Common use of Normal Retirement SERP Benefit Clause in Contracts

Normal Retirement SERP Benefit. (i) Subject to Section 3(g) hereof, upon Normal Retirement, the Participant shall be entitled to a normal retirement SERP benefit, expressed as a monthly lifetime annuity under Section 4(a)(ii) hereof, equal to one-twelfth (1/12) of the sum of (A) two and one-half percent (2.5%) of Final Pay for each completed Year of Service, up to a maximum of twenty-four (24) Years of Service (or sixty percent (60%) of Final Pay), and (B) one percent (1%) of Final Pay for each Year of Service beyond twenty-four (24) Years of Service that is completed after the Participant attains Normal Retirement Age, up to a maximum of five (5) Years of Service (or five percent (5%) of Final Pay) (collectively, the “Normal Retirement SERP Benefit”). To avoid any doubt with respect to the foregoing sentence, the sum of items (A) and (B) above shall not exceed sixty-five percent (65%) of the Participant’s Final Pay.