Retirement Plan Credit Sample Clauses

Retirement Plan Credit. If Executive’s employment with Gannett terminates before March 1, 2008, Executive shall receive additional service credit for purposes of calculating Executive’s benefit under the Gannett Supplemental Retirement Plan, or a similar plan adopted to replace such plan (the “SERP”), equal to the difference between 36 months and the number of full months of service credited to Executive between the Contract Date and Executive’s Termination Date. In the event that the preceding sentence results in Executive being credited with service for a period of time after Executive’s Termination Date, benefits under the SERP shall be calculated as of Executive’s Termination Date by assuming that Executive continued employment for the period of time for which Executive is granted additional service credit and assuming Executive’s compensation for such period is equal to Executive’s annual salary and most recent annual bonus as of the Termination Date. Notwithstanding the foregoing, in the event that Executive’s employment is terminated pursuant to Section 5(b) or 5(d) above or by Executive for any reason other than those set forth in Section 6(a) above, then Executive will not be credited with any additional service beyond Executive’s Termination Date.
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Retirement Plan Credit. If Xxxxx’x employment with Gannett terminates before November 1, 2009 (the first day of the month following Xxxxx’x 55th birthday), Xxxxx shall receive additional service credit for purposes of calculating Xxxxx’x benefit under the Gannett Supplemental Retirement Plan, or a similar plan adopted to replace such plan (the “SERP”), equal to the difference between 52 months and the number of full months of service credited to Xxxxx between July 1, 2005, and the Termination Date. In the event that the preceding sentence results in Xxxxx being credited with service for a period of time after the Termination Date, benefits under the SERP shall be calculated as of the Termination Date by assuming that Xxxxx continued employment for the period of time for which he is granted additional service credit and assuming Xxxxx’x compensation for such period is equal to Xxxxx’x annual Base Salary and most recent annual bonus as of the Termination Date. Nothing herein shall be construed to change the date when Xxxxx’x SERP benefit will commence, which shall be governed by the terms of the SERP. Notwithstanding the foregoing, in the event that Xxxxx’x employment is terminated pursuant to Section 5(a)(i) or 5(a)(iii) above or by Xxxxx for any reason other than those set forth in Section 6 above, then Xxxxx will not be credited with any additional service beyond the Termination Date.
Sample 1
Retirement Plan Credit. If Martore’s employment with Gannett terminates before October 1, 2011 (the first day of the month following Martore’s 60th birthday), Martore shall receive additional service credit for purposes of calculating Martore’s benefit under the Gannett Supplemental Retirement Plan, or a similar plan adopted to replace such plan (the “SERP”), equal to the difference between 55 months and the number of full months of service credited to Martore between February 27, 2007 and the Termination Date. In the event that the preceding sentence results in Martore being credited with service for a period of time after the Termination Date, benefits under the SERP shall be calculated as of the Termination Date by: (i) assuming that Martore continued employment for the period of time for which she is granted additional service credit; (ii) assuming Martore’s age on the Termination Date is 60, and (iii) assuming Martore’s annual compensation for such period of additional service credit is equal to Martore’s annual Base Salary then in effect and the greater of (A) her most recent annual bonus as of the Termination Date or (B) the average of her three most recent annual bonuses as of the Termination Date. Nothing herein shall be construed to change the date when Martore’s SERP benefit will commence, which shall be governed by the terms of the SERP. Notwithstanding the foregoing, in the event that Martore’s employment is terminated pursuant to Section 5(a)(i) or 5(a)(iii) above or by Martore for any reason other than those set forth in Section 6 above, or Martore’s term of employment expires by reason of Martore failing to extend it, then Martore will not be credited with any additional service beyond the Termination Date.
Sample 1

Related to Retirement Plan Credit

  • Retirement Credit Retirement credit for such periods of leave without pay shall be governed by the rules and regulations of the Division of Retirement and the provisions of Chapter 121, Florida Statutes.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

  • Vacation Credit Any outstanding vacation entitlement for a person going on LTD will be paid in cash upon expiry of sick leave. The cash payment will be calculated on the base earnings at the expiration of sick leave for the prorated days of vacation entitlement, any outstanding lieu days, any outstanding floating statutory holidays, and banked time for 40-hour per week employees. No vacation entitlement, floating holidays, or banked time for 40-hour per week employees accrues while a member is in receipt of LTD benefits.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

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