 2001, retroactively effective December 26, 1999. AMENDED – Amendment LXXVI, March 10, 2009, retroactively effec...
Sample 1
Late Retirement Benefit. If a Participant shall continue in active employment following his Normal Retirement Age, he shall continue to participate under the Plan and Trust. Upon actual retirement, such Participant shall be entitled to the amount then credited to his Accounts.
Sample 1
Late Retirement Benefit. If an Executive remains employed beyond his Normal Retirement Date, he shall be entitled to receive a retirement benefit equal to the greater of (i) the monthly benefit payable as a single life annuity that is the Actuarial Equivalent of the value of his Account as of his actual retirement date, considering all Pay-Based Credits and Interest Credits thereto after his Normal Retirement Date, or (ii) the Actuarial Equivalent of his Normal Retirement Benefit computed at Normal Retirement Date, but based on payment commencing at the time of actual retirement.
Sample 1
Late Retirement Benefit. Monthly retirement benefit unit multiplied by each calendar year of full-time, active service with the Employer subsequent to and as of the December 31st immediately prior to the Employee's election to retire late, and payable monthly to the December 31 st following the Employee's eightieth (80th) birthday.
Sample 1
Late Retirement Benefit. The benefit payable upon a Participant’s Late Retirement Date shall equal the greater of (i) the amount determined pursuant to Section 6.2(a), including Credited Service and Average Monthly Earnings through the date of such Participant’s Termination Date, and (ii) the amount that would have been paid upon such Participant’s Normal Retirement Date, actuarially increased to reflect such Participant’s Late Retirement Date. Notwithstanding anything in the Pension Plan to the contrary, in any case in which a Participant’s Late Retirement Benefit, as calculated pursuant to the previous sentence, shall exceed the limitations of Section 8.1 within a Plan Year, a suspension of benefits notice as required under Department of Labor Regulation section 2530.203-3(b)(4) shall be given. Such notice shall be given to the Participant by personal delivery or first class mail during the first calendar month, or payroll period, in which the Pension Plan suspends payments and shall conform to the requirements of Department of Labor Regulations 2520.203-3.
Sample 1
Late Retirement Benefit a. Executive's Late Retirement Benefit is the accrued benefit calculated on December 31, 2016 adjusted actuarially to reflect the late retirement date. Benefits payable on Executive's Late Retirement Date shall have an equivalent actuarial value to benefits payable on his Normal Retirement Date. b. The benefit is a monthly benefit payable for the life of Executive. c. The first benefit payment will be made on Executive's Late Retirement Date; provided, however, that if late retirement is determined to be a "separation from service" and the Executive is a "specified employee" within the meaning of Section 409A, no payment shall be made until one day after six months from separation from service, at which time such delayed payments shall be accumulated and paid in one lump sum.
Sample 1
AutoNDA by SimpleDocs
Late Retirement Benefit. If the Participant's employment continues beyond the Normal Retirement Date, such Participant shall continue to participate in the Plan, to share in Company Contributions and to make Participant's Contributions in the same manner as any Participant who has not reached his Normal Retirement Date. When such Participant actually retires, one hundred percent (100%) of his Accrued Benefit shall be paid to him in the manner and at the time provided in Section Twelve.
Sample 1
Late Retirement Benefit 
Sample 1Sample 2

Related to Late 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.

  • 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.

  • 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.

  • 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.

  • 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).

  • 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.

  • 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.

  • 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

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!