Pension Benefit. Immediately following the Closing, HoldCo or one or more of its affiliates shall have in effect a retirement benefit plan or plans (as applicable, the “HoldCo Retirement Plan”) that shall provide benefits to the Transferred Maleic Business Employees who immediately prior to the Closing are salaried or non-union hourly employees. HoldCo shall grant such Transferred Maleic Business Employees credit for service prior to the Closing with Ashland and its affiliates for purposes of determining eligibility to participate and vesting under the HoldCo Retirement Plan to the same extent that such service is recognized for purposes of eligibility to participate and vesting under the Ashland Inc. and Affiliates Pension Plan (the “Ashland Pension Plan”) as of the Closing Date.
Pension Benefit. Notwithstanding any other provision in this agreement, in the event you are terminated for any reason other than Cause, you will be vested in the pension benefit and entitled to credit on your pension plan accruals based on your annual salary immediately prior to termination applied to the months between your termination and March 14, 2004.
Pension Benefit. XXXXXX'x retirement benefits under the Energizer Holdings, Inc. Retirement Plan and the Supplemental Retirement Plan, or any successor plans, will be calculated in accordance with the terms of each plan taking into account all relevant terms of such plans including, but not limited to, reduction factors for early retirement and social security offsets. It is understood that nothing in this paragraph shall be construed to prevent COMPANY or its affiliates and subsidiaries from reducing the rate of future accruals or terminating or modifying the terms of such retirement plans or successor plans, as long as such action is not directed solely at XX. XXXXXX.
Pension Benefit. Each qualified employee will be provided a 1/60* pension benefit under a non contributory plan for each year of employment from April 1, 1960 under the provisions of Chapter 1006 of the laws of 1966 (currently referred to as Section 75C) as presently or hereafter amended and entitled, “An Act to Amend the Retirement and Social Security Law, in — relation to establishing non-contributory retirement plans and ordinary death benefits for State employees and members of participating employers.” Effective July 1,1989, employees shall be entitled to retirement benefits under Sections 75E, 75G and 751 of the New York State Employees Retirement System. All entitlement to retirement benefits shall be in accordance with state requirements for such sections. All participating employees covered by the pension benefits described above, except those employees hired after July 1, 1973, shall also be covered under the optional life insurance coverage provided by Section 60B of the New York State Employees Retirement System. Upon approval by the New York State Employees Retirement System, all participating employees covered by the pension benefits described herein shall also be covered under Section 41J of the Retirement and Social Security Law of the State of New York.
Pension Benefit. In the event you are terminated other than for Cause (as defined in the Confidentiality and Severance Agreement between PEC and you, effective May 22, 2002 (the C&S Agreement")) and your termination occurs prior to the date of a Change of Control, as defined in the C&S Agreement, your pension benefit will be enhanced generally in the same manner as described in the second, third and fourth sentences of paragraph 3a of the C&S Agreement. It is understood and agreed that in the event you are terminated on or after the date of a Change of Control, as defined in the C&S Agreement, you shall not be entitled to any enhanced pension benefit under the terms of this Agreement, and any entitlement you may have to severance benefits shall be pursuant to the C&S Agreement. For purposes of clarification, the determination of your enhanced pension benefit is described in Attachment A, hereto and by reference made a part of this Agreement.
Pension Benefit. Permanent full-time employees in the Bargaining Unit shall be included in the retirement plan. Currently, this program is under State legislation, 1945 Michigan Public Act 135, as amended, the Municipal Employees Retirement Act (MCLA 38.601, et seq; MSA 5.4001, et seq. provisions of the statute) and need not be included here.
A. The Board shall provide the following pension plan or its equivalent for employees hired prior to July 1, 2012:
1. The B-3 program (including overtime earnings)
2. The F50/25 Early Retirement Benefit 3. E-2 4. V-6
B. Effective July 1, 2012 newly hired employees shall have the following pension plan benefit:
1. The C-1 New 1.5 program (base wage only)
2. The F55/25 Early Retirement Benefit 3. E-2
Pension Benefit. Each qualified teaching assistant employed prior to July 1, 1976, will be provided a l/60th pension benefit under a non-contributory plan for each year of employment from April 1, 1960, under the provisions of Chapter 1006 of the Laws of 1966, as presently of hereafter amended and entitled, “an act to amend the Retirement and Social Security Law, in relation to establishing non-contributory retirement plans and ordinary death benefits for state employees and members of participating employers.” Each qualified teaching assistant employed on or after July 1, 1976, will be enrolled in the Co-ESC retirement plan.
Pension Benefit. It is agreed the Company will contribute to a Registered Retirement Savings Plan to all Employees that have completed the probationary period as follows: January 23, 2002 ‐ $0.50 per/hr.
Pension Benefit. In addition to the capital-sum life insurance referred to in subparagraph 3(f) above, you shall be entitled to a pension benefit to be calculated as follows:
(i) You are entitled to an annual gross pension payment (“Annual Pension”) equal to the difference between (a) the sum of what you are entitled to receive under Sections 9(3) and 9(4) of the Managing Director Employment Agreement dated March 28, 2000 between you and Xxxxxx Xxxxxx Automotive Systems GmbH, as amended (the “Xxxxxx Employment Agreement”) and (b) thirty percent (30%) of the average of your highest five (5) consecutive years of Eligible Salary from all Harman companies.
(ii) For purposes of this subsection 3(g), “Eligible Salary” shall mean the average of your annual base salary in accordance with paragraph 2 above, as earned (A) during the term of this Agreement, or (B) during the last five years of service under this Agreement if you have completed five years of service or more under this Agreement, plus the average of your Management Incentive Compensation plan bonus (only – no other bonuses or compensation of any nature will be included) during the last five (5) consecutive years of your service as an employee of the Company, including, for this purpose only, all subsidiaries of the Company.. Eligible Salary shall not include any other kind of payments, benefits, bonus or other compensation made or granted to you.
(iii) The pension benefits payable hereunder shall be paid in twelve (12) equal monthly installments, commencing on the later of (a) the first day of the month following the month in which you attain age 60, or (b) the termination of this Agreement.
(iv) In the event of your death, your widow shall be entitled to a widow’s pension, the amount and payment terms of which shall correspond to the pension entitlement vested at the time of your death, to be paid during the following period:
(A) In the event of your death before having attained age 60, for a period of ten years; or
(B) In the event of your death during or after the month in which you attain age 60, for the period between your death and the month during which you would have attained age 70.”
Pension Benefit. We will pay to you, your beneficiary, or your estate, the Maturity Value indicated in this Program provided you have full paid the Basic Value of the chosen Pension Program plus handling charges and insurance premiums, if any.
