Special Early Retirement Benefit Sample Clauses

Special Early Retirement Benefit. Employees hired prior to February 1st, 2003, who will be fifty-five (55) years of age may elect to retire from the Company if they have a minimum of ten (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.
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Special Early Retirement Benefit. The Company shall pay Executive a monthly early retirement benefit as follows: (i) The Company shall pay Executive the amount of Two Hundred Forty-Three Thousand One Hundred and Forty-Four Dollars ($243,144) on February 16, 2008, or within ten (10) business days thereafter; and (ii) The Company shall pay Executive the amount of Forty Thousand One Hundred and Four Dollars ($40,104) on the 20th day of each month, or within ten (10) business days thereafter, starting on March 16, 2008, and ending on March 16, 2015. “If Executive shall die before receiving all payments provided in this Section 6.1, all remaining payments shall be made to Executive’s beneficiary (as provided in Article 16) in the same form and at the same time as provided in sub-clauses (i) and (ii) above. The monthly early retirement benefit provided under this Section 6.1 shall not reduce the amount of the benefit payable to the Executive under Section 6.3.”
Sample 1
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

Related to Special Early Retirement Benefit

  • 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.

  • 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.

  • 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 The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • 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)

  • 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.

  • 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

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