Special Early Retirement Benefit Sample Clauses

Special Early Retirement Benefit. 19.12 Employees hired prior to February 1, 2003, who will be 55 years of age may elect to retire from the company if they have a minimum of 10 years of service at the time of their retirement, and receive five hundred ($500.00) dollars per month till the age of sixty (60). Major medical, dental, travel and E.A.P. will continue to apply to the employees. Employee Assistance Plan
Sample 1Sample 2See All (5)
AutoNDA by SimpleDocs
Special Early Retirement Benefit. In addition to the other benefits provided for in this Agreement, upon the expiration of the Term for any reason described in Section 3.6(a) or if the Executive remains employed from the Effective Date until March 31, 2007 (regardless of when the Executive terminates his employment thereafter), the Executive shall be entitled to receive a special annual early retirement benefit (the “Deferred Benefit”) equal to fifty percent (50%) of the sum of (a) his Base Salary plus (b) the Executive’s target annual bonus under Section 4.2 for the year of termination (or for the fiscal year ending March 31, 2007 if the Termination Date is after March 31, 2007). The Deferred Benefit shall be payable in approximately equal monthly installments commencing on the first day of the month next following the date of the 2007 annual meeting of the Company’s shareholders; provided, however, that the Deferred Benefit shall be payable on the first day of the month next following the Executive’s resignation from all positions with the Company if such resignation is effective on or after March 31, 2007. The payment of the Deferred Benefit shall continue each month thereafter through the month immediately preceding the month in which the Executive attains age 65 (or would have attained age 65 in the event of the Executive’s death). The Deferred Benefit payments shall be paid in accordance with the payroll schedule for salaried personnel of the Company. The Deferred Benefit shall not reduce the amount of any benefit payable to the Executive under the Company’s Supplemental Executive Retirement Plan (the “SERP”) or the amount of any benefit payable to the Executive under Section 6.3.
Sample 1
Special Early Retirement Benefit. The Company shall pay Executive a monthly early retirement benefit as follows:
Sample 1

Related to Special Early Retirement Benefit

  • 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.

  • 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 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.

  • 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").

  • 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.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • 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.

  • 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. .

  • Early Retirement Age Early Retirement Age is the later of: (i) the date a Participant attains age ; (ii) the date a Participant reaches the anniversary of the first day of the Plan Year in which the Participant commenced participation in the Plan; or (iii) the date a Participant completes Years of Service. [Note: The Employer should leave blank any of clauses (i), (ii) and (iii) which are not applicable.] If (f)(iii) is selected, “Years of Service” under this Election 34(f)(iii) means (Choose (1) or (2).):

  • 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

Time is Money Join Law Insider Premium to draft better contracts faster.