Payments Upon Early Retirement. The Director shall have the right to Retire from the Board of Directors on a date which constitutes an Early Retirement Date as defined in subparagraph 1.7 above. In the event the Director elects to Retire on a date which constitutes an Early Retirement Date, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Early Retirement Date occurs or upon such later date as may be mutually agreed upon by the Director and the Bank in advance of said Early Retirement Date, payable (i) for the period designated in Schedule “D” in the case of the balance in the Benefit Account and (ii) until the Director’s death in the case of the Index Benefit defined in Schedule “B”.
Payments Upon Early Retirement. In the event the Director Separates From Service on a date which constitutes an Early Retirement Date, then the Director shall be entitled to be paid an annual Director Benefit equal to the following amounts, depending upon Participant’s age on the date of such Separation From Service: 65 through 68 years of age $ 3,810 69 through 71 years of age $ 4,572 72 through 74 years of age $ 5,334 Upon attaining age 75, participant qualifies for Normal Retirement $ 6,096 This annual Director Benefit shall be paid in twelve (12) substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director Separates From Service and continuing until the death of the Director.
Payments Upon Early Retirement. The Executive shall have the right to Retire on a date which constitutes an Early Retirement Date as defined in subparagraph 1.7 above. In the event the Executive elects to Retire on a date which constitutes an Early Retirement Date, the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Early Retirement Date occurs or upon such later date as may be mutually agreed upon by the Executive and the Employer in advance of said Early Retirement Date, payable (i) for the period designated in Schedule "D" in the case of the balance in the Benefit Account and (ii) until the Executive's death in the case of the Index Benefit defined in Schedule "B".
Payments Upon Early Retirement. The Executive shall have the right to Retire on a date which constitutes an Early Retirement Date as defined in subparagraph 1.6 above. In the event the Executive elects to Retire on a date which constitutes an Early Retirement Date, the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits as described in paragraph (b) of Schedule B, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Early Retirement Date occurs or upon such later date as may be mutually agreed upon by the Executive and the Employer in advance of said Early Retirement Date. The installments shall be payable until the Executive’s death.
Payments Upon Early Retirement. The Employee shall have the right ------------------------------ to Retire on a date which constitutes an Early Retirement Date as defined in subparagraph 1.7 above. In the event the Employee elects to Retire on a date which constitutes an Early Retirement Date, the Employee shall be entitled to be paid the Applicable Percentage of the Employee Benefits specified in Schedule "B", payable in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Early Retirement Date occurs (or on such later date as may be mutually agreed upon by the Employee and the Employer in advance of such Early Retirement Date) (i) for the period designated in Schedule "F", in the case of the balance in the Benefit Account and (ii) until the Employee's death, in the case of the Index Benefit defined in Schedule "B". EXAMPLE
Payments Upon Early Retirement. Assumptions: ----------- Age at Early Retirement 60 Normal Retirement Age 62 Projected Benefit Account Value at Age 62 $100,000 Actual Benefit Account Value at Age 60 $20,000 Distribution Period Elected for Benefit Account (Schedule F) 10 yrs. Projected Index Benefit at Age 62 $50,000 Projected Index Benefit at Age 60 $25,000 Applicable Percentage at Age 60 75% First Year Benefit Calculation: Age 60
Payments Upon Early Retirement. The Employee shall have the right to ------------------------------ Retire on a date which constitutes an Early Retirement Date as defined in subparagraph 1.7 above. In the event the Employee elects to Retire on a date which constitutes an Early Retirement Date, the Employee shall be entitled to be paid the Applicable Percentage of the Employee Benefits specified in Schedule "B", payable in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Early Retirement Date occurs (or on such later date as may be mutually agreed upon by the Employee and the Employer in advance of such Early Retirement Date) (i) for the period designated in Schedule "F", in the case of the balance in the Benefit Account and (ii) until the Employee's death, in the case of the Index Benefit defined in Schedule "B". EXAMPLE Payments Upon Early Retirement Assumptions: ----------- Age at Early Retirement 60 Normal Retirement Age 62 Projected Benefit Account Value at Age 62 $100,000 Actual Benefit Account Value at Age 60 $20,000 Distribution Period Elected for Benefit Account (Schedule F) 10 yrs. Projected Index Benefit at Age 62 $50,000 Projected Index Benefit at Age 60 $25,000 Applicable Percentage at Age 60 75% First Year Benefit Calculation: Age 60 1) Benefit Account [($20,000 /10) x .75] $ 1,500 2) Index Benefit ($25,000 x .75) $18,750 ------- Total First Year Benefit $20,250 =======
Payments Upon Early Retirement. The Director shall have the right to Retire from the Board of Directors on a date which constitutes an Early Retirement Date as defined in subparagraph 1.7 above. In the event the Director elects to Retire on a date which constitutes an Early Retirement Date, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, as defined above, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Early Retirement Date occurs.
Payments Upon Early Retirement. The Director shall have the right to Retire on a date which constitutes an Early Retirement Date as defined in subparagraph 1.8 above.
(a) In the event the Director elects to Retire on a date which constitutes an Early Retirement Date, and provided that the Surrogate is alive at the date the Director Retires, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Early Retirement Date occurs, payable (i) for the period designated in Schedule "D" in the case of the balance in the Benefit Account and (ii) until the first to occur of the Director's death or the Surrogate's death in the case of the Index Benefit defined in Schedule "B".
(b) In the event the Director elects to Retire on a date which constitutes an Early Retirement Date, and provided that the Surrogate has predeceased the Director at the date the Director Retires, the Director shall been titled to the payments specified in subparagraph 3.3 below.
Payments Upon Early Retirement. If the Executive elects Early Retirement and qualifies to do so under Paragraph 1.8 above, then Executive shall be entitled to be paid the Accrued Liability Retirement Account Balance, in substantially equal monthly installments on the first day of each month, commencing the month following the month in which the Executive retires and continuing for a period of one hundred and eighty (180) months or until the Executive’s death, whichever occurs first.
