Post-Retirement Adjustment Sample Clauses

Post-Retirement Adjustment. Effective January 1, 2005, the Pension Plan will be amended to provide a post-retirement adjustment on January 1, 2005 and on January 1, 2007. Effective January 1, 2009, the Pension Plan will be amended to provide a post-retirement adjustment on January 1, 2009, January 1, 2011 and January 1, 2013. Participants eligible for these adjustments are those who were eligible for the post-retirement adjustment provided by the collective agreement that expired on April 30, 2004, as well as all active participants who will retire on or after May 1, 2004. The post-retirement adjustment is equal to the amount of the minimum pension of the participant, excluding the bridging benefit, multiplied by 50% of the increase of the Consumer Price Index for the 12-month period ending in October of the preceding year (rounded to the nearest tenth of one per cent), subject to a maximum 5% adjustment. For calculation purposes, the Consumer Price Index means the all-items index (1992=100) published by Statistics Canada. The calculation of the adjustment is prorated based on the number of months since the commencement of pension payments if the commencement occurred in the twelve (12) months preceding the date of the adjustment.
Sample 1Sample 2
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Post-Retirement Adjustment. Effective January 1, 2005, the Pension Plan will be amended to provide a post-retirement adjustment on January 1, 2005 and on January 1, 2007. Effective January 1, 2009, the Pension Plan will be amended to provide a post-retirement adjustment on
Sample 1
Post-Retirement Adjustment. The Pension Plan will be modified to include annual post-retirement adjustment on January 1st of each year, from January 1, 1999 to January 1, 2004, equivalent to 50% of the Consumer Price Index increase, to a maximum increase of 5% for participants retiring after May, 1987.
Sample 1
Post-Retirement Adjustment. (a) The annual amount of Basic Pension being paid to a retired Member who retires pursuant to Section 6 after May 2, 1982 will be increased each year on the anniversary date of his retirement during the period of May 2, 1998 to May 1, 2004. (b) The increase in the amount of Basic Pension in each year shall be equal to the Post- Retirement Adjustment multiplied by the amount of Basic Pension received by him in the immediately preceding year. (c) Notwithstanding Section 7.05(a), if by reason of applicable legislation the Company is required to provide increased pension benefits to retired Members, the retired Member shall receive the greater of: (i) the amount of Post Retirement Adjustment calculated pursuant to Section 7.05(a); or (ii) the amount of increased pension benefits required to be paid by the applicable legislation. (d) The aggregate percentage increase granted pursuant to this Section 7.05 from the date on which payments commenced shall not exceed the maximum amount permitted under the Income Tax Act.
Sample 1
Post-Retirement Adjustment. Long Term Agreement of Ten (10) Years The Pension Plan is amended so as to grant annual post retirement adjustments on January 1, 2005, January 1, 2007, January 1, 2009, January 1, 2011 and January 1, 2013 equivalent to 50% of the increase in the Consumer Price Index, up to a maximum adjustment of 5%, for members who retired after July 1, 1984. In the case of a new retiree, the first adjustment is further multiplied by the fraction obtained by dividing by twelve the number of months elapsed between the Retirement Date and the effective date of the first adjustment. Pension Adjustment Formula: The pension adjustment formula is based on the Consumer Price Index for the 12-month period ending in October of the preceding year (rounded to the nearest tenth of one per cent), subject to a maximum 5% adjustment. For calculation purposes, the Consumer Price Index means the all-items index (1981=100) published by Statistics Canada.
Sample 1
Post-Retirement Adjustment. An employee (or beneficiary if applicable) shall be entitled to receive the annual post retirement adjustment set forth below, if: a. The employee is eligible for a retirement allowance under 1986 PA 182 directly following separation from state service and has a retirement allowance effective date on or after October 1, 1989, or b. The employee defers retirement under Section 30 of 1986 PA 182 on or after October 1, 1989. Each retirement allowance shall be increased each October 1 beginning with the later of October 1, 1990 or the first October 1 which is at least 12 months after the retirement allowance effective date. The amount of the annual adjustment shall be equal to two percent of the initial retirement allowance and shall not exceed $500. The annual adjustments are cumulative but are not compounded. Once the first adjustment is received, the monthly benefit will increase by the same amount each October 1 thereafter.
Sample 1
Post-Retirement Adjustment. Effective January and for the duration of the collective agreement, active members who retired after January will have their basic pension increased on January of each year (last adjustment on January by fifty percent of the increase in the Consumer Price Index, if any, subject to a maximum increase of five percent This increase in the is calculated over the twelve month period ending on October of the preceding year, rounded to the nearest tenth of one percent. The first adjustment for a newly retired participant will be multiplied by the ratio of the number of months between his retirement date and the effective date of the first adjustment (maximum months) divided by twelve
Sample 1
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Related to Post-Retirement Adjustment

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

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