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.
(b) The Supplemental Benefit shall be an amount equal to:
(i) The amount payable to the Executive as a single lump sum amount under the Pension Plans had the Executive (A) continued to be employed as an Executive of the Company during the Continuation Period, (B) received compensation equal to the amount described in Section 5.1(a) during the Continuation Period, (C) continued to receive matching contributions under the 401(k) Plan and DCAP through the Continuation Period at the same rate as the Executive was receiving at the time of the Executive's termination of employment, and (D) been 100% vested in each of the Pension Plans; minus
(ii) The amount, calculated as of the date of the Qualifying Termination of Employment, of the single lump sum amount actually payable to the Executive under the Pension Plans, whether or not the Executive elects to receive his benefits under the Pension Plans in the form of a single lump sum amount.
(c) For purposes of determining the lump sum amount payable under this Section 5.2, (i) the Executive's account under the Pension Plan and the SERP shall each be credited with interest at the interest rate in effect under such plan at the date of the Executive's Qualifying Termination of Employment, and (ii) the Executive's account under the 401(k) Plan and the DCAP shall each be credited with interest at the interest rate in effect under the DCAP at the date of the Executive's Qualifying Termination of Employment.
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. (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, "Average Final Annual Compensation" shall be defined as the Executive's average cash compensation for the 36 consecutive months of highest cash compensation or such shorter period as the Executive has been employed by the Company, if the Executive has been employed for less than 36 months with the Company. Cash compensation shall include all salary and bonuses earned in respect of such 36-month period, regardless of when paid. The supplemental pension shall be fully vested and shall be paid monthly with the first payment to be made at the beginning of the first month following the termination of the Executive's employment hereunder. The Executive's entitlement to the supplemental pension benefit (apart from the determination of the amount of the benefit as set forth in the first sentence) shall apply without regard to the period of the Executive's employment with the Company.
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:
1. Twenty-Five Thousand Dollars ($25,000) annual lump sum (or a pro-rated portion for 1997) provided by the Company without reduction of the Executive's regular salary or performance bonus otherwise payable under this Agreement during the calendar year.
2. An additional annual amount equal to the amount, if any, by which the Executive has elected to have his regular salary, otherwise payable in cash during the calendar year, reduced for this purpose.
3. An additional annual amount equal to the amount, if any, by which the Executive has elected to have his performance bonus (if any), otherwise payable in cash during the calendar year, reduced for this purpose. The Executive shall elect in writing, no later than the end of the preceding calendar year, the specific amounts (or definite formula to determine the specific amounts) of additional premiums to be paid for in each calendar year by reduction of his regular salary or bonus payments. However, such additional premium amounts shall be limited in the aggregate (or, at the Executive's election, insurance coverage shall be augmented as necessary) so that the additional premium amount applied to any insurance contract in any calendar year is less than the amount that would cause such contract to be classified as a modified endowment contract under Internal Revenue Code Section 7702A. The Company or the Deferred Compensation Trust described hereinafter (the "Deferred Co...
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. 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. In addition to the pension benefits to which the Executive is entitled under the Pension Plan or any successor plans thereto, the Employer shall pay the Executive in one sum in cash on the fifth (5th) day following the Date of Termination, a lump sum equal to the actuarial equivalent of the excess of (1) the retirement pension (determined as a straight life annuity commencing at age 65) which the Executive would have accrued under the terms of the Pension Plan and any other pension benefit program (without regard to any amendment to such Pension Plan or other pension benefit program made subsequent to the Change in Control and on or prior to the Date of Termination, which amendment adversely affects in any manner the computation of pension benefits thereunder), determined as if the Executive were fully vested thereunder and had accumulated (after the Date of Termination) twenty-four (24) additional months of service credit thereunder at the Executive's highest annual rate of compensation during the twelve (12) months immediately preceding the Date of Termination (but in no event shall the Executive be deemed to have accumulated additional months of service credit after the Executive's sixty-fifth (65th) birthday), over (2) the retirement pension (determined as a straight life annuity commencing at age sixty-five (65)) which the Executive had then accrued pursuant to the provisions of the Pension Plan and any other pension benefit program. For purposes of clause (1), the term "compensation" shall include amounts payable pursuant to subsection 4(f)(ii) hereof and amounts payable pursuant to subsection 4(f)(ii) shall be deemed to represent twenty-four (24) months of compensation (or such lesser number of months of compensation to the Executive's sixty-fifth (65th) birthday) for purposes of determining benefits under the Pension Plan. For purposes of this subsection, "actuarial equivalent" shall be determined using the same methods and assumptions utilized under the Pension Plan immediately prior to the Change in Control.
Supplemental Pension. If the Executive is not fully vested under the Enhance Reinsurance Company Pension Plan (the "Pension Plan") and he or she is a participant in the Enhance Reinsurance Company Supplemental Pension Plan (the "Supplemental Plan"), then the Executive shall receive, in a single lump-sum payment, an amount equal to the amount the Executive would have received under the Supplemental Plan had the Executive become fully vested under the Pension Plan on the day immediately preceding his or her Date of Termination. The aforesaid payment shall be reduced by any amount the Executive is entitled to receive under the Supplemental Plan.
Supplemental Pension. The Carrier has withdrawn the bargaining unit from the Western Metals Pension Fund and assumed withdrawal liabilities in accordance with plan procedures and applicable law.
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.
