Retirement Age Benefit Sample Clauses

Retirement Age Benefit. When the Director attains age 65, the Bank will pay the Benefit Amount over 120 consecutive months. The first payment will commence on the first day of the month following the month in which the Director attains age 65. If the Director shall die after the payments have commenced but before the expiration of the 120th month period, the unpaid balance of the payments due will continue to be paid by the Bank to the beneficiaries designated under Section 3.1.
Sample 1Sample 2
AutoNDA by SimpleDocs
Retirement Age Benefit. 2.1 If and only if there has been no Termination of the Executive’s Employment prior to the Executive attaining his Retirement Age, then, upon the Executive’s Retirement, the Corporation shall pay to the Executive the following: (a) If the Executive retires upon attaining his Retirement Age, the amount of deferred compensation set forth on Exhibit A shall be paid to the Executive in the total number of monthly payments and in the amount of each monthly payment as set forth on Exhibit A attached hereto. (b) If the Executive’s Retirement Age is extended by the CEO pursuant to paragraph 1.4 hereof, the total amount of deferred compensation set forth on Exhibit A shall be paid to the Executive following his Retirement Date in equal monthly payments, but the total number of monthly payments set forth on Exhibit A shall be reduced by the number of months that the Executive’s Retirement Age was so extended, and the amount of each monthly payment shall be increased, so that the total amount of deferred compensation set forth on Exhibit A is fully paid at the same time it would have been fully paid pursuant to subparagraph (a) above if the Executive had retired upon attaining his Retirement Age. The first payment shall be made within thirty (30) days after the Executive’s Retirement Date and each subsequent payment shall be made monthly thereafter. 2.2 If the Executive has the right to receive payments under paragraph 2.1 hereof, but dies before receiving the total number of payments as specified on Exhibit A hereto, the Corporation shall make the balance of such payments at such times as specified herein to such individual (or in such proportions to such individuals) as the Executive has designated in writing to the Committee prior to the Executive’s death, until the total number of such payments has been made. In the event the Executive shall fail to so designate a beneficiary prior to his death, such payments shall be made to the Executive’s surviving spouse, if alive, otherwise to the personal representative of the Executive’s estate. 2.3 If and only if there has been no Termination of the Executive’s Employment prior to the Executive attaining his Retirement Age set forth on Exhibit A hereto, and the Executive dies thereafter but prior to his Retirement, the Corporation shall pay to such individual(s) designated by the Executive, or otherwise as provided in paragraph 2.2 hereof, the total number of monthly payments specified on Exhibit A hereto, the first such...
Sample 1
Retirement Age Benefit. When the Executive attains age 62, the Company will pay him $2,192.58 per month for 120 consecutive months. The first payment will commence on the first day of the month following the month in which the Executive attains age 62. If the Executive shall die after the payments have commenced but before the expiration of the 120th month period, the unpaid balance of the payments due will continue to be paid by the Company to the beneficiaries designated under Section 3.1.
Sample 1
Retirement Age Benefit. Any General Member whose allowance as of July 1, 2002 is 90% or more using the New Factors may continue to accrue benefits above the 90% cap until December 31, 2002. The General Member’s allowance will be capped at that time.
Sample 1

Related to Retirement Age Benefit

  • 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.

  • 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.

  • 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.

  • 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 Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • 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.

  • 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.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

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

  • Retirement Credit Retirement credit for such periods of leave without pay shall be governed by the rules and regulations of the Division of Retirement and the provisions of Chapter 121, Florida Statutes.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!