Special Retirement Benefit. If the Executive retires on or after his 60th birthday ("Retirement"), or if the Executive's employment hereunder is terminated within three years after the Effective Time by the Company without Cause (other than Disability) or by the Executive for Good Reason ("Wrongful Termination"), or for any reason (including, without limitation, the Executive's death) thereafter during the Term, the Executive (or in the event of his death at any time during the Term, his surviving spouse) shall be entitled to a supplemental retirement benefit (the "Special Retirement Benefit") as set forth herein, which shall be in addition to his pension benefits under all qualified and nonqualified defined benefit retirement plans of the Company and Parent and their affiliates and all of his prior employers (the "Basic Plans"). The Special Retirement Benefit shall be payable in the form of a monthly single life annuity, or, if the Executive is married at the commencement of the Special Retirement Benefit or at the time of his death during the Term, in the form of an actuarially equivalent joint and 66 2/3% survivor benefit with the surviving spouse to whom he was married at the time of the commencement of the Special Retirement Benefit or date of death, if earlier (the amount of which actuarially equivalent benefit shall be determined based on assumptions no less favorable to the Executive than the applicable assumptions in the Connecticut National Gas Corporation Officers' Retirement Plan immediately prior to the Effective Time). The Special Retirement Benefit shall be payable beginning as of (i) in the case of the Executive's Retirement, the date of the Executive's Retirement, (ii) in the case of the Executive's Wrongful Termination, the third anniversary of the Date of Termination, (iii) in the case of the Executive's death during the Term, the date of his death, and (iv) in all other cases, the later of the date of the Executive's termination of employment or the Executive's 60th birthday. The amount of the Special Retirement Benefit shall be such that for each month, the aggregate of the monthly payments payable to the Executive pursuant to the Special Retirement Benefit and the Basic Plans equals 75% of the highest annual rate of the Executive's Base Salary in effect at any time during the Term, divided by twelve; provided, that in determining the amounts payable pursuant to the Basic Plans, it shall be assumed that the benefits thereunder are payable in the same form as the ...
Special Retirement Benefit. In the event that Xxxxx Xxxxx elects to retire at the Effective Time, the Bank will make a one-time severance payment to Xxxxx Xxxxx equal to his then current annual salary.
Special Retirement Benefit. Provided you remain an employee until the Effective Date, in the event of your death or disability before the Effective Date, or in the event that your employment is terminated by the company for any reason before the Effective Date, you will be eligible to receive a special retirement benefit of $970,000/year commencing on April 1, 2002 payable as a 50% joint and survivor annuity, with your wife as your joint
Special Retirement Benefit. If the Employee satisfies the service requirements contained in Section 2, he shall also be entitled to a Special Retirement Benefit as described below in this paragraph. In addition to any other benefit payable under this plan, Employee shall, upon termination of his employment with the Company after completing five or more years of continuous service but prior to his attaining age 65, be entitled to a monthly Special Retirement Benefit under this plan that is equal to the monthly Early Retirement Benefit he has then accrued under the provisions of Jostens Pension Plan "D". Such benefit shall commence as of the first day of the second month following the date on which his employment terminates and shall cease as of the last monthly benefit payment preceding the earlier of (i) the date of his death and/or (ii) the month in which he is first entitled to commence benefits under such Plan "D". The amount of such benefit shall, however, be reduced in the manner provided in Plan "D" for the actuarial reduction of benefits commencing prior to the Employee's Normal Retirement Age. However, if the benefits the Employee receives at his Normal Retirement Age under Pension Plan "D" are greater than those received under the monthly Special Retirement Benefit provided under this Section 11, the difference shall be offset each month first against any Executive Supplemental Pension Plan benefits he may have a right to receive, and if none or they are exhausted or are not available for such offset, then offset monthly against any Executive Supplemental Retirement Benefits he is eligible to receive under Section 2 of this Agreement. Subject to the above conditions, all payments to Employee under this Special Retirement Benefit section shall be governed by the provisions of Pension Plan "D".
Special Retirement Benefit. If, at the time of (i) the Executive's retirement from his employment with the Company at age 65 or older, (ii) the Executive's termination of employment with the Company as a result of a Disability (as defined in Paragraph
Special Retirement Benefit. (a) Upon termination of employment for any reason, subject to the vesting provisions in subsection (b) below, Executive will be entitled to receive from the Company a special retirement benefit ("SRB") which, when added to any benefits payable under all qualified and nonqualified defined benefit retirement plans of the Company and its Affiliates (including without limitation supplemental benefits payable under Section 2.2 or 3.5 of this Agreement) and any of Executive's former employers (exclusive of amounts attributable to Executive's voluntary contributions), will produce an aggregate single life annuity pension payable at age 65 in an annual amount equal to (i) multiplied by (ii), where:
Special Retirement Benefit. Notwithstanding anything herein to the contrary, Employee's retirement benefit under the Company's defined benefit retirement plans, equal to the sum under both the Company's "qualified" plan (the "Retirement Plan") and non-qualified plan (the "Excess Benefit Plan") shall not be less than $300,000, on a pre-tax basis, in the normal form provided under the Retirement Plan, but payable in any actuarially equivalent form permitted under the Retirement Plan, in the event that Employee remains employed at least through his 63rd birthday, except as provided in Sections 5.1 or 5.4(d)(F), and the cost of any additional benefit to be provided, in excess of that otherwise provided by the Retirement Plan, shall be paid by the Company from its general assets, not from the assets of the Retirement Plan, the present value of which shall be contributed, within thirty days after Employee's termination of employment, to the trust maintained for Employee under the Company's Excess Benefit Plan, to the extent the assets of the trust are not then sufficient to provide such additional benefit.
Special Retirement Benefit. In lieu of any other amounts payable under the Employment Agreement or under any other severance plan or program of the Company or its affiliates, the Company shall provide Executive with special retirement payments and benefits as set forth in the attached schedule (the “Special Retirement Benefit Schedule”) based upon a March 31, 2008 termination date (the “Special Retirement Benefit”). The benefits and payments set forth in the Special Retirement Benefit Schedule are further described in Sections 3 through 8 below. The Executive specifically waives and releases any claims under the Employment Agreement or any other severance plan or program of the Company or any of its affiliates. The Special Retirement Benefit shall not be taken into account under any other pension, savings or welfare benefit plan that bases benefits on compensation. The Special Retirement Benefit will be paid or provided to Executive at the times as specified in the Special Retirement Benefit Schedule, provided the Executive has not revoked this Agreement as provided in Section 11(d). If the Executive dies prior to receiving all of the Special Retirement Benefits, any unpaid payments will be made to the Executive’s estate.
Special Retirement Benefit. Commencing on the last day of -------------------------- Executive's performance of any work or services for the Bank, the Bank shall pay the Executive or, upon his death, to his wife, Xxxxx Xxxxxxxxx, until her death, a 100% Joint and Survivor Benefit consisting of a gross monthly sum of One Thousand Two Hundred dollars $1,200.00. In no event shall Executive or his wife receive both the Special Disability Benefit and the Special Retirement Benefit; accordingly, if Executive becomes disabled and then retires, the Bank's obligations under the Special Disability Benefit provisions are released and the only Special Benefit obligations owed to Executive are those under this "Special Retirement Benefit" provision.
Special Retirement Benefit. In consideration for your covenants set forth in paragraph 7, you shall be entitled to receive a special retirement benefit of a gross value estimated at $1,500,000 per year for your lifetime. As of the Effective Date, MMC and Xxxxxx shall determine an amount which represents the actuarial estimated equivalent sufficient to fund their commitment at the Effective Date. This funded amount, which has been determined to equal $15,000,000.00, shall be deemed invested from the Effective Date, pursuant to your investment direction, among the various Xxxxxx funds. On the latest of (a) November 1, 2002, (b) your retirement from Xxxxxx or MMC and (c) the Payment Date you shall be entitled to receive in cash the amount referenced in the immediately preceding sentence, plus the earnings, if any, net of any losses, if any, of the deemed investment thereof (such total, the "Special Retirement Benefit") in a lump sum, installments or as an annuity, pursuant to your election made prior to a date one year immediately preceding the commencement of the payment of the Special Retirement Benefit. However, if you choose a lifetime annuity, the equivalent of the lump sum payment, net of applicable withholding taxes, will be used to purchase in your name an annuity contract from the insurance company or other financial institution of your choice and the purchase thereof will relieve Xxxxxx and MMC of all liability for such payment.
