Payment of Retirement Benefits. Except as otherwise provided herein, the benefit at retirement is paid as calculated by the Fiscal Services Office of the Diocese and as approved by the Xxxxxx as of the date of retirement and monthly thereafter on the first day of each month for the life of the priest (but cf. 7.4 infra).
Payment of Retirement Benefits. Compensation paid as follows:
1.) On first pay period in July if Retirement paperwork is filed by February 15th.
2.) At the Board’s discretion, but no later than the first pay period in July of the following calendar year, if Retirement paperwork is filed after February 15th.
Payment of Retirement Benefits. In the event of the Normal or Late Retirement Date of a Participant, a Participant may elect to receive, in accordance with Section 5 of this Article, the full value of the
Payment of Retirement Benefits. 4.1 No benefits are payable under this Agreement if the Participant is discharged for Cause (as defined in Section 2.2) or engages in Competition with the Company (as defined in Section 2.2) or if the Participant voluntarily terminates his employment with the Company prior to the Participant's Normal Retirement Date.
4.2 In the event of the Participant's involuntary termination of employment (other than for Cause) prior to the Participant's Normal Retirement Date, the benefit payable to the Participant shall be pro-rated by multiplying the benefit set forth in Section 3.1 by the ratio of the number of full months of service with the Company that the Participant attained from the July 1, 2000 effective date of this Agreement through his date of termination of employment over 102.
4.3 In the event of involuntary termination pursuant to Section 4.2, any benefits otherwise payable under this Agreement shall commence on January 1, 2009.
Payment of Retirement Benefits. 4.1. [Reserved.]
Payment of Retirement Benefits. (a) Upon the happening of any of the events set forth below, Employee shall be entitled to receive Retirement Benefits payable in accordance with Employer's Retirement Benefit Plans in which Employee then participates. If such event occurs at any time prior to December 31, 2002, the Retirement Benefits shall be calculated as if the Employee was age 58 rather than actual age at the time of the event. If such event occurs at any time from January 1, 2003 through May 31, 2012, the Retirement Benefits shall be calculated as if the Employee was age 62 rather than actual age at the time of the event; provided, however, that the portion of Employee's Retirement Benefits under the Employer's Retirement Plan shall be calculated without making any age adjustment. Employee shall be entitled to the Retirement Benefits in the event any of the following occurs:
(i) the Employee's death;
(ii) the Employee's Disability;
(iii) the termination of Employee's employment by Employer at any time and for any reason unless such termination is a Discharge For Cause;
(iv) if, prior to a Change in Control, Employee voluntarily terminates his employment with Employer upon giving the Employer at least 180 days written notice; and
(v) if, after a Change in Control, Employee voluntarily terminates his employment upon the giving of at least 180 days written notice for reasons other than as set forth in Section 4(a) of this Agreement, or his employment is terminated pursuant to Section 4(b) of this Agreement.
(b) Employer and Employee agree that the Retirement Benefits provided hereunder shall be in lieu of all other benefits to which Employee may then be entitled upon the happening of any of the events set forth in Section 2(a)(i) through (v) of this Agreement, except that Employee shall in all events be entitled to:
(i) those benefits required by law;
(ii) retiree medical coverage to the extent and on the same terms and conditions then being provided by Employer;
(iii) any amounts necessary to replace up to age 62 any "Social Security" payments that are taken into consideration (but not yet paid to him due to his age at the time Retirement Benefits hereunder are being paid) for purposes of calculating his Retirement Benefits; and
(iv) in the event of a Change in Control, Employee shall be entitled to the Retirement Benefits and the benefits set forth in Section 4 of this Agreement. Employee shall also be entitled to exercise all then outstanding stock options in Employer to the extent s...
Payment of Retirement Benefits. As of the close of business of the plan on the adjustment date coincident with or next following the date an active participant retires, or as of such later adjustment date as shall be elected by the participant pursuant to paragraph (b) of this Section 4.6.1, his vested accrued benefit, as ad- justed as of such adjustment date, shall be paid to him or applied for his benefit under one of the following options, as elected by the participant:
(i) Life annuity: Application of the vested accrued benefit to the purchase of an immediate noncashable and nontransferable annuity from a legal reserve life insurance company providing approximately equal monthly installments for as long as he lives; provided, that this paragraph (i) shall only apply to a plan which is subject to the requirements of Section 4.7.
Payment of Retirement Benefits. Normal Form Unless a Member elects an form Pension as below. payment thereof shall be the form of monthly Instalments on the last day of the month in which his Retirement Date occurs and continuing there- after up to and the month of death, or earlier cessation of (as defined in paragraph foregoing, Pension payable to a Member who retires on his Normal Retirement Date and retirement income under Section which Election of optional Guaranteed Form
Payment of Retirement Benefits. 9 109 Protection of Benefits .................................................... 13 117 Retirement Dates............................................................ 5 103 Retirement Income Formula .......................................... 6 000 Xxxxxxx Xxxxxx Maximum Pension ............................. 8 108 Service............................................................................ 4 99
Payment of Retirement Benefits. In the event that the Employee’s employment with the Company ceases and after the Employee is vested in accordance with Section 3 of this Agreement, the Employee shall be entitled to a lump sum amount equal to the balance in the Employee’s Notional Account as at the Employee’s date of termination.
