Normal Retirement Pension Sample Clauses
Normal Retirement Pension. Your normal retirement date is the first of the month on or after your 65th birthday. You will receive a monthly Basic Pension as determined above. You will also be entitled to monthly lifetime supplement if the sum of your Basic Pension and the amount of your Canada Pension Plan (CPP) Retirement Pension is less than a certain amount. If you have completed thirty (30) years of Credited Service at your retirement date, the Lifetime Supplement is equal to the amount which, when added to your Basic Pension and Canada Pension Plan Retirement Pension, will total the following minimum pension amount: $2,570 if you retire on or before May 31, 2014 $2,650 if you retire on or after June 1, 2014. If you have completed less than thirty (30) years of Credited Service at your retirement date, the Lifetime Supplement will be equal to the amount by which the minimum pension amount above exceeds the Canada Pension Plan Retirement Pension, multiplied by the fraction obtained by dividing thirty (30) into your years of Credited Service subject to a maximum of thirty (30) years, then reduced by your Basic Pension.
Normal Retirement Pension. The Executive shall be entitled, on retirement at age 65, to an annual pension of an amount determined in accordance with the following provisions and on the following terms.
(a) The initial rate of pension at retirement at age 65 shall be calculated as x% of Basic Salary or Reference Salary whichever is the greater in the 12 months before retirement (“Pensionable Salary”) for each or any of the first five calendar years of the Executive’s employment by the Employer if in the last 90 days of each such year the average share price of the Employer on the London Stock Exchange (the “Average Share Price” and the “LSE” respectively) exceeds GBp 75 plus an additional 2% of Pensionable Salary for each such year if the Average Share Price exceeds: Year 1 GBp 90 Year 2 GBp 102 Years 3-5 inclusive GBp 114 Where x is 4 in the first calendar year, 3.5 in the second calendar year and 3 in the third, fourth and fifth calendar years.
(b) If at the end of the fifth calendar year of his employment by the Employer the aggregate percentage pension accrued in accordance with the above provision is less than 26.5%, the Executive may accrue up to a further 4.5% of Pensionable Salary in his sixth calendar year of employment by the Employer if the average share price of the Employer on the LSE for the last 90 days of that year exceeds GBp 75 and up to a further 2% if the average share price of the Employer on the LSE for the last 90 days of that year exceeds GBp 114.
(c) The maximum aggregate accrual under the formulae at Clauses 2.1(a) and 2.1(b) shall not exceed 26.5% and not more than 6% shall accrue in the first calendar year, not more than 5.5% shall accrue in the second calendar year, not more than 5% shall accrue in any subsequent calendar year save in the sixth year where up to 6.5% shall accrue in the manner described in 2.1(b) above.
(d) In the event of a material increase or reduction of the issued share capital of the Employer, appropriate adjustments shall be made to the share prices stipulated for the purposes of Clause 2.1(a) above by the Employer acting reasonably.
(e) For the avoidance of doubt in calculating the first five calendar years of the Executive’s employment by the Employer, the first calendar year shall end on 31 December 2011 even though the Executive will not have been employed for the full calendar year.
Normal Retirement Pension. For Service to January 1, 1990
Normal Retirement Pension. (a) For a retirement, commencing on and after January 1, 1976, by a participant who has accumulated at least one Credited Hour after December 21, 1975, the Normal Retirement Pension payable to a Participant shall be the larger of paragraphs (1) and (2) below.
(1) The pension benefit of such Participant computed under the provisions of the Old Plan based upon the Qualified Years and Credited Hours of the Participant as of December 21, 1975, plus ten percent (10%) thereof if the retirement commenced prior to April 2, 1976; or
(2) The sum of:
(A) $.0078 multiplied by the Participant's total Credited Hours accumulated during the Participant's first ten (10) Qualified Years;
(B) $.0104 multiplied by the Participant's total Credited Hours accumulated during the Participant's next ten (10) Qualified Years; and
(C) $.0104 multiplied by the Participant's total Credited Hours accumulated after the Participant has completed twenty (20) Qualified Years, provided that, a $.0066 rate shall apply in lieu of the $.0104 rate with respect to (I) Credited Hours 69 REPLACED – Amendment XIII, December 18, 1996, retroactively effective December 24, 1989. 70 Section AMENDED – Amendment XXXXVII, August 27, 2003. 71 Section AMENDED – Amendment XVI, October 22, 1997, retroactively effective August 1, 1997. (Paragraph
Normal Retirement Pension. (a) For a retirement, commencing on and after January 1, 1976, by a participant who has accumulated at least one Credited Hour after December 21, 1975, the Normal Retirement Pension payable to a Participant shall be the larger of paragraphs (1) and (2) below.
(1) The pension benefit of such Participant computed under the provisions of the Old Plan based upon the Qualified Years and Credited Hours of the Participant as of December 21, 1975, plus ten percent (10%) thereof if the retirement commenced prior to April 2, 1976; or
(2) The sum of:
(A) $.0078 multiplied by the Participant's total Credited Hours accumulated during the Participant's first ten (10) Qualified Years;
(B) $.0104 multiplied by the Participant's total Credited Hours accumulated during the Participant's next ten (10) Qualified Years; and
(C) $.0104 multiplied by the Participant's total Credited Hours accumulated after the Participant has completed twenty (20) Qualified Years, provided that, a $.0066 rate shall apply in lieu of the $.0104 rate with respect to (I) Credited Hours 69 REPLACED – Amendment XIII, December 18, 1996, retroactively effective December 24, 1989. 70 Section AMENDED – Amendment XXXXVII, August 27, 2003. 71 Section AMENDED – Amendment XVI, October 22, 1997, retroactively effective August 1, 1997. (Paragraph (6) deleted) 72 Section AMENDED – Amendment XXXIII, February 28, 2001, retroactively effective December 26, 1999. Restated 1993 Trust Agreement (Inclusive of Amendments I through CVII) credited before 1988 followed by a Break in Service before 1988, (II) benefits that went into pay status before 1988 or (III) benefits earned prior to a retirement commencing on or after January 1, 1988 with respect to applications for retirement filed before September 1, 1987. For the purpose of this subsection (a)(2), Credited Hours shall include only those accumulated after October 24, 1954, and prior to the “cessation date,” as defined in the next sentence. The cessation date shall be the later of the end of the Computation Year next following the Participant's sixty-fifth (65th) birthday or the end of the Computation Year during which the Participant is credited with both twenty (20) Qualified Years and twenty thousand (20,000) Credited Hours. Notwithstanding the preceding sentence, Credited Hours earned after the cessation date and prior to retirement are included, provided that (I) Credited Hours after the cessation date and before December 25, 1977 shall not be included in the ca...
Normal Retirement Pension. Your normal Retirement Date is the first day of the month coincident with or next following your 65th birthday. At normal retirement, you will receive an annual pension, under normal form, equal to the greater of:
Normal Retirement Pension. 1. Normal retirement is on the first day of the month immediately following your sixty-fifth (65th) birthday.
2. This plan provides a pension income at age sixty- five (65), based on your credited or length of service in any year as follows: HOURS WORKED CREDITED SERVICE 150-299 1/10 year 300-449 2/10 year 450-599 3/10 year 600-749 4/10 year 750-899 5/10 year 900-1,049 6/10 year 1,050-1,199 7/10 year 1,200-1,349 8/10 year 1,350-1,499 9/10 year 1,500 or more 1 year
3. For employees suffering from long term disability (over thirty [30] days), up to fifteen hundred (1500) banked hours may be withdrawn over a three (3) year period, in order to supplement credited service for pension purposes. ***** "Disability as defined in the Plan" ***** S. 15:10 225 D. At age sixty-five (65), your monthly retirement income benefit will be equal to the monthly pension amount in effect, multiplied by your years of credited service since January 1st, 1980. MONTHLY DEFINED BENEFIT April 15, 2012 April 14, 2013 May 4, 2014 Single Pension Group $83.00 $83.00 $83.00
1. This plan covers only your service with the Company from January 1st, 1980. Your pension is calculated by multiplying your years of service by the appropriate amount shown in the table above, which will equal your monthly amount.
2. Any pension benefits you may have earned from former plans are in addition to the pension from this Retirement Income Plan.
Normal Retirement Pension a) For service on and after January 1, 1999 and up to June 30, 2012: The normal retirement pension formula will be calculated as 2% of pensionable earnings.
b) For service on and after July 1, 2012: The normal retirement pension formula will be calculated as 1.65% of pensionable earnings. the member’s average monthly pensionable earnings during the sixty (60) consecutive months preceding his retirement or, if higher, 1.65% of his average monthly pensionable earnings during any five (5) calendar years preceding his retirement for which his earnings were the highest, multiplied by the number of years of Contributory Credited Service on and after July 1, 2012.
Normal Retirement Pension. A Member who retires on his Normal Retirement Date shall receive an amount of retirement income as described in Section 7.01 calculated using the Member's Normal Retirement Date as his Date of Determination.
Normal Retirement Pension. Eligibility. A Participant or Former Participant who is ----------- employed by an Employer or an Affiliated Company at his Normal Retirement Age shall have a nonforfeitable right to a normal retirement pension. Such a Participant or Former Participant shall be entitled to receive his normal retirement pension commencing on (i) his Normal Retirement Date, or (ii) if he continues in the employ of the Employer or an Affiliated Company past his Normal Retirement Age, on the earlier of (A) the first day of the month following his actual retirement (unless payment must commence earlier pursuant to Section 5.4), which date shall be known as his Deferred Retirement Date, or