Common use of Participant's Accrued Benefit Clause in Contracts

Participant's Accrued Benefit. Participant who terminates employment after meeting the Service requirement but before meeting the age requirement for Early Retirement may also elect to retire on the first day of any month following Early Retirement Age. Any other Vested Participant may elect to commence payment of his benefits on the first day of any month preceding his Normal Retirement Date and after his vested Termination Date as specified in the Adoption Agreement. Such benefit shall be equal to his Accrued Benefit payable at Normal Retirement Date reduced by one-fifteenth (1/15th) for each of the next five (5) years, one thirtieth (1/30th) for each of the next five (5) years and actuarially reduced for each additional year by which the commencement date of the Vested Benefit precedes his Normal Retirement Date.