Common use of Payments Upon Early Retirement Clause in Contracts

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: Age at Early Retirement Annual Benefit Amount 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.