Common use of Regulation and Guidelines for Early Retirement Clause in Contracts

Regulation and Guidelines for Early Retirement. The Non-elective Contribution provided for under this Attachment shall be in an amount equal to the lesser of: a) .93% of the Employee’s “qualifying salary” during the last full year of service times the number of years of service with the Employer up to a maximum of 27 years of service being counted for such purposes, and in the event that any Employee shall have more than 6 years from September 1 of the year in which they separate from service with the Employer until such time that they would attain age 65, such amount shall equal .93% of the Employee’s “qualifying salary” during the last full year of service TIMES the number of years of service with the Employer up to a maximum of 27 years of service being counted for such purposes TIMES the number of whole years from September 1 of the year of separating from service with the Employer until such Employee would attain age 65 (but in no event shall this number be more than

Regulation and Guidelines for Early Retirement. The Non-elective Contribution provided for under this Attachment shall be in an amount equal to the lesser of: a) .93% of the Employee’s “qualifying salary” during the last full year of service times the number of years of service with the Employer up to a maximum of 27 years of service being counted for such purposes, and in the event that any Employee shall have more than 6 years from September 1 of the year in which they separate from service with the Employer until such time that they would attain age 65, such amount shall equal .93% of the Employee’s “qualifying salary” during the last full year of service TIMES the number of years of service with the Employer up to a maximum of 27 years of service being counted for such purposes TIMES the number of whole years from September 1 of the year of separating from service with the Employer until such Employee would attain age 65 (but in no event shall this number be more thanthan 8) DIVIDED by 6; or b) the maximum amount that can be contributed to such Employee’s account for any year taking into account the maximum annual additions rules of Section 415(c) of the Internal Revenue Code. “