Retirement Benefit Adjustment Sample Clauses

Retirement Benefit Adjustment. The Index Retirement Benefit payment as set forth hereinabove for the first Plan Year subsequent to the Executive attaining age seventy-six (76) shall be adjusted according to a number equal to the aggregate of the Index Retirement Benefit (Subparagraph I [F]) for each Plan Year from the Effective Date of this agreement until the Plan Year subsequent to the Executive attaining age seventy-six (76) over the aggregate of the benefit payments the Executive actually received under the terms of this Executive Plan through that date. For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits received by the Executive until the Plan Year the Executive attains age seventy-six (76) were $900,000.00, and the aggregate Index Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive's attains age seventy-six (76) were $1,000,000.00 then the Executive's Index Retirement Benefit in the first Plan Year said payment is payable to the Executive would be increased by $100,000.00. If said number is a deficit, then the Index Retirement Benefit for the Plan Year when the Executive attains age seventy-six (76) and each subsequent Plan Year's benefit (if necessary) shall be reduced until the entire deficit has been recovered by the Bank. For each year thereafter, the Index Retirement Benefit payment shall be paid as set forth in Subparagraph I (E). For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits to be received by the Executive until the Plan Year the Executive attains age seventy-six (76) were $1,000,000.00, and the aggregate Index Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive attains age seventy-six (76) were $900,000.00 and the Executive's Index Retirement Benefit was $90,000.00 in the first year, then the Executive would not receive any Index Retirement Benefit in the first year, and the second years' Index Retirement benefit would be reduced by $10,000.00.