Retirement Prior to Age 65. The Employee may retire after the age of --------------------------- sixty-two (62) and receive an early retirement benefit based upon the accrued liability balance at date of early retirement. Should the Employee elect Early Retirement or be discharged without cause by the Institution subsequent to the Early Retirement Date [Section 1], the Employee shall be entitled to receive an annual benefit payment of Twenty Five Thousand and 00/100th Dollars ($25,000.00) actuarially reduced based on the liability account balance. Said benefit shall be paid in equal monthly installments (each 1/12th of the annual benefit) on the first day of the second month following the Early Retirement Date. In the event the Employee should die and there is a balance in the accrued liability account, the Institution shall pay such balance, in a lump sum or in equal monthly installments (1/12th of the annual benefit), at the discretion of the Institution, to such individual or individuals the Employee may have designated in writing and filed with the Institution. In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Employee shall be payable to the duly qualified executor or administrator of the Employee's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Employee.
Retirement Prior to Age 65. The Officer may retire after age 55 with the approval of the Board of Directors unless there has been a Buyout, Merger, or Substantial Change in Ownership. If there has been a Buyout, Merger, or Substantial Change in ownership, the Officer can retire at any time after attaining age 55 without Board approval. The amount payable due to early retirement will be the amount payable under Article 3A above actuarially reduced. Such payments are to begin the first day of the month next following the effective date of the Officer's retirement.
Retirement Prior to Age 65. Any unit member whose age and years of teaching total at least 75 and who has been employed by the Plymouth Board of Education for at least 15 years may elect to retire early under the following conditions:
1. Said unit member must notify the Personnel Office of the Board of his/her intention to retire early on or before January 1st of the school year of retirement.
Retirement Prior to Age 65. The Employee may retire after the age of fifty-five and receive a benefit reduced by a level actuarial method.
Retirement Prior to Age 65. The Executive may retire as of -------------------------- any date. If the Executive retires prior to age 65, then commencing upon the date of such retirement or such other later date selected by the Executive, the Employer shall pay to the Executive a supplemental benefit for his services prior to retirement. The annual amount of such supplemental retirement income shall be equal to the greater of the following two alternatives, reduced, however, by the early retirement factors in effect at that time under the Corporation's Pension Plan, or by the early retirement factors in effect at that time under the Employer's Pension Plan if such factors would produce a larger benefit under this Section II(A) than the application of the factors from the Corporation's Pension Plan, or if there are no such plans, by reasonable early retirement factors that would be permissible under a qualified, defined benefit pension plan:
(i) (a) 55% of the Executive's average annual compensation for the five (5) calendar years included in the Executive's period of service with the Employer and the Corporation which yield the highest average. The calendar years used for purposes of computing benefits under this Paragraph shall include, if applicable, the calendar years in which the Executive was first employed by the Employer or the Corporation and the calendar year in which the Executive retires. For purposes of this Paragraph, compensation shall mean the Executive's base salary in effect as of January 1 of a calendar year plus any bonuses or annual incentive cash compensation earned by the Executive for the immediately preceding calendar year, less
