PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT Sample Clauses

PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT. 3.1 Xxxxxxxxx’x accrued annual supplemental retirement benefit shall be paid in equal monthly installments commencing on the first day of the month following his termination of employment with the Employer for any reason other than his death. 3.2 If Xxxxxxxxx is married when he terminates employment with the Employer, the normal form of payment of his supplemental retirement benefit will be an actuarially reduced 100% joint and survivor annuity payable to Xxxxxxxxx during his lifetime and continuing thereafter during the lifetime of his Surviving Spouse. 3.3 If Xxxxxxxxx is not married when he terminates employment with the Employer, the normal form of payment of his supplemental retirement benefit will be a single life annuity payable to Xxxxxxxxx during his lifetime with payments terminating upon his death. 3.4 Xxxxxxxxx shall be entitled to elect an optional form of payment of his supplemental retirement benefit, and to change any such election, upon written notice filed with the Employer at any time up to six months preceding his termination of employment, or in the event of a separation or divorce from his spouse or the death of his spouse at any time up to the date of his termination of employment. Any new election or change of election which is made after the date provided herein shall have no force or effect. No change in the form of payment will be permitted for any reason after commencement of supplemental retirement benefit payments. The optional forms of payment which Xxxxxxxxx may elect within the times specified above are a lump sum payment to be paid on the first day of the month following his termination of employment, a single life annuity payable during his lifetime with no payments to his Surviving Spouse after his death, and any other optional form of payment which the Employer may permit in its discretion. 3.5 There shall be an actuarial reduction in Xxxxxxxxx’x supplemental retirement benefit in the event that he terminates employment with the Employer prior to his Normal Retirement Date and an actuarial increase in his supplemental retirement benefit in the event that he terminates employment with the Employer after his Normal Retirement Date. In either event, the payment of his supplemental retirement benefit shall commence on the first day of the month following his termination of employment. 3.6 If Xxxxxxxxx retires prior to his Normal Retirement Date, and his supplemental retirement benefit is paid in the form of a 100% joint and...
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PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT. Section 7.2 of the Employment Agreement shall be amended to read as follows:
Sample 1
PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT. The supplemental retirement benefit and the death benefit payable under this Agreement shall not be prefunded; but the same shall be payable by the Company out of its general assets as and when they become due as provided herein. If the Company chooses to set aside funds to help meet its obligations hereunder, the Executive's interest in his benefits under this Agreement, and the interest of his surviving spouse and estate, shall nevertheless not be greater than that of an unsecured creditor of the Company. Nothing contained in this Agreement or relating thereto shall constitute a guarantee by the Company or any other person that the assets of the Company will be sufficient to pay any benefit hereunder.
Sample 1
PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT. 4.1 Xxxxxxxxx’x supplemental retirement benefit shall be based on the number of shares deemed invested in the CNC Stock Fund and shall be paid, subject to Section 5.2, in a lump sum on the first day of the month following his termination of employment with the Employer for any reason. Following the Amendment Date Xxxxxxxxx will not be entitled to installment or annuity payments. 4.2 If Xxxxxxxxx dies while he remains employed with the Employer and has a Surviving Spouse, his Surviving Spouse will be entitled to receive the benefit in the form of a lump sum. If Xxxxxxxxx dies while he remains employed with the Employer and he does not have a Surviving Spouse, his Beneficiary or Beneficiaries will be entitled to receive the benefit in the form of a lump sum. 4.3 All distributions from the CNC Stock Fund will be made solely in CNC Stock, except that any fractional shares will be paid in cash.
Sample 1
PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT. Prior to the amendment and restatement of this Agreement, payments of the Supplemental Retirement Benefit provided by Section 1 to Employee were to be made “upon his retirement eligibility and election.” Effective as of January 1, 2009, that provision is no longer permissible under the final regulations issued pursuant to Section 409A of the Code. By the adoption of this amended and restated Agreement, Employee and Company agree and Employee elects to have payments of the Supplemental Retirement Benefit made in accordance with this Section 8(a), unless Employee elects otherwise as described in Section 8(a)(1) or (2). The provisions of this Section 8(a) are intended to be a new payment election in accordance with the transition relief provided by Notice 2006-79 and Notice 2007-86. As a general rule, Employee will commence receiving the Supplemental Retirement Benefit provided by Section 1 within thirty (30) days following Employee’s Separation from Service. If Employee is a “Specified Employee” at the time of his Separation from Service, however, payments will commence on the first day of the seventh month following Employee’s Separation from Service. Any payments that would have been paid during the first six months following Employee’s Separation from Service shall be paid on the first day of the seventh month with interest at the Citibank prime rate as determined as of the date of the payment. If Citibank no longer publishes a prime rate, interest shall be paid at the short-term “applicable federal rate” (within the meaning of Section 1274(d) of the Code), plus 2 percentage points, determined as of the date of the payment. The six-month delay for a Specified Employee does not apply if Employee dies or becomes Disabled prior to his Separation from Service. Notwithstanding the foregoing, by completing an election form in accordance with Section 8(a)(1), Employee may elect to delay commencement of benefit payments to a later date. The Supplemental Retirement Benefit may be paid in the form of any annuity form available under the Retirement Plan at the time payments are to begin. All annuity forms shall be actuarially equivalent to the single life annuity form of payment otherwise payable pursuant to Sections 1 and 3. Employee shall be permitted to select among the available annuities at any time up to thirty (30) days before the first payment is due. Employee also may change any previous annuity election at any time up to thirty (30) days before the first p...
Sample 1
PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT. A. Annual Life Payments. Except as provided in Section II. D., the -------------------- annual supplemental retirement benefit to which Xxxxx is entitled pursuant to this Agreement shall be paid to Xxxxx in annual installments for life and shall be based on Xxxxx' life expectancy as determined under Section 1.72-9 of the Income Tax Regulations. It is understood by and between the parties hereto that in calculating Xxxxx' annual supplemental retirement benefit the reduction from Xxxxx' Final Base Salary shall be applied hereunder notwithstanding the fact that Xxxxx may not actually receive distribution or payment from one or more of the sources from which reductions are determined.
Sample 1
PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT 
Sample 1
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Related to PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

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