Supplemental Pension. (a) Following any termination of his employment with the Company other than by the Company for Cause or as a result of his death, the Executive shall be entitled to receive a supplemental pension benefit with annual payments equal to five percent (5%) of his Average Final Annual Compensation (as defined below) multiplied by his full and partial years of service with the Company (including any additional years of credited service pursuant to Sections 14(d) and 15(c)); provided however, that the maximum annual pension to which the Executive shall be entitled shall be 50% of his Average Final Annual Compensation. For this purpose, "
Supplemental Pension. At the employee's sole discretion, after age 55, and with 10 or more years of service, but less than 30 years of service, the employee may retire with a supplemental pension reduced by 1/2 of 1% for each month that the retirement date precedes his 65th birthday.
Supplemental Pension. As additional compensation, the Company will provide nonqualified deferred compensation to the Executive after termination of his employment. The amount of the deferred compensation will be measured solely by the cash surrender value, at the time payment of the deferred compensation is due, of one or more life insurance contracts (as defined in Internal Revenue Code Section 7702) on the life of the Executive, purchased by or on behalf of the Company solely with the annual premiums described below. Such life insurance contracts shall provide such insurance coverage and contract terms (consistent with the premium limits described below), and shall be purchased from such one or more insurance companies, as shall be acceptable to the Executive. On the first business day of each calendar year (or the date of the execution of this Agreement in the case of 1997) during the Executive's service under this Agreement, the Company shall provide for the payment of total premiums, under all such life insurance contracts in the aggregate, equal to the sum of:
Supplemental Pension. In addition, the Executive shall be entitled to payments in the nature of supplemental pension payments at the rate of $200,000 (or such higher amount resulting from the annual COLA Adjustment described below) per year, payable in accordance with the regular payroll practices of the Company, for the period following the termination of his employment until the death of the survivor of the Executive and his current spouse, such payments, however, to begin only following the later of: (i) the termination of any salary payments (including, without limitation, any salary continuation payments contemplated under section 7(d)(ii), if applicable); and (ii) the tenth anniversary of the Final Date if the Executive receives a lump sum payment pursuant to section 7(d)(ii) or section 8(b). Such supplemental pension payments shall be payable upon the termination of the Executive’s employment under all circumstances (including, but not limited to, a termination pursuant to section 7(a)) other than termination by the Company for Cause. The amount of such supplemental pension payments shall be increased (the “COLA Adjustment”) during each year the supplemental pension payments are payable by an amount which reflects any increase in the cost of living on the immediately preceding June 30th over the cost of living on June 30, 2000, using as a basis for such increase the Consumer Price Index for all Urban Consumers (CPI-U) for New York, Northern New Jersey-Long Island, as published by the U.S. Department of Labor (the “Index”) or, in the event such Index is no longer published, such other index as is determined in good faith to be comparable by the board of directors of the Company. The COLA Adjustment shall be made each July 1st and shall remain applicable until the next June 30th. The Executive acknowledges that the Company’s obligation under section 5(b) is an unfunded, unsecured promise to pay certain amounts to the Executive in the future. The amounts payable under section 5(b) shall be paid out of the Company’s general assets and shall be subject to the risk of the Company’s creditors. In no event shall the Executive’s rights under section 5(b) be greater than the right of any unsecured general creditor of the Company.
Supplemental Pension. The obligations under Section 5 of the -------------------- Initial Agreement to provide to Executive a pension benefit (the "SERP Benefit") in lieu of the pension benefit to which Executive would otherwise be entitled under the Company's Supplemental Executive Retirement Plan ("SERP") has been funded for the estimated SERP Benefit accrued through the Expiration Date of this Agreement by the purchase of annuities held in the Excess Benefit Master Trust Agreement by and between RJR Nabisco, Inc. and Wachovia Bank and Trust Company, N.A., dated February 5, 1988, as amended through January 27, 1989, (the "1988 Secular Trust"). Such annuities are to be delivered to Executive upon his Retirement Date. Executive's "Retirement Date" for purposes of delivery of the foregoing annuities under this Section 5 shall be the date of his termination of employment with the Company for any reason. It is understood that extensions in the Expiration Date of this Agreement, in the interest rate assumptions, in tax rates, in Executive's tax status as determined by state or local taxing authorities, and in other actuarial factors or considerations as of Executive's Retirement Date may affect the adequacy of such funding of the SERP Benefit. Periodically, upon any extensions in the Expiration Date, and in all events immediately prior to or promptly following the Retirement Date, an actuarial calculation shall be performed to determine if any additional funding through the purchase of an annuity on a tax grossed up-basis (as described in the SERP acknowledgment executed by Executive and attached hereto as Exhibit F (the "Acknowledgment")) is required as of the Retirement Date to deliver the full benefit to which Executive is entitled pursuant to Section 5 of the Initial Agreement, Exhibit B thereto and hereto and the Acknowledgment, all of which are incorporated herein by this reference, as such benefit may be increased pursuant to Section 6.1(a)(v) if applicable. If such additional funding is required, the Company shall promptly (i) purchase such additional annuities and (ii) pay to Executive an additional amount such that after payment by Executive of all applicable Federal, State and local taxes (computed at the maximum marginal rates) Executive retains a sufficient amount to pay all such taxes incurred by Executive as a result of the purchase of such additional annuities. Nothing herein shall adversely affect the validity of the Acknowledgment.
Supplemental Pension. (a) In the event of a Qualifying Termination of Employment, in lieu of accruing pension benefits under the Company's Pension Plan, the Company's 401(k) Plan (the "401(k) Plan"), the Company's Deferred Capital Accumulation Plan (the "DCAP"), the Company's Supplemental Retirement Plan (the "SERP"), and any other funded or unfunded pension plans now or hereafter maintained by the Company (collectively, the "Pension Plans") during the Continuation Period, the Executive shall be entitled to receive an unfunded supplemental pension benefit under this Agreement (the "Supplemental Benefit"). The Supplemental Benefit shall be calculated under Subsection 5.2(b) below and shall be paid in a lump sum within 30 business days after the date of the Qualifying Termination of Employment.
Supplemental Pension. Section 1. Except as otherwise provided by Article XIII, Section 16, effective for all work performed on or after July 1, 2013, the Individual Employer shall pay to the Operative Plasterers Local Union No. 66 Supplemental Retirement Benefit Fund the sum of four dollars and forty cents ($4.40) per hour, for each hour, straight time or overtime, worked by or paid for each of its employees upon work covered by this Agreement.
Supplemental Pension. Upon your retirement on any date subsequent to the date of this letter (the date as of which you so retire is referred to herein as your "Retirement Date") you shall be entitled to receive from the GPU Companies, in addition to the additional retirement pension payable to you pursuant to Section 3 hereof, a supplemental pension, which shall be payable upon the following terms and conditions:
Supplemental Pension. The Employer shall contribute (see Wage and Fringe Benefits Supplement) per hour for all hours worked by or paid to Employees covered by this Agreement to the Pension Trust Fund.
Supplemental Pension. The Port agrees to contribute to the Pacific Coast Benefits Trust, on account of each of its employees who perform the work covered by this Agreement, for every hour for which compensation was paid as follows: Effective January 1, 2008, in the amount of $1.50 per hour.
