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.
Normal Retirement Benefits. Executive's benefit under the Plan shall be paid only in a lump sum payment in an amount that is the actuarial equivalent, based on the actuarial assumptions set forth in paragraph 3.5(vii), of the Base Benefit for the life of Executive paying equal monthly installments beginning on the Retirement Date (the "Normal Retirement Benefit"). The portion of the Normal Retirement Benefit equal to the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date. The portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date or, if later and if required to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, on or within five business days after the Section 409A Payment Date. If the Section 409A Payment Date is after the Retirement Date, then payment of the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit (with interest on such portion of the benefit from the Retirement Date to the actual date of payment at the Aa Corporate Bond Rate (as defined in paragraph 3.5(vii)) shall be paid by Company to Executive (or, in the event of Executive's death, Executive's Beneficiary) not earlier than but as soon as practicable on, and in any event within five business days after, the Section 409A Payment Date. For purposes hereof: (a) "Beneficiary" is defined as (1) Executive's surviving spouse, if Executive is married on the date of Executive's death, or (2) Executive's estate, if Executive is not married on the date of Executive's death; (b) "Grandfathered Benefit" is defined in paragraph 3.5(ix); (c) "Retirement Date" is defined as the first day of the month coincident with or next following the later of (1) the date on which Executive attains (or in the event of Executive's earlier death, would have attained) age 60 or (2) the date of Executive's retirement from employment with Company; and (d) "Section 409A Payment Date" is defined as the earlier of (1) the date of Executive's death or (2) the date which is six months after the date of termination of Executive's employment with Company.
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 and the Adoption Agreement 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. If 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 in the Adoption Agreement.
Normal Retirement Benefits. Subject to the other provisions of this Section 2C hereof, when Executive attains 65 years of age, or if later, upon separation of service, Executive shall be entitled to retire from the Company and to receive retirement benefits of Forty-Five Thousand Dollars ($45,000) annually (“Normal Retirement Benefits”), payable, commencing as of the first of the month following the month in which normal retirement occurs, in equal monthly installments, for a period of ten (10) years. Notwithstanding the foregoing, if Executive is deemed to be a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Internal Revenue Code and the regulations and guidance issued thereunder relating to deferred compensation, then such Normal Retirement Benefits shall commence as of the first of the month after the sixth month following the date in which separation from service on account of the Executive’s normal retirement occurs.
Normal Retirement Benefits. The annual pension benefit payable to you from the Plan at your Normal Retirement Date will be calculated as follows:
(a) $66 multiplied by your years of Credited Service (to a maximum of 25 years); plus
(b) 1.65% of your annual plan compensation in excess of $7800.00 multiplied by your years of Credited Service (to a maximum of 25 years). For the purposes of the above calculation, annual plan compensation will be based on the three consecutive calendar years during which your compensation (as defined in the Plan) from the Company is the highest. If you are a part-time employee, your post-1991 compensation and Credited Service used for the calculation in paragraph (b) above, will be adjusted annually to reflect your part-time status. These adjustments are required by regulations under the Income Tax Act to minimize unwarranted benefit increases which could otherwise result from changes to and from full-time and part-time employment. Please note that your benefit calculated in accordance with the formula set out above may be subject to reduction to comply with the maximum pension rules set out in the Plan.
Normal Retirement Benefits. In the event Participant’s employment is terminated on or after Participant has attained Retirement Age, commencing on the Normal Commencement Date, subject to Section 2.7, Participant shall be entitled to receive the Annual Retirement Benefit, in the amount set forth on Schedule A for “Normal Retirement,” in equal monthly payments. Subject to Section 2.9 of this Plan, monthly payments of the Annual Retirement Benefit shall continue until Participant’s death.
Normal Retirement Benefits. If the Executive shall continue in the employment of the Corporation until she attains the age of sixty-five (65), she shall be entitled to a supplemental retirement benefit (hereinafter “Benefit”) commencing on the first day of the month next following her actual retirement and continuing for fifteen (15) years, in an amount equal to twenty-five percent (25%) of the average of the three (3) highest years of Compensation (average compensation) paid to such Executive in the ten (10) years of employment with the Corporation immediately preceding such Executive’s retirement from the Corporation.
Normal Retirement Benefits. Executive will be entitled to all of the benefits in Section 9 that Executive would have received had the Executive’s employment terminated due to Retirement.
Normal Retirement Benefits. When a Participant attains his Normal Retirement Age, he shall be 100% vested in his Employer Accounts. Upon a Participant’s termination of Service on or after attaining his Normal Retirement Age, his Vested Balance shall be payable to him pursuant to the provisions of this Article VII and Article VIII, if applicable.
Normal Retirement Benefits. Effective May 1, 2002, each member of the Plan who is in the active employment of the Company on or after May 1, 2002, or who is in receipt of benefits under the Company’s Long Term Disability Insurance Plan at that date, and each employee who becomes a member after May 1, 2002, who subsequently retires at this normal retirement date under the Plan will receive an annual retirement income determined as follows:
