Common use of Special Retirement Benefits Clause in Contracts

Special Retirement Benefits. Executive will be eligible to receive “Special Retirement Benefits” so that the total retirement benefits he receives will approximate the retirement benefits he would have received had he continued in the employ of the Corporation for three (3) years following his Separation from Service (or until the date he will attain age sixty-five (65), whichever is earlier). These benefits will include all ancillary benefits, such as early retirement, supplemental retirement and survivor rights and benefits available at retirement. If Executive’s credited service with the Corporation plus three (3) years would result in vested benefits and/or eligibility for ancillary benefits under the Corporation’s pension plans, the amount payable to the Executive or his beneficiaries shall equal the excess of the amount specified in paragraph (i) over that in (ii) below: (i) The benefits that would be paid to the Executive or his beneficiaries, if the three (3) years (or period to the date he will attain age sixty-five (65), if less) following his Separation from Service are added to his credited service under the Corporation’s pension plan, and his earnings during such period are equal to the amount of the cash payment specified in Paragraph A; (ii) The benefit that is payable to the Executive or his beneficiaries under the Corporation’s pension plans. The Special Retirement Benefits are provided on an unfunded basis and are not intended to meet the qualification requirements of Section 401 of the Code. The Special Retirement Benefits shall be payable solely from the general assets of the Corporation or its appropriate affiliate.

Special Retirement Benefits. The Executive will be eligible to receive “Special Retirement Benefits” so that the total retirement benefits he receives will approximate the retirement benefits he would have received had he continued in the employ of the Corporation for at least three (3) years following his Separation from Service termination (or until the date he will attain age sixty-five (65)his normal retirement date, whichever is earlier). These benefits will include all ancillary benefits, such as early retirement, supplemental retirement and survivor rights and benefits available at retirement. If the Executive’s credited service with the Corporation plus three (3) years would result in vested benefits and/or eligibility for ancillary benefits under the Corporation’s supplemental pension plansplan (as amended as required by Paragraph 9 of the Executive’s Employment Agreement), the amount payable to the Executive or his beneficiaries shall equal the excess of the amount specified in paragraph clause (i) over that in clause (ii) below: (i) The benefits that would be paid to the Executive or his beneficiaries, if the three (3) years (or period to the date he will attain age sixty-five (65)his normal retirement age, if less) following his Separation from Service termination are added to his credited service under the Corporation’s supplemental pension planplan (as amended as required by Paragraph 9 of the Executive’s Employment Agreement), and his final average earnings during such period are equal to the same as his actual average earnings (including the amount of the cash payment specified in Paragraph AA as compensation for services rendered to the Corporation in the year of his termination); (ii) The benefit that is payable to the Executive or his beneficiaries under the Corporation’s supplemental pension plansplan (as amended as required by Paragraph 9 of the Executive’s Employment Agreement). The All these Special Retirement Benefits are provided on an unfunded basis and are not intended to meet the qualification requirements of Section 401 of the Internal Revenue Code of 1986 (the “Code”). The All Special Retirement Benefits shall be payable solely from the general assets of the Corporation or its appropriate affiliate.

Special Retirement Benefits. The Executive will be eligible to shall receive “"Special Retirement Benefits” " as provided herein, so that the total retirement benefits he receives will approximate equal the retirement benefits he would have received had he continued in the employ of the Corporation for three (3) years following his Separation from Service termination (or until the date he will attain age sixty-five (65)his normal retirement date, whichever is earlier). These There benefits will include all ancillary benefits, such as early retirement, supplemental retirement and survivor rights and benefits available at retirement, as well as benefits (if any) under the Supplemental Executive Retirement Plan ("SERP") for any successor or substitute plan or plans of the Corporation. If the Executive’s 's credited service with the Corporation plus three (3) years would result in vested benefits benefits, and/or eligibility for ancillary benefits under the Corporation’s 's pension plans, the amount payable to the Executive or his beneficiaries hereunder shall equal the excess of the amount specified in paragraph (i) over that in (ii) below: (i) The total retirement benefits that would be paid to the Executive or his beneficiaries, if the three (3) years (or the period to the date he will attain age sixty-five (65)his normal retirement date, if less) following his Separation from Service termination are added to his credited service under the Corporation’s 's pension planplans (including the SERP or any successor or substitute plan or plans of the Corporation), and his earnings during such period are equal to final average compensation is the same as his actual average compensation (including the amount of the cash payment specified in Paragraph AA. (i) as compensation for services rendered to the Corporation in the year of his termination); (ii) The benefit that is total retirement benefits payable to the Executive or his beneficiaries under the Corporation’s 's pension plansplans (including the SERP or any successor plans of the Corporation). The All these Special Retirement Benefits are provided on an unfunded basis and are not intended to meet the qualification requirements of Section 401 of the Internal Revenue Code. The All Special Retirement Benefits shall be payable solely from the general assets of the Corporation or its appropriate affiliate.