Normal Benefit. If Monthly Benefits have not already started due to Separation from Service, Disability or Change in Control, the Bank shall pay the Monthly Benefit to Executive starting on the first business day of the month following the Normal Retirement Date and on the first business day of each calendar month thereafter for a total of 180 months (i.e., monthly payments for 15 years), regardless of whether the Executive has experienced a Separation from Service; provided however, that, if the Executive has experienced a Separation from Service, then, to the extent necessary to avoid penalties under Code Section 409A and the regulations thereunder, such payments shall not commence until the first day of the seventh month following the date of the Executive’s Separation from Service if the Executive is a Specified Employee on his date of Separation from Service.
Normal Benefit. Upon Separation from Service after Normal Benefit Date, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service. This benefit shall be paid in quarterly installments between 2 years and 10 years, at the selection of the Executive, and shall commence the first day of the immediately subsequent quarter following Separation from Service. During the payment period, interest shall be credited on the unpaid portion of the Deferral Account balance as described in Section 3.1(b)(ii). The quarterly payments shall be amortized in such a way so as to produce equal payments over the remaining payment period. This will require quarterly reamortization for changes in the Crediting Rate.
Normal Benefit. If the Executive is living on the Benefit Commencement Date, the Bank shall pay the Monthly Benefit to him on such date and on the first business day of each calendar month thereafter for a total of 180 months (i.e., monthly payments for 15 years), regardless of whether the Executive has experienced a Separation from Service; provided however, that, if the Executive has experienced a Separation from Service, then, to the extent necessary to comply with Code Section 409A and the regulations thereunder, such payments shall not commence until the first day of the seventh month following the date of the Executive's Separation from Service if the Executive is a Specified Employee on his date of Separation from Service.
Normal Benefit. At Normal Benefit Age, the Bank shall pay the Director an annual benefit in the amount of Twelve Thousand Dollars ($12,000) in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Normal Benefit Age and continuing for ten (10) years.
Normal Benefit. Unless Disability, Separation from Service or the Executive’s death occurs prior to Normal Benefit Age, the Employer shall pay the Executive the Normal Benefit hereunder commencing at the time selected on the Benefit Payment Election Form. The benefit shall be the Deferral Account balance calculated at the time payment commences in lieu of any other benefit hereunder. This benefit shall be paid commencing the date indicated, and on the schedule elected, by the Executive on the various Benefit Payment Election Forms completed by the Executive.
Normal Benefit. (a) Normal Benefit accrual is at the rate of two percent (2%) times the number of years of actual and continuous service the employee has completed as a full-time Prince Xxxxxx's County Correctional Officer, to a maximum of twenty-five (25) years of actual and continuous service, multiplied by the employee's average annual compensation, as determined pursuant to Section 9 below. Additional benefit accrual may be earned for years twenty-six (26) through thirty (30) at the increased accrual rate of two and two-tenths percent (2.2%) per year. The maximum benefit payable is sixty-one percent (61%).
(b) Effective January 1, 1999, Normal Benefit accrual is at the rate of two and two- tenths percent (2.2%) times the number of years of actual and continuous service the employee has completed as a full-time Prince Xxxxxx's County Correctional Officer, to a maximum of twenty- five (25) years of actual and continuous service, multiplied by the employee's average annual compensation, as determined pursuant to Section 9 below, for a normal retirement benefit of fifty- five percent (55%). Additional benefit accrual may be earned for years twenty-six (26) through thirty (30) at the increased accrual rate of two and two-tenths percent (2.2%) per year. The maximum benefit payable is sixty-six percent (66%).
(c) Effective July 1, 1999, Normal Benefit accrual is at the rate of two and forty-four hundredths percent (2.44%) times the number of years of actual and continuous service the employee has completed as a full-time Prince Xxxxxx's County Correctional Officer, to a maximum of twenty-two and one-half (22 1/2) years of actual and continuous service, multiplied by the employee's average annual compensation, as determined pursuant to Section 9 below, for a normal retirement benefit of fifty-five percent (55%). Additional benefit accrual may be earned for years after twenty-two and one-half (22 1/2) through twenty-five (25) at the increased accrual rate of two percent (2%) per year for a normal retirement benefit of sixty percent (60%). Further benefit accrual may be earned for years twenty-six (26) through thirty (30) at the increased accrual rate of one and two-tenths (1.2%) per year. The maximum benefit payable is sixty-six percent (66%).
(d) Effective July 1, 2001, Normal Benefit accrual is at the rate of two and six tenths percent (2.6%) times the number of years of actual and continuous service the employee has completed as a full-time Prince Xxxxxx’s County Correction...
Normal Benefit. Upon the Payment Eligibility Date, the Institution shall pay the Director an annual benefit equal to Six Thousand and 00/100th Dollars ($6,000.00). Said benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the death of the Director. In the event the Director should die and there is a balance in the accrued liability account, the Institution shall pay such balance, in a lump sum or in equal monthly installments (1/12th of the annual benefit), at the discretion of the Institution, to such individual or individuals the Director may have designated in writing and filed with the Institution. In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director.
Normal Benefit. Upon the Normal Retirement Date, the Company shall pay to the Director the benefit described in this Section 4.1 in lieu of any other benefit under this Agreement.
Normal Benefit. A full-time hourly associate who is absent from work due to a bona-fide personal illness or injury is entitled to one-half (1/2) day for each completed month of service.
Normal Benefit. Within thirty (30) days following February 1, 2007, the Corporation shall distribute to the Participant the benefit described in this Section 4.1 in lieu of any other benefit under this Article.
