Common use of PENSION ADJUSTMENT PAYMENT Clause in Contracts

PENSION ADJUSTMENT PAYMENT. Payment of this portion of Special Severance Pay Benefits shall consist of the following: - An amount which, as of the Date of Employment Termination, is equal to the present value (calculated at the GATT discount rate in effect as of the Date of Employment Termination) of (x) the Lump Sum Value of the Retirement Pension (paragraph 13.1) to which Executive would have been entitled if the one and one-half (1-1/2) years after the Date of Employment Termination were added to his Credited Service under the EDO Corporation Employees Pension Plan, reduced by (y) the Lump Sum Value of the Retirement Pension to which Executive will be entitled under the terms of such plan based upon termination of employment as of the Date of Employment Termination and assuming commencement of payment of Executive's pension benefits at age 65.