Common use of RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT Clause in Contracts

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon attainment of the Retirement Date, the Bank shall pay the Executive an annual benefit equal to twenty-five percent (25%) of the Executive’s average of highest three (3) years (salary and deferred compensation) prior to the Executive’s retirement. The benefit shall be payable beginning thirty (30) days following retirement, subject to Subparagraph III (I), in equal monthly installments (1/12th of the annual benefit) for one hundred and eighty (180) months. However, if less than one hundred and eighty (180) such monthly payments have been made prior to the death of the Executive, the Bank shall continue such monthly payments to the Beneficiary, until the full number of one hundred and eighty (180) monthly payments have been made.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon attainment of the Retirement Date, the Bank shall pay the Executive an annual benefit equal to twenty-five percent (25%) of the Executive’s average of highest three (3) years (salary and deferred compensation) prior to the Executive’s retirement. The benefit shall be payable beginning thirty (30) days following retirement, subject to Subparagraph III (IH), in equal monthly installments (1/12th of the annual benefit) for one hundred and eighty (180) months. However, if less than one hundred and eighty (180) such monthly payments have been made prior to the death of the Executive, the Bank shall continue such monthly payments to the Beneficiary, until the full number of one hundred and eighty (180) monthly payments have been made.