Normal Retirement Allowance a. 2.5% of final average pay for each year of the first twenty (20) years of service and 2% for each year thereafter b. Maximum of 70% of final average pay c. Final average pay equals employee's highest three of the last five years of gross earnings.

Normal Retirement Allowance. The monthly Normal Retirement Allowance of a Participant who Retires under Section 3.1 shall be an amount, commencing as of the Participant’s Actual Retirement Date, equal to one-twelfth of the quantity (a) the Managerial Retirement Objective (“MRO”) below, minus (b) the Social Security Offset below, minus (c) below: (a) The MRO shall be equal to Final Average Compensation multiplied by the lesser of (1) or (2), below: (1) the sum of (i) and (ii): (i) 2.4% for each year of Formula Benefit Service accrued prior to January 1, 1989 (ii) 1.7% for each year of Formula Benefit Service accrued on or after January 1, 1989 (2) 60% minus 2.4% for each year prior to 1979 that the Employee failed to make or repay the required employee contributions pursuant to Section 6. (b) The Social Security Offset shall be equal to the Participant’s Social Security Benefit (as defined in Section 1.20) multiplied by the lesser of (1) or (2), below: (1) 1. 7% for each year of Formula Benefit Service

Normal Retirement Allowance. Any employee under this Plan shall become eligible to receive a retirement allowance upon the attainment of age 65 and the completion of 10 years of continuous service. Any employee who has become eligible for a retirement allowance under this Section may elect to retire, or may be retired at the option of the Authority, and upon such retirement shall be entitled to receive the normal retirement allowance provided by this Plan. The annual normal retirement allowance under this Plan payable to any employee who retires with 10 or more years of service, after attaining the age of 65, shall be for each year (or fraction thereof based on completed months) of service, the sum of: 1. With respect to future service, one and six-tenths percent (1.60%) of the employee's average compensation during those four (4) years of the employee's service during which he earned the highest total pay, effective May 1, 1996, the formula shall be improved to one and sixty-five hundredths percent (1.65%) of average compensation, and, effective with respect to employees with an effective date of retirement on or after November 1, 2001, the formula shall be improved to one and eighty-five hundredths percent (1.85%) of average compensation. Effective with respect to employees with an effective date of retirement on or after November 1, 2007, the formula shall be 1.85% of average compensation for each year (or fraction thereof based on completed months) of service up to 27 at retirement, plus 1.95% of average compensation for each year (or fraction thereof based on completed months) of service in excess of 27 at retirement. 2. with respect to past service, (prior to May 1, 1973), one (1.0) percent of the employee's average compensation during those four (4) years of the employee's service during which he earned the highest total pay. The annual normal retirement allowance shall be paid in twelve (12) equal monthly installments. For employees on leave of absence while holding office in, or performing duties for, the Union or its International Office or the Transit Employees' Federal Credit Union, compensation shall include sums earned as compensation while holding such office or performing such duties. However, the minimum monthly normal retirement allowance under this Plan shall be one hundred seventy-five dollars ($175). Effective May 1, 1995, a full unreduced retirement will be available to any employee with twenty-seven (27) years of service regardless of age. Any employee may elect...

Normal Retirement Allowance. (a) Any Member in service who reaches his/her normal retirement date shall be eligible to retire on a normal retirement allowance to become effective on his/her normal retirement date. However, no Member will be involuntarily retired by the Retirement Board solely because of the age of the Member. (b) The normal retirement allowance shall consist of: (1) A membership service allowance equal to

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Retirement Allowance Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of 26 weeks' salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement."
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.
Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].
Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).
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 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.
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.
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 Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.
Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

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