Common use of Pension Plan Offset Clause in Contracts

Pension Plan Offset. The Executive’s Pension Plan Offset shall be the benefit that would be paid with respect to the Executive under the Pension Plan if such Pension Plan benefit were expressed and paid as single life annuity commencing as of the earliest date such benefit could commence to be paid under the Pension Plan (regardless of whether the Executive elects to commence receiving such Pension Plan benefit as of such date and regardless of the form in which the Pension Plan benefit is actually paid). In applying the immediately preceding sentence, the Executive’s Pension Plan benefit shall be determined without regard to whether any portion of such benefit may have been forfeited, transferred or assigned to another party pursuant to a qualified domestic relations order or otherwise. In the event that the earliest date on which Executive’s benefit under the Pension Plan could commence to be paid is later than the date of commencement of the SERP Benefit hereunder, the Pension Plan Offset shall not apply for purposes of determining the amount payable to the Executive under the SERP until the earliest date that Executive could be eligible to receive payment of a benefit under the Pension Plan.

Pension Plan Offset. The Executive’s Pension Plan Offset shall be the benefit benefit, if any, that would be paid with respect to the Executive under the Pension Plan if such Pension Plan benefit were expressed and paid as single life annuity commencing as of the earliest date such benefit could commence to be paid under the Pension Plan (regardless of whether the Executive elects to commence receiving such Pension Plan benefit as of such date and regardless of the form in which the Pension Plan benefit is actually paid). In applying the immediately preceding sentence, the Executive’s Pension Plan benefit shall be determined without regard to whether any portion of such benefit may have been forfeited, transferred or assigned to another party pursuant to a qualified domestic relations order or otherwise. In the event that the earliest date on which Executive’s benefit under the Pension Plan could commence to be paid is later than the date of commencement of the SERP Benefit hereunder, the Pension Plan Offset shall not apply for purposes of determining the amount payable to the Executive under the SERP until the earliest date that Executive could be eligible to receive payment of a benefit under the Pension Plan.