Level Income Option Sample Clauses

Level Income Option. In the case of early retirement, under this option a higher pension is paid before the Old Age Pension commences, and a lower pension thereafter, so that, combined with the Old Age Pension, a level income results.
Sample 1
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Level Income Option. The Level Income Option provides greater monthly annuity payments prior to the Participant's 62nd birthday (determined in accordance with Exhibit E-3) and after such birthday provides reduced monthly annuity payments in an amount which, when added to the Primary Social Security Benefits which the Participant could elect to receive, approximately equals the amount of the monthly annuity paid prior to the Participant's 62nd birthday. A Participant who is entitled to an Early Retirement Benefit under
Sample 1
Level Income Option. A Participant may elect to receive a reduced monthly Retirement Allowance payable in a greater amount prior to age 65 and a correspondingly reduced amount, actuarially determined, after age 65, such that the total Allowance (including both the adjusted Allowance payable under the Plan and the estimated Social Security benefit (as obtained by the Participant from the Social Security Administration or as determined by the Committee)) to which the Participant shall be entitled at age 65 shall be as nearly uniform as possible, both before and after commencement of Social Security benefits.
Sample 1
Level Income Option. Under this option, a Participant is paid an adjusted monthly benefit for life with payments before age 62 (or age 65, if the Participant so elects) which are higher than those made after that age. (a) The purpose of this option is to provide (on an Actuarial Equivalent basis) monthly payments before age 62 (or age 65) approximately equal to the sum of the monthly payment from the Plan after age 62 (or age 65) and the Participant’s Social Security benefit. For purposes of calculating the option, the Participant is assumed to commence Social Security benefits at age 62 (or age 65). No payments are made after the Participant dies. This option may not be elected if the benefit at age 62 (or age 65) would be $25 per month or less. (b) This option is available only to Participants who terminate employment after attaining Early Retirement Age and commence benefits before age 65. Thus, this option is not available for a Deferred Vested Retirement Benefit.
Sample 1
Level Income Option. A Level Income Option was added to provide a level amount of retirement income when Retirement and Social Security benefits are combined. This option is available to employees who are under age sixty-two (62) and elect a Single Life Annuity. LUMP SUM LIMIT. The Lump sum limit is $50,000. DISABILITY BENEFITS. Pension benefits for participants who incur a disability, as defined in the Plan, after ten (10) years of Benefit Accrual Service and who have at least sixty (60) points when age and Benefit Accrual Service are added together shall continue to accrue Benefit Accrual Service while eligible to receive disability benefits under either the Social Security Act or the Company's Long Term Disability Plan. Participants may elect to commence benefits as early as age fifty-five (55), but Benefit Accrual Service will stop accruing after the benefits have commenced and an early retirement factor will apply to benefits commenced prior to reaching age sixty-two (62).
Sample 1

Related to Level Income Option

  • Level IV a. If the grievant is not satisfied with the disposition of his/her grievance at Level III, he/she may file the grievance within five (5) days of the Level III response for transmittal to the Board. b. The Board will hear the grievance at its next regularly scheduled meeting or a special meeting which has been called for that purpose. The Board shall transmit its written decision to the grievant within five (5) days of the meeting. The decision of the Board shall be final. Nothing in this section shall be construed so as to deny a grievant any appeal rights available under the law.

  • Level I If the grievance is not resolved through informal discussions, the School District designee shall give a written decision on the grievance to the parties involved within ten (10) days after receipt of the written grievance.

  • Level II In the event the grievance is not resolved in Level I, the decision rendered may be appealed to the Superintendent of Schools, provided such an appeal is made in writing within ten (10) days after receipt of the decision in Level I. If a grievance is properly appealed to the Superintendent, the Superintendent or his/her designee shall meet regarding the grievance within fifteen (15) days after receipt of the appeal. Within ten (10) days after the meeting, the Superintendent or his/her designee shall issue a decision, in writing, to the parties involved.

  • Long-Term Incentive Awards The Executive shall participate in any long-term incentive awards offered to senior executives of the Company, as determined by the Compensation Committee.

  • Level III In the event the grievance is not resolved in Level II, the decision rendered may be appealed to the School Board, provided such an appeal is made in writing within ten (10) days after receipt of the decision in Level II. If a grievance is properly appealed to the School Board, the School District shall hear the grievance within twenty (20) days after the receipt of the appeal. Within twenty (20) days after the meeting the School Board shall issue its decision in writing to the parties involved. At the option of the School Board, a committee or representative(s) of the School District may be designated by the School Board to hear the appeal at this level, and report its findings and recommendations to the School District. The School District shall then render its decision.

  • Long-Term Incentive Award During the Term, Executive shall be eligible to participate in the Company’s long-term incentive plan, on terms and conditions as determined by the Committee in its sole discretion taking into account Company and individual performance objectives.

  • Performance Vesting Within sixty (60) days following the completion of the Performance Period, the Plan Administrator shall determine the applicable number of Performance Shares in accordance with the provisions of the Award Notice and Schedule I attached thereto.

  • Equity Incentive Awards The Executive shall be eligible to receive grants of equity-based long-term incentive awards, which may include options to purchase Company stock, performance or restricted stock units and Company restricted stock contributions to Company’s deferred compensation plan, or other equity-based awards. Such awards shall be determined in the discretion of the Board and the Executive shall be eligible for consideration for such awards in the same manner as other senior executive officers of the Company. In the event of a Change of Control in which the surviving or acquiring corporation does not assume the Executive’s outstanding equity-related awards (including options and equity-based awards granted both before and after the Effective Date) or substitute similar equity-related awards of substantially equivalent value, such equity-related awards shall immediately vest and become exercisable if the Executive’s service with the Company has not terminated before the effective date of the Change of Control; provided, however, that the foregoing provision shall only apply if the Company is not the surviving corporation or if shares of the Company’s common stock are converted into or exchanged for other securities or cash.

  • Performance-Based Vesting At the end of each Measurement Year, on the Measurement Date, the percentage of Shares set forth above shall be eligible to vest (the "Eligible Shares"). On each Measurement Date, 50% of the Eligible Shares shall become Vested Shares if at least 90% of the Target EBITDA amount was met for the prior Measurement Year. If more than 90% of the Target EBITDA amount was met for the prior Measurement Year, then the Eligible Shares shall become Vested Shares on a straight line basis such that an additional 5% of Eligible Shares shall become Vested Shares for each 1% that actual Consolidated Adjusted EBITDA exceeds 90% of the Target EBITDA amount.

  • Performance Incentive 4.9.1 If the Seller delivers Coal to the Purchaser in excess of ninety percent (90%) of the ACQ in a particular Year, the Purchaser shall pay the Seller an incentive (“Performance Incentive”/ “PI”), to be determined as follows: PI = P x Additional Deliveries x Multiplier Where: PI = The Performance Incentive payable by the Purchaser to the Seller P = The Base Price of Highest Grade, as shown in Schedule II Additional Deliveries = Quantity [in tonnes] of Coal delivered by the Seller in the relevant Year in excess of 90% of the ACQ. Multiplier shall be 0.15 for Additional Deliveries between 90%-95% of ACQ and 0.30 for Additional Deliveries in excess of 95% of ACQ. 4.9.2 With respect to part of a Year in which the term of this Agreement begins or ends, the relevant quantities in Clause 4.9.1, except the Multiplier, shall apply pro-rata. 4.9.3 Within thirty (30) days of expiry of a Year, the Seller shall submit an invoice to the Purchaser with respect to the Performance Incentive payable in terms of Clause 4.9.1 and the Purchaser shall pay the amount so due within thirty (30) days of the receipt of the invoice. In the event of non-payment of PI by the due date, the Seller shall have the right to suspend Coal supplies without absolving the Purchaser of its obligations under this Agreement.

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