Reduced Early Retirement Pension Sample Clauses

Reduced Early Retirement Pension. (a) A Participant (including a former Participant) shall be eligible for a Reduced Early Retirement Pension described in the succeeding paragraphs of this Section if he: (1) Retires on or after his fifty-fifth (55th) birthday and before his sixty-second (62nd) birthday; and (2) Has been credited with at least fifteen (15) Pension Credits. (b) Effective June 1, 1998, a Participant (but not a former Participant whose eligibility shall be determined under Section 4.03(b)) shall be eligible for a Reduced Early Retirement Pension described in the succeeding paragraphs of this Section if he: (1) Retires on or after his fifty-fifth (55th) birthday and before his sixtieth (60th) birthday; (2) Has been credited with at least fifteen (15) Pension Credits; and (3) Works at least two hundred (200) Hours of Service and is credited with at least one-quarter (.25) Pension Credit in any Plan Year beginning on or after January 1, 1998 and ending before January 1, 2007, or works at least two hundred (200) Hours of Service in Covered Employment in any Plan Year beginning on or after January 1, 2007. (c) If a Participant who has satisfied the service/participation requirements for a Reduced Early Retirement Pension under paragraph (a) or (b) above, as applicable, terminates Covered Employment or Contiguous Noncovered Employment before satisfying the age requirement for a Reduced Early Retirement Pension, he will be entitled to a Reduced Early Retirement Pension under the provisions of this Section upon satisfaction of such age requirement. (d) The Participant’s Reduced Early Retirement Pension under paragraph (a) above shall be equivalent to his Accrued Benefit, determined under the provisions of Section 4.01, reduced by one-quarter of one percent (.25%) for each month by which the Annuity Starting Date for the Reduced Early Retirement Pension precedes the first day of the calendar month next following the Participant’s sixty-second (62nd) birthday, and expressed as a Single Life Annuity payable monthly. (e) The Participant’s Reduced Early Retirement Pension under paragraph (b) above shall be equivalent to his Accrued Benefit, determined under the provisions of Section 4.01, reduced by one-twelfth of one percent for each month by which the Annuity Starting Date for the Reduced Early Retirement Pension precedes the first day of the calendar month next following the Participant’s sixtieth (60th) birthday, and expressed as a Single Life Annuity payable monthly (the resulting ear...
Sample 1
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Reduced Early Retirement Pension. (a) Basic Pension At the employee's sole discretion, after age 55, and with 10 or more years of service, but less than 30 years of service, the employee may retire with a basic pension reduced by 1/2 of 1% for each month that the retirement date precedes his 65th birthday. (b) Supplemental Pension At the employee's sole discretion, after age 55, and with 10 or more years of service, but less than 30 years of service, the employee may retire with a supplemental pension reduced by 1/2 of 1% for each month that the retirement date precedes his 65th birthday.
Sample 1
Reduced Early Retirement Pension 
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Related to Reduced Early Retirement Pension

  • 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.

  • 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.

  • Early Retirement Age The age set by the Employer in the Adoption Agreement, not less than age fifty-five (55), at which a Participant becomes fully vested and is eligible to retire and receive his or her benefits under the Plan.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • 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.

  • 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.

  • 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 An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

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