Retirement Benefit Formula Sample Clauses

Retirement Benefit Formula. Executive's annual Retirement Benefit shall be the amount resulting from multiplying Average Earnings by the Percentage Factor set forth in Exhibit A attached hereto and made a part hereof corresponding to the age of Executive at the earlier of the date of Executive's retirement or the age of Executive upon Executive's termination of employment for any reason other than a Change of Control or the age of Executive while an Active Participant as of the date of a Change of Control except as such Retirement Benefit is adjusted pursuant to Section 3.1(c) and Section 3.6 (c). In the event of a Change of Control while the Executive is an Active Participant the benefit shall be determined using the age for Executive which is adjusted pursuant to Sections 3.1(c) and 3.6(c).
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Retirement Benefit Formula. Subject to the provisions of Section 3.3, the Executive's Retirement Benefit shall be equal to: the product of (a) multiplied by (b) below minus (c).
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Retirement Benefit Formula. No Change ____ Provides the following benefit formula in accordance with the Regulations [complete (a) or (b) or (c)]: (a) X Nonintegrated Unit Accrual Formula Annual Accrual Rate 1% (Any rate between 1% and 3%, inclusive, in .25% increments) Average Salary Base High-5 (High-5, High-3, Career Average) Service Cap None (None, 25, 30, 35, 40, 45 or 50 ---- years) May not be used with Career Average Salary
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Retirement Benefit Formula. Flight attendants shall receive the following retirement benefit: The greater of a, b, c, d:
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Retirement Benefit Formula. The City contracts with PERS to provide retirement benefits for its employees. Pursuant to prior agreements and state mandated reform, the City has implemented first, second and third tier retirement benefits: Tier 1: For employees enrolled as Safety members on or before November 23, 2012, the retirement formula shall be 3%@50 calculated on the basis of the best/single highest year. Tier 2: For employees enrolled as Safety members between November 24 and December 31, 2012, or hired on or after January 1, 2013 and are current members of the retirement system, as defined in the Public Employees’ Pension Reform Act, the retirement formula shall be 2%@50 calculated on the average 36 highest month’s salary. Tier 3: For employees enrolled as Safety members on or after January 1, 2013, and who do not meet Tier 2 criteria, the retirement formula shall be 2.7%@57 calculated on the average 36 highest month’s salary. The City’s contract with PERS also provides for:
Sample 1

Related to Retirement Benefit Formula

  • 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.

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • 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.

  • 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

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Actuarial Equivalent The Actuarial Equivalent of the payments from the SERP determined under that Plan and this subsection shall be determined by taking into account the reduction for early commencement of benefits imposed by that Plan and by using reasonable actuarial assumptions. For purposes of determining the lump sum actuarial equivalent, the corresponding actuarial assumptions provided in the Retirement Plan (or, to the extent not provided in that Plan, as provided under GATT) shall be used.

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