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. 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. 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 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
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

Related to Monthly Retirement Benefit

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • 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.

  • 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.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • 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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