Retirement on or After Early Retirement Date but Before Normal Retirement Date Sample Clauses

Retirement on or After Early Retirement Date but Before Normal Retirement Date. The Participant may elect to retire on a date that constitutes an Early Retirement Date and receive the Actuarial Equivalent of the Applicable Percentage of the Supplemental Retirement Benefit based on the actual Early Retirement Date. Unless selected otherwise in accordance with the terms of paragraph 5.3, this Early Retirement Benefit shall be paid monthly, with payments to commence on the first day of the month following the Participant’s Early Retirement Date and continuing until the death of the Participant.
Sample 1
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Retirement on or After Early Retirement Date but Before Normal Retirement Date. In the event the Participant qualifies to retire on a date that constitutes Early Retirement pursuant to the terms specified in paragraph 2.15, then, subject to the applicable provisions of Section V, he shall be entitled to receive the following benefit depending on circumstances: (i) If the Participant retires upon or after attaining the age of Sixty (60) years old, he shall receive the Normal Retirement Benefit, multiplied by the Service Ratio as of the Early Retirement Date and further reduced by a factor of .7% (point seven percent) per month for every month between the Normal Retirement Date and the Early Retirement Date. (ii) If the Participant retires after attaining the age of fifty-five (55), but before attaining the age of sixty (60) years of age, then he shall be entitled to the following, depending on Participant's age at Early Retirement: After age 55 but before age 56= The lesser of twenty-five percent (25%) of the Normal Retirement Benefit or the benefit determined pursuant to 3.2 (B)(i) above; After age 56 but before age 57= The lesser of thirty percent (30%) of the Normal Retirement Benefit or the benefit determined pursuant to 3.2 (B)(i) above; After age 57 but before age 58= The lesser of thirty-five percent (35%) of the Normal Retirement Benefit or the benefit determined pursuant to 3.2 (B)(i) above;
Sample 1

Related to Retirement on or After Early Retirement Date but Before Normal Retirement Date

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

  • Early Retirement Age The age set by the Employer in the Adoption Agreement, not less than age fifty-five (55), at which a Participant becomes fully vested and is eligible to retire and receive his or her benefits under the Plan.

  • 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.

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

  • 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.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • 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.

  • 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.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

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