Minimum Retirement Benefit Sample Clauses

Minimum Retirement Benefit. A Participant shall be eligible to receive an annual minimum retirement benefit payable monthly, equal to 15% of the Participant’s Annual Basic Pay on the last day the Participant was on the active payroll reduced by the sum of the following benefits received by the Participant which are attributable to the period for which benefits are provided under this Section 4.2: a service pension or deferred vested pension under the Retirement Income Plan or Pension Plan, an Excess Retirement Benefit under Article 3, a Mid-Career Pension Benefit under Appendix A, and by any other retirement income payments received by the Participant from his or her Participating Company or from a Successor or Predecessor Plan Sponsor. However, no reduction shall be made on account of any pension under the Retirement Income Plan at a rate greater than the rate of such pension on the date the Participant first received such pension after his or her retirement or other termination of employment, and no reduction shall be made on account of an Excess Retirement Benefit under Article 3, or a Mid-Career Pension Benefit under Appendix A, at a rate greater than the rate of such benefit, as of first date the Participant was entitled to receive such benefit after his or her retirement or other termination of employment.

Minimum Retirement Benefit. In no event will the Company pay any employee who retires with fifteen (15) years of Vested Service an annual normal retirement benefit of less than $1,200 in addition to such sums, if any, as the employee may received as "Primary Insurance Benefits" under the Federal Social Security Act and as unemployment compensation. A Spouse's Benefit shall be payable to an employee's spouse in the event of the employee's death prior to the Normal Retirement Date, provided as least fifteen (15) years of Vested Service was completed and has been married to the surviving spouse for at least one (1) year. The monthly amount of the Spouse's Benefit shall be one-half of the amount of Retirement Benefit which would have been payable had the deceased employee retired, rather than died, on the day before death, reduced, however, by one percent (1%) for each full year in excess of two (2) by which the deceased employee's age exceed the spouse's age. A minimum of fifty dollars ($50.00) per month shall be payable. Spouse's Benefit payments shall terminate with the last payment due preceding

Minimum Retirement Benefit. Anything in this Article VI to the contrary notwithstanding, the amount of retirement income paid to a Clerical or Maintenance Participant shall not be less than the amount computed as follows: (a) With respect to Service performed as an Employee during the period from January 1, 1978, through February 29, 1980, the amount of a Participant’s annual retirement income benefit shall be the sum of: (1) Forty-seven and five hundred ninety-five thousandths percent (47.595%) of the Participant’s contributions with respect to pay periods ending within the three hundred (300) months prior to the Participant’s normal retirement date, plus (2) Nineteen and thirty-nine thousandths percent (19.039%) of the Participant’s contributions with respect to pay periods ending more than three hundred (300) months prior to the Participant’s normal retirement date. (b) With respect to Service performed after February 29, 1980, the amount of a Participant’s annual retirement income benefit shall be the sum of (1) Fifty-nine and four hundred ninety-four thousandths percent (59.494%) of the Participant’s contributions up to four percent (4%) of Basic Compensation, with respect to pay periods ending within three hundred (300) months prior to the Participant’s normal retirement date, plus (2) Twenty-three and seven hundred ninety-eight thousandths percent (23.798%) of the Participant’s contributions, up to four percent (4%) of Basic Compensation, with respect to pay periods ending more than three hundred (300) months prior to the Participant’s normal retirement date.

Minimum Retirement Benefit. If the Employee remains employed with the Company beyond July 1, 2003, then, when he is otherwise eligible for and elects to receive retirement benefits under the Anadarko Retirement Plan (the "Basic Plan") and, if applicable, the Anadarko Retirement Restoration Plan (the "Restoration Plan") (collectively, the "Plans"), he shall be entitled to receive retirement benefits equal to the greater of (a) the benefits calculated under the Plans as of the date of his actual retirement (the "Actual Retirement Benefit") or, (b) the retirement benefits which would have been payable to him under the Plans, calculated as if he had retired on July 1, 2003 (the "2003 Retirement Benefit"). If the Employee's ultimate retirement benefits are payable under (b) above, then the difference between the 2003 Retirement Benefit and the Actual Retirement Benefit will be paid from the Restoration Plan. For purposes of calculating the Plans' lump sum benefit under (b) above, the Plans' lump sum factor in effect as of July 1, 2003, based on the Employee's age as of that date, will be utilized. If the Employee remains employed with the Company beyond July 1, 2003 and dies before he is otherwise eligible for and elects to receive retirement benefits under the Plans, then any survivor benefits payable under the Plans will be calculated as described in the immediately preceding paragraph, provided that any survivor benefits payable from the Restoration Plan will be paid in the form of a lump sum.

Minimum Retirement Benefit. Anything in this Article VII to the contrary notwithstanding, the amount of retirement income paid to a Participant shall not be less than the amount computed in accordance with Section 4 of Article VI.