Postponed Retirement Date Sample Clauses

Postponed Retirement Date. ‌ 27.3.1 A Member may postpone retirement after attaining the Normal Retirement Date. 27.3.2 Members who choose to continue employment beyond the Normal Retirement Date will be required to commence receiving pension payments no later than the end of the calendar year in which the Member attains age 71 or such later date as may be permitted under the Income Tax Act at which time both the Member and the University will cease contributions to the WLU Pension Plan and the period of continued service will not be counted as pensionable service for the calculation of pension benefits. While working beyond the Normal Retirement Date the Member may continue to make contributions to the WLU Pension Plan and, by so doing, for the purposes of pension benefit calculations receive matching University contributions and additional pensionable service for the period worked. 27.3.3 A Member who has postponed retirement, in accordance with Article 27.3 (Postponed Retirement Date), and who has elected to continue to make contributions during the postponed period, will have pension benefits calculated in the same manner as at normal retirement. 27.3.4 Members are advised to provide as much written notice as possible of their intention to retire to allow for administrative processing and orderly planning. The recommended time frame is a minimum of three (3) months prior to the proposed retirement date.
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Postponed Retirement Date. At the request of the Company and with his consent a Member may postpone his retirement to the first day of any month after his Normal Retirement Date, but in no event may the Member defer his retirement beyond the 1st day of the month in which he attains age 69.
Sample 1
Postponed Retirement Date. An Employee who has completed at least two (2) consecutive years of Plan membership may elect to postpone his retirement and to continue to accrue benefits under the Plan. In no event shall an Employee postpone commencement of his Pension Benefit beyond the earlier of: a) The first day of the month following his attainment of age eight (68); and The first day of the month following his termination of employment. The date Pension Benefits commence shall be the Employee’s Postponed Retirement Date.
Sample 1
Postponed Retirement Date. A Member may remain in the Service of the University following the Member's Normal Retirement Date. In no event may the commencement of such Member's pension be postponed later than the end of the calendar year in which the Member attains age 71, or such later date as may be permitted under the Income Tax Act. A Member who remains in the Service of the University following Normal Retirement Date will be required, EITHER (a) to elect to commence pension payments in accordance with Section 7, in which event the Member will not be required or allowed to make further contributions to the Plan nor will such period of Service count as Pensionable Service for the calculation of retirement benefits; OR (b) to elect to continue to make contributions to the Plan in accordance with Section 4, in which event such period of Service for which contributions are made will count as Pensionable Service for the calculation of retirement benefits at the Postponed Retirement Date. The Member may choose to make additional voluntary contributions to the Plan, subject to the requirements of Section 4.02 hereof, but such contributions will not be matched by University contributions.
Sample 1
Postponed Retirement Date a) A Member who remains in the service of the Company after Normal Retirement Date may elect to continue participation in the Plan. b) A Member may elect to defer payments past Normal Retirement Date. c) A Member who is past Normal Retirement Date and elects to begin payment of benefits must cease participation in the Plan no later than the day preceding the first payment of such benefits.
Sample 1
Postponed Retirement Date. With the consent of the University, a Member may postpone retirement on a year-to-year basis after attaining the Normal RetirementDate ("Postponed Retirement Date"). Retirement may not be postponed beyond years following the Normal Retirement Date. Should retirement be postponedby mutualconsent beyond the Normal Retirement Date, the Member will be required to either:
Sample 1
Postponed Retirement Date. (1) A Member who continues employment beyond the Member’s Normal Retirement Date with a Participating Employer must continue to contribute and accrue benefits under the Plan until the Member Terminates Service or is deemed to Terminate Service pursuant to Subsection (2), whichever first occurs, and, subject to Subsection (2), commence the payment of a pension on the first day of the following or any subsequent month; (2) If on November 30th of the year in which a Member attains age 71 the Member has not commenced the payment of their pension benefits under this Plan, the Member will for all purposes of the Plan be deemed to have Terminated Service on that date (if the Member has not already done so) and applied on that date to commence the payment of such benefits on December 1st of that year. A Member must commence to receive a pension under the Plan no later than the end of the calendar year in which the Member attains age 71. (3) If the date a Member commences payment of a pension pursuant to Subsection (1) or (2) falls after the Member’s Normal Retirement Date, that date is the Member’s "Postponed Retirement Date".
Sample 1
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Related to Postponed Retirement Date

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

  • 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).

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • 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.

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