Supplemental Deferral Sample Clauses

Supplemental Deferral. (i) The Company shall credit to a bookkeeping account in the name of the Executive an annual supplemental deferral amount during the Term of Employment computed by taking the difference between $485,000.00 (the gross amount of the pension contributions made on behalf of the Executive by his former employer, using an effective tax rate of approximately forty-two (42) percent) and the actual vested annual accruals and contributions made to the Company’s qualified and non-qualified pension and qualified retirement savings plans on behalf of the Executive. Such amounts shall be credited with interest as of each June 30 for the duration of this supplemental pension bookkeeping account, compounded annually, at a rate per annum equal to the annual rate of interest announced by Citibank N.A. in New York, New York as its base rate in effect on such June 30, but in no event shall such rate exceed 9%.
Sample 1
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Supplemental Deferral. (Election of Employer) Commencing on the Effective Date, and continuing through the date on which the Employee's employment terminates because of death, normal retirement, disability, or any other cause, the Employer may at the discretion of the Board of Directors, make an Election of Contribution, as defined at paragraph 4., below. While the amount of the Election of Contribution shall be determined at the sole discretion and in such manner as the Board of Directors determines from time to time, the initial policies and procedures for determination of the amount of such Election of Contribution is set forth at Exhibit A, which may be amended at any time, Provided However, that the Initial Election of Contribution, set forth at Exhibit D shall continue in effect unless terminated or amended by the Board of Directors by subsequent termination or election. The amount credited pursuant to an Election of Contribution is referred to as the "Annual Supplemental Sum". The sum of all Annual Supplemental Sums set forth on all Elections of Contribution for the Employee are hereinafter collectively referred to as the "Supplemental Compensation". The Employee's Supplemental Compensation shall be credited to the Employee's Retirement Account as of the dates such Annual Supplemental Sum is approved, or otherwise stated to be credited by resolution of the Board of Directors of the Employer.
Sample 1
Supplemental Deferral. The Company shall credit to a bookkeeping account in the name of the Executive an annual supplemental deferral amount of $200,000 on January 1, 2003 and each January 1 thereafter during the Term, of Employment. This supplemental deferral is established in recognition of pension benefits forgone as a result of the Executive’s termination of employment with his prior employer to accept employment with the Company. Such amounts shall be credited with interest as of each June 30 for the duration of this supplemental pension bookkeeping account, compounded annually, at a rate per annum equal to the annual rate of interest announced by Citibank N.A. in New York, New York as its base rate in effect on such June 30, but in no event shall such rate exceed 9%. The entire amount credited to such bookkeeping account shall be paid to the Executive (subject to all applicable withholding taxes) on a date to be chosen by the Company, but in no event later than ninety (90) days after the termination of the Executive’s employment with the Company, unless the Executive requests prior to termination of his employment from the Company to defer payment of such amounts until a later date and the Company agrees to such request. The Company, in its sole discretion, may provide an investment facility for all or a portion of such supplemental pension amounts, but shall not be required to do so.
Sample 1
Supplemental Deferral. The Company shall credit to a bookkeeping account in the name of the Executive an annual supplemental deferral amount of $200,000 on each January 1 during the Term of Employment in compensation for pension benefits forgone as a result of the Executive's termination of employment with his prior employer to accept employment with the Company. Such amounts shall be credited with interest as of each June 30 for the duration of this supplemental pension bookkeeping account, compounded annually, at a rate per annum equal to the annual rate of interest announced by Citibank N.A. in New York, New York as its base rate in effect on such June 30, but in no event shall such rate exceed 9%. The entire amount credited to such bookkeeping account shall be paid to the Executive (subject to all applicable withholding taxes) on a date to be chosen by the Company, but in no event later than ninety (90) days after the termination of the Executive's employment with the Company, unless the Executive requests prior to termination of his employment from the Company to defer payment of such amounts until a later date and the Company agrees to such request. The Company, in its sole discretion, may provide an investment facility for all or a portion of such supplemental pension amounts, but shall not be required to do so.
Sample 1

Related to Supplemental Deferral

  • Deferral Election A Participant may elect to defer all or a specified percentage of the Compensation earned in a Plan Year by such Participant for serving as a member of the Board of any Participating Fund or as a member of any committee or subcommittee thereof. Reimbursement of expenses of attending meetings of the Board, committees of the Board or subcommittees of such committees may not be deferred. Such election shall be made by executing before the first day of such Plan Year such election notice as the Administrator may prescribe; provided, however, that upon first becoming eligible to participate in the Plan by reason of appointment to a Board, a Participant may file a Deferral Election not later than 30 days after the effective date of such appointment, which election shall apply to Compensation earned in the portion of the Plan Year commencing the day after such election is filed and ending on the last day of such Plan Year.

  • BENEFIT PAYMENT ELECTIONS Not earlier than 90 days, but not later than 30 days, before the Participant's annuity starting date, the Advisory Committee must provide a benefit notice to a Participant who is eligible to make an election under this Section 6.03. The benefit notice must explain the optional forms of benefit in the Plan, including the material features and relative values of those options, and the Participant's right to defer distribution until he attains the later of Normal Retirement Age or age 62. If a Participant or Beneficiary makes an election prescribed by this Section 6.03, the Advisory Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in accordance with that election. Any election under this Section 6.03 is subject to the requirements of Section 6.02 and of Section 6.04. The Participant or Beneficiary must make an election under this Section 6.03 by filing his election with the Advisory Committee at any time before the Trustee otherwise would commence to pay a Participant's Accrued Benefit in accordance with the requirements of Article VI.

  • Plan Year Any reference to “

  • Deferral Elections As provided in Sections 5(f), 6(h) and 14(d), the Executive may elect to defer the Pre-Change in Control Severance Payment, the Post-Change in Control Severance Payment and the Consulting Payment as follows. The Executive’s deferral election shall satisfy the requirements of Treasury Regulation Section 1.409A-2(b) and the terms and conditions of the Deferred Compensation Plan. Such deferral election shall designate the whole percentage (up to a maximum of 100%) of the Pre-Change in Control Severance Payment, the Post-Change in Control Severance Payment and the Consulting Payment to be deferred, shall be irrevocable when made, and shall not take effect until at least twelve (12) months after the date on which the election is made. Such deferral election shall provide that the amount deferred shall be deferred for a period of not less than five (5) years from the date the payment of the amount deferred would otherwise have been made, in accordance with Treasury Regulation Section 1.409A-2(b)(1)(ii).

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • SUPPLEMENTAL BENEFITS The Reinsurer will receive a proportionate share of any premiums for additional benefits as shown in Schedule I, as well as for any extra premiums the Ceding Company may collect for the coverage of special risks (traveling, climate, occupation, etc.). This share will be based on the ratio between the amount at risk and the total initial benefits insured and will remain constant throughout the entire period of premium payment.

  • 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").

  • Initial Election The Director shall make an initial deferral election under this Agreement by filing with the Company a signed Election Form within 30 days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Fees to be deferred and shall be effective to defer only Fees earned after the date the Election Form is received by the Company.

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • 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.

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