Retirement Plan Benefits. If not already vested, the Executive shall be deemed fully vested in all Company retirement plans and/or other written agreements relating to pay upon retirement in which the Executive was a participant, party or beneficiary immediately preceding a Change of Control, and any additional plans and/or agreements in which such Executive became a participant, party or beneficiary thereafter. In addition to the foregoing, for purposes of determining the amounts to be paid to the Executive under such plans and/or agreements, the years of service with the Company and the age of the Executive under all such plans and agreements shall be deemed increased by the lesser of thirty-six (36) months or such shorter period of time as would render the Executive sixty-five (65) years of age. For purposes of this Subsection IV(c), "plans" include, without limitation, the Company's qualified pension plan, non-qualified and mid-career retirement plans, and "agreements" encompass the terms of any offer letters leading to the Executive's employment with the Company where the Executive was a signatory thereto and any written amendments to the foregoing. In the event that the terms of the plans referenced in this Subsection IV(c) do not for any reason (e.g., if plan amendments would cause disqualification of qualified plans) coincide with the provisions of this Subsection IV(c), the Executive shall be entitled to receive from the Company under the terms of this Agreement an amount equivalent to all amounts he would have received had all such plans continued in existence as in effect on the date of this Agreement after being amended to coincide with the terms of this Subsection IV(c).
Retirement Plan Benefits. The Company will provide to Employee retirement plan benefits under any plan on the same basis it provides benefits to other employees.
Retirement Plan Benefits. If not already vested, Executive shall be deemed fully vested as of his or her Termination of Employment in any Company retirement plan(s) or other written agreement(s) between Executive and the Company relating to pay or other retirement income benefits upon retirement in which Executive was a participant, party or beneficiary immediately prior to the Change of Control, and any additional plan(s) or agreement(s) in which such Executive became a participant, party or beneficiary thereafter. For purposes of this Subsection IV(e), the term “plan(s)” includes, without limitation, the Company’s qualified pension plans, non-qualified pension plans, 401(k) plans and excess 401(k) plans, and any companion, successor or amended plan(s), if any, and the term “agreement(s)” encompasses, without limitation, the terms of any offer letter(s) leading to Executive’s employment with the Company where Executive was a signatory thereto, any written amendment(s) to the foregoing and any subsequent agreements on such matters, if any. In the event the terms of the plans referenced in this Subsection IV(e) do not for any reason coincide with the provisions of this Subsection IV(e) (e.g., if plan amendments would cause disqualification of qualified plans), Executive shall be entitled to receive from the Company, under the terms of this Agreement, an amount equal to all amounts Executive would have received, had all such plans continued in existence as in effect on the date of this Agreement after being amended to coincide with the terms of this Subsection IV(e) payable in [ ] monthly installments, commencing on the first day of the month immediately following the six (6) month anniversary of Executive’s Termination of Employment.
Retirement Plan Benefits. 4.1 The Company shall pay to you an amount equal to the difference between your monthly retirement benefit payable under The Reader's Digest Association, Inc. Retirement Plan (the "Retirement Plan"), the Excess Benefit Retirement Plan of The Reader's Digest Association, Inc. (the "Excess Benefit Retirement Plan") and The Reader's Digest Executive Retirement Plan (the "Executive Retirement Plan") and the amount that would have been payable if your age and aggregate periods of service under those plans included the Severance Period. In addition, the Severance Period shall be considered to be additional Credited Service for all purposes (including vesting) under the Executive Retirement Plan. Any amount payable under this Section 4.1 shall be payable at the same time and in the same form as such payments would have been made under the Retirement Plan.
4.2 Upon completion of the Severance Period, if you are not vested under the Retirement Plan, the Excess Retirement Plan or the Executive Retirement Plan, you will receive a lump sum payment in the amount of the equivalent actuarial value (as determined under the Retirement Plan) of pension credits that would have been earned through the end of the Severance Period, without regard to vesting, with any such payment to be made within 90 days of the end of the Severance Period.
Retirement Plan Benefits. Executive shall be entitled to participate in the Company's tax-qualified and nonqualified retirement plans, as in effect from time to time, that are available to officers and employees of the Company and shall be entitled to receive the benefit of contributions to be made, if any, by the Company for the benefit of Executive under the terms of the applicable tax-qualified or nonqualified retirement plan.
Retirement Plan Benefits. The purpose of this policy is to designate the retirement benefits that will made available under the Monroe County Employee’s Retirement System Ordinance (“Retirement System”). Notwithstanding anything to the contrary herein, a member’s accrued benefit earned prior to July 1, 2013 (i.e. a frozen accrued benefit that is calculated based on final average compensation, years of credited service, the applicable multiplier and other relevant provisions in effect prior to July 1, 2013 is not intended to be diminished or impaired by the changes set forth below. The changes set forth below shall apply with respect to accrued benefits earned under this Article and the Retirement System on or after July 1, 2013. Subject to the terms and conditions set forth herein, the County agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who are present participants in the Plan or who become participants in the Plan during the term of this Agreement.
Retirement Plan Benefits. Mx. Xxxxxx (or, if applicable, his beneficiary) will be entitled to all benefits he has accrued through the Termination Date under: [a] The FirstMerit Corporation and Affiliates Employees’ Salary Savings Retirement Plan. [b] The Pension Plan for Employees of FirstMerit Corporation and Subsidiaries. [c] The FirstMerit Corporation Unfunded Supplemental Benefit Plan. [d] The FirstMerit Corporation Executive Supplemental Retirement Plan.
Retirement Plan Benefits. If not already vested, the Executive shall be deemed fully vested in all Company retirement plans and/or other written agreements relating to pay upon retirement in which the Executive was a participant, party, or beneficiary immediately preceding a Change of Control, and any additional plans and/or agreements in which such Executive became a participant, party, or beneficiary thereafter. In addition to the foregoing, for purposes of determining the amounts to be paid to the Executive under such plans and/or agreements, the years of service with the Company and the age of the Executive under all such plans and agreements shall be deemed increased by the lesser of thirty-six (36) months or such shorter period of time as would render the Executive sixty-five (65) years of age. For purposes of this Section 4(c), "plans" include, without limitation, any long-term incentive plan, or non-qualified and mid-career retirement plans but does not include any plans intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (the "Code"). If the terms of the plans referenced in this Section 4(c) do not for any reason coincide with the provisions of this Section 4(c), the Executive shall be entitled to receive from the Company under the terms of this Agreement an amount equivalent to all amounts he would have received had all such plans continued in existence as in effect on the date of this Agreement after being amended to coincide with the terms of this Section 4(c).
Retirement Plan Benefits. In addition to any retirement benefits that might otherwise be due Employee under the Xxxxxxx Pension Plan (the “Pension Plan”), the Xxxxxxx Retirement Account Plan (the “RAP”), or any successor plans, Employee shall receive additional payments from Xxxxxxx calculated as set forth in this section if Employee is terminated on account of a Qualifying Termination.
(a) If Employee is not vested in his or her pension benefit under the Pension Plan upon the Qualifying Termination, within 30 days of the Qualifying Termination, Xxxxxxx shall make a lump sum payment to Employee equal to the lump sum Pension Plan benefit Employee would have been entitled to as of the date of payment had Employee been vested under the Pension Plan as of the Qualifying Termination. This amount shall be paid by Xxxxxxx as a supplemental payment to Employee.
(b) If Employee is not vested in his or her benefit under the RAP upon the Qualifying Termination, within 30 days of the Qualifying Termination, Xxxxxxx shall make a lump sum payment to Employee equal to the lump sum benefit Employee would have been entitled to as of the date of payment under the RAP had Employee been vested under the RAP as of the Qualifying Termination. This amount shall be paid by Xxxxxxx as a supplemental payment to Employee.
(c) Within 30 days of the Qualifying Termination, Xxxxxxx shall make a lump sum payment to Employee equal to the company contributions Employee would have been entitled to under the RAP during the ( ) year period following the Qualifying Termination, assuming Employee had continued to be employed during such period, based on the schedule of RAP company contribution rates in effect upon the Qualifying Termination. For purposes of calculating the amount of the benefit contemplated by the preceding sentence, Employee will be deemed to have earnings under the RAP during such ( ) year period at an annual rate equal to his or her Compensation, as calculated under Section 9(a) of this Agreement. This benefit shall be calculated without regard to the limitations imposed on RAP contributions under the Internal Revenue Code of 1986, as amended (the “Code”) (including, without limitation, Sections 401(a)(4), 401(a)(17) and 415 of the Code). This amount shall be paid by Xxxxxxx as a supplemental payment to Employee.] [For employees who currently participate in the Pension Plan, but whose plan benefit has been frozen.]
Retirement Plan Benefits.
A. There are two (2) tiers of defined benefit retirement plans based on the employee’s date of hire and/or member status with XxxXXXX as determined by the Public Employees’ Pension Reform Act of 2013 (“PEPRA”).
B. Each retirement plan tier also defines the retirement formula, final compensation calculation, and employee contribution/cost sharing as follows:
