Monthly Retirement Benefit Sample Clauses

Monthly Retirement Benefit. Effective January 1, 2001, the pension multiplier shall be 2.8% percent for all eligible years of service. The number of eligible years multiplied by the pension multiplier shall not exceed 80%. The retirement benefit shall be calculated by multiplying the FAC (the employee’s highest consecutive 5 year income average) by the number of eligible years of service by the pension multiplier (2.8%). Credited compensation shall include base pay plus overtime and longevity pay only, and shall not include holiday bonus days, sick bank payoff or other payments of any kind.
Sample 1Sample 2Sample 3See All (4)
Monthly Retirement Benefit. The benefit shall be a Monthly Retirement Benefit equal to one-twelfth (1/12th) of the Annual Benefit computed from column "G" of Schedule A attached hereto, multiplied by Executive's then applicable Vesting Percentage determined from Column B of said Schedule A. If Executive's termination occurs less than one (1) Plan Month after the end of a Plan Year, the Annual Benefit shown opposite the number of full Plan Years of Service completed by the Executive prior to his termination shall the Annual Benefit used to compute the Executive's Monthly Retirement Benefit. If the Executive's termination occurs more than one (1) Plan Month after the end of a Plan Year, the Annual Benefit shown opposite the number of full Plan Years of Service completed by the Executive prior to his termination plus an additional amount computed by multiplying the difference between that Annual Benefit and the Annual Benefit which would have accrued if the Executive would have completed the next full Plan Year of service times a fraction, the denominator of which is twelve (12) and the numerator of which is the number of full Plan Months of Service completed by the Executive after the end of the last full Plan Year of Service, shall be the Annual Benefit used to compute the Executive's Monthly Retirement Benefit.
Sample 1Sample 2
Monthly Retirement Benefit. 2.65% of the best three (3) of the last consecutive five (5) year income average of credited compensation times the total years of service, not to exceed 30.25 years of service, not to exceed 80% of FAC calculation. Credited compensation shall include base pay plus overtime, and shall not include sick bank payoff or other payments of any kind.
Sample 1Sample 2
Monthly Retirement Benefit. Monthly Retirement Benefit" shall equal $848, multiplied by the number of Years of Service of the Employee from the Effective Date of the Agreement through December 31, 2005. The Monthly Retirement Benefit earned under this Agreement shall be 100% vested at all times.
Sample 1
Monthly Retirement Benefit. 2.65% of the highest consecutive 5 year income average of credited compensation times the total years of Police Department Service, not to exceed 34 years of service or age 55, whichever comes first. Credited compensation shall include base pay plus overtime and longevity pay only, and shall not include holiday bonus days, sick bank payoff or other payments of any kind.
Sample 1

Related to Monthly Retirement Benefit

  • 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.

  • 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 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.

  • 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.

  • 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.

  • 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.

  • 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

  • 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.

  • 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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