Pension Enhancement. I understand that I will receive a pension enhancement that is above and beyond any benefit under the CSX Pension Plan to which I am otherwise entitled. This enhancement shall be in the form of three (3) additional years of age and two (2) additional years of service. I understand that the additional age and service will count towards my eligibility to retire and the calculation of benefits to which I will be entitled under the terms of the CSX Pension Plan Summary Plan Description Traditional Formula or Cash Balance Benefit, as applicable.
Pension Enhancement. The Company shall supplement the benefits payable in respect of the Executive under the Company’s Pension Plan (and any successor plans thereto) (collectively, the “Pension Plans”) by paying the difference between (i) the benefits that the Executive would have been entitled to receive under the Pension Plans if he had been credited with one additional year of service (but no additional years of age) for purposes of the benefit accrual formula under the Pension Plans as of the date of termination of the Executive’s employment and (ii) the benefits that the Executive is entitled to receive under the Pension Plans determined without regard to this subsection. Such benefits shall be payable in the same form and at the same time as the benefits under the respective Pension Plans.
Pension Enhancement. The Corporation's Board of Directors has resolved to provide an enhanced pension benefit ("Pension Enhancement") to Executive upon his retirement. The Pension Enhancement shall be in addition to the retirement benefits Executive may be entitled to under the Retirement Plan of Norfolk Southern Corporation and Participating Subsidiary Companies ("Retirement Plan") and the Supplemental Benefit Plan of Norfolk Southern Corporation and Participating Subsidiary Companies ("Supplemental Plan") (together, "Retirement Plans"), and this additional benefit shall be provided under Article IV, Section 2 of the Supplemental Plan. The Pension Enhancement shall equal the excess of:
(i) the monthly benefit under Article VI of the Retirement Plan and under Article IV, Section 1 of the Supplemental Plan if such benefit had been computed by adding one additional year of Creditable Service; over
(ii) the monthly benefit actually payable under the Retirement Plans. Notwithstanding anything in this paragraph or in the Retirement Plans to the contrary, retirement benefits accrued under the Supplemental Plan after December 31, 2004, shall be distributed in accordance with section 409A of the Internal Revenue Code. For the purposes of this section 1, capitalized terms shall be as defined in the Retirement Plans.
Pension Enhancement. If, as of your date of termination, you have not yet attained both age 55 and at least 10 “years of service” as defined in the Executive Supplemental Retirement Plan (the “SERP”), then, regardless of any provision in the SERP or the Executive Severance Plan to the contrary, you shall receive a “Pension Enhancement”, payable in a lump sum within 20 calendar days after the Release Deadline, that is intended to provide you with all retirement benefits that would have been available to you if your employment had terminated after you attained both age 55 and 10 years of service. The “Pension Enhancement” will be calculated as follows: the excess, if any, of (1) the actuarial equivalent of the benefit under the Scripps Networks Interactive Pension Plan or its successor (the “Pension Plan”) and the Scripps Networks Interactive, Inc. Supplemental Executive Retirement Plan or its successor (the “SERP”) (utilizing actuarial assumptions and factors no less favorable to you than the most favorable of those in effect under the Pension Plan for computing lump sum benefit payments at any time during the Term) that you would have received under the terms of those plans as in effect on January 1, 2012, or if more favorable to you, on your termination of employment, if your employment had continued for a number of years (or fractions thereof) in the period commencing on Xxxxxx Xxxxxx September 1, 2013 the day immediately following your date of termination and ending on the date that you would have attained both age 55 with at least 10 “years of service” (within the meaning of the SERP as in effect on January 1, 2012), assuming for this purpose that: (x) your age and vesting service (but not your benefits service) is increased by the number of years that you are deemed to be so employed, and (y) the rate of base salary and bonus for each year that you are deemed to be so employed shall be determined by reference to your Annual Salary and Annual Incentive, over (2) the actuarial equivalent of your actual benefit, if any, under the Pension Plan and the SERP (utilizing actuarial assumptions and factors no less favorable to you than the most favorable of those in effect under the Pension Plan for computing lump sum benefit payments at any time during the Term) as of your date of termination.
Pension Enhancement. This component is available only to those employees who would be eligible to receive a pension from a bona fide retirement plan and would otherwise be subject to a penalty reduction for early retirement. Those employees will receive monthly payments equivalent to the penalty discount to the unreduced retirement age of 64 years. In the case of employees retiring due to a “disabling condition”, they may elect to receive either the “pension enhancement” for a maximum of two (2) years or one weeks’ pay for each year of completed service up to a maximum of twenty (20) weeks.
Pension Enhancement. The Officer's pension benefit shall be enhanced based upon the assumption that his age is sixty-five (65) on his Separation Date for the calculation of his annuity. All forms of benefits currently available shall be available to the Officer upon his election. Such forms currently available include, but are not limited to, lump sum distribution as of the Officer's Separation Date. This benefit enhancement will be from the non-qualified Supplemental Benefit Plan as set forth in draft in Appendix C.
Pension Enhancement. Your benefits under the Companies' pension ------------------- and similar plans will be calculated substantially as described in Exhibit ------- B, which includes an additional five years of credited service that will - provide you a pension benefit that is approximately 15 percent over that you otherwise would have received. Such Exhibit B does not reflect reduction in monthly payments that would result from your electing to take the lump sum option described in Section 3(h).
Pension Enhancement. If, as of your date of termination, you have not yet attained both age 55 and at least 10 “years of service” as defined in the Executive Supplemental Retirement Plan (the “SERP”), then, regardless of any provision in the SERP or the Executive Severance Plan to the contrary, you shall receive a “Pension Enhancement”, payable in a lump sum within thirty Maxx Xxxx August 8, 2011
Pension Enhancement. For purposes of calculating Executive’s early retirement reductions under the Company’s pension plans, Executive’s retirement benefit will be increased to reflect the additional value had Executive deferred commencement of his pension benefit until the first day of the month following his 62nd birthday. (Nothing in the preceding sentence will diminish the value of Executive’s benefit under the GSC Plan.) Payments of benefits attributable to the Pension Enhancement will be paid as an annuity in accordance with the terms of the SERP. The timing and form of payments will follow Section 3.05 of the SERP and the other applicable sections of the SERP. In accordance with those terms, no payments will be made during the first six months immediately following the Retirement Date.
Pension Enhancement. (a) If Executive's employment with the Company terminates under circumstances described in subsection 6.1 (relating to termination by reason of death or Disability), subsection 6.3 (relating to termination for convenience by the Company), subsection 6.4 (relating to termination for Good Reason by Executive), or subsection 6.6 (relating to failure to extend Agreement), then, in addition to any other benefits to which Executive is entitled, he shall be entitled to an Enhanced Pension payable from the CNA Financial Corporation Supplemental Executive Retirement Plan (or, in the discretion of the Company, under another non-qualified plan or arrangement maintained by the Company), or Executive's spouse as of the date of his termination (his "Wife") shall be entitled to a Survivor Enhanced Pension, to the extent provided in this subsection 6.7.
(b) Notwithstanding the provisions of paragraph (a) above, Executive shall not be entitled to an Enhanced Pension if his employment with the Company terminates under circumstances described in subsection 6.6 (relating to failure to extend Agreement), and such termination of employment follows Executive's rejection of a Comparable Employment Offer by the Company to extend the period of the Agreement. It is understood by the parties that if, following extensions of the term of this Agreement, Executive's employment terminates by reason of a failure to further extend the Agreement term as described in subsection 6.6, and as of the last day of the term (determined without regard to the automatic month-to-month extensions described in paragraph 6.6(a)), Executive has attained age 55, then the restriction of this paragraph (b) shall not apply, and Executive's right to benefits shall be determined without regard to whether he rejected the Company's offer to renew.
(c) The "Enhanced Pension" shall be comprised of equal monthly installment payments from the Company commencing on the first day of the calendar month following the two-year anniversary of Executive's date of termination of employment with the Company (the "Payment Commencement Date"), and continuing on a monthly basis through the calendar month in which Executive's death occurs. Executive may elect to receive payment of the Enhanced Pension in the form of a joint and surviving spouse benefit, subject to the following:
(i) any such alternative form of benefit shall be actuarially equivalent to the benefit to which he would otherwise be entitled in accordance with this s...
