Common use of Lesser Benefit Paid on Early Retirement Clause in Contracts

Lesser Benefit Paid on Early Retirement. If the Executive receives a payment under Sections 2.1, 2.3, 2.4 or 2.7 and such payment is made on a date before his Normal Retirement Age, the benefit shall be the benefit that would have been payable if the benefit had been paid at the Executive’s Normal Retirement Age less 6% of the Accrued Benefit for each year by which payment of the benefit is advanced.

Lesser Benefit Paid on Early Retirement. If the Executive receives a payment under Sections 2.1, 2.3, 2.4 or 2.7 and such payment is made on a date before his Normal Retirement Age, the benefit shall be the benefit that would have been payable if the benefit had been paid at the Executive’s Normal Retirement Age less 6% of the Post-2004 Accrued Benefit or Pre-2005 Accrued Benefit (as the case may be) for each year by which payment of the benefit is advanced.