Supplemental Pension Benefits. 4.1 An Eligible Employee shall be entitled to receive Supplemental Pension Benefits which shall be calculated and paid in accordance with the provisions of this Article IV.
4.2 Subject to the maximum Years of Service contained in Section 4.5 of the Plan, an Eligible Employee’s Supplemental Pension Benefit shall be a yearly pension benefit equal to
Supplemental Pension Benefits. During the term of this Agreement, Executive shall continue participation in Employer’s Supplemental Executive Pension Plan, as amended (the “SEPP”), and Employer shall not amend the SEPP in a manner adverse to Executive without Executive’s prior written consent.
Supplemental Pension Benefits. Commencing January 1, 2001, and ----------------------------- continuing on the first day of each month thereafter for a period which is 119 months, Xxxxxx shall pay to Executive a monthly supplemental pension benefit equal to Two Thousand Dollars ($2,000.00).
Supplemental Pension Benefits. If Employee's employment shall continue until October 31, 1999, he shall be entitled to a monthly pension benefit commencing November 1, 1999 equal to $16,667.00, which shall be payable in the form of a joint and 100% survivor annuity - i.e., the monthly pension shall be $16,667.00 during Employee's lifetime, and should the spouse to whom he was legally married on November 1, 1999 survive him, she will be paid a monthly annuity for her life of $16,667.00. Such amounts shall include any amounts to which the Employee and such surviving spouse may be entitled under any qualified defined benefit pension plan maintained by the Employer and any unfunded supplemental defined benefit pension plan maintained by the Employer. To the extent that Employee is covered by a plan or plans described in the preceding sentence, he shall make all such elections and file all such papers as the Employer shall require so that benefits under such plans shall be payable in the form and at the time specified in the first sentence of this Section 3. To the extent that the benefits specified under this Section 3 exceed the benefits payable under such plans, any and all such benefits shall be an unfunded obligation of the Employer as to which the Employee and any person claiming through the Employee shall be merely a general unsecured creditor of the Employer; provided that the Company shall cause this benefit to be covered by the "rabbi" trust which it maintains with respect to other executive benefits.
Supplemental Pension Benefits. If Employee's employment shall continue until December 31, 2002, he shall be entitled to a monthly pension benefit commencing January 1, 2003 equal to $20,833.33, which shall be payable in the form of a joint and 50% survivor annuity -- i.e., the monthly pension shall be $20,833.33 during Employee's lifetime, and should the spouse to whom he was legally married on December 31, 2002 survive him, she will be paid a monthly annuity for her life of $10,416.
Supplemental Pension Benefits. Executive shall be entitled to receive from the Company the supplemental retirement benefit (the "Supplemental Retirement Benefit") under and in accordance with the terms of the Excess Benefit Agreement dated as of March 15, 2002 by and between the Company and Executive, as the same may be amended by the parties from time to time (the "Excess Benefit Agreement").
Supplemental Pension Benefits. During the Initial Period, the Executive shall continue to participate in and accrue benefits under the Supplemental Executive Retirement Plan which was entered into between the Company and the Executive on February 25, 2002 (the "SERP"). For purposes of determining the Executive's benefit under the SERP, the Executive shall be deemed to have received a $200,000 cash bonus for the year ending December 31, 2002. In addition, upon the Effective Date, notwithstanding anything to the contrary in the SERP, the SERP shall be amended hereby as follows:
(i) for all purposes of the SERP, all references to "age 65," "65th birthday" and "65" shall be amended to be references to "age 62 and one-half," "62nd and one-half birthday" and "62 and one-half"; (ii) notwithstanding anything to the contrary contained in the SERP, including without limitation Section 2(c) and the first sentence of Section 3, on or prior to December 31, 2006, the Executive shall be entitled to make an election as to the time and form of distribution of the SERP benefit, with the optional forms of benefit to include (A) a 50% joint and survivor annuity option to be purchased by the Company for the Executive from a nationally recognized insurance company selected by the Executive, (B) a lump sum option, with the lump sum to be calculated in accordance with the actuarial factors set forth in the Citizens Banking Corporation Pension Plan for Employees as of the date hereof (the "PENSION PLAN") for the determination of lump sum benefits thereunder, PROVIDED that in no event shall the discount rate for determining such lump sum exceed 5.5% and (C) any other form of distribution provided for under the Pension Plan as provided in Section 2(c) of the SERP; and (iii) to provide that, in the event of the Executive's death while employed by the Company, the Executive's spouse shall be entitled to the benefit under the SERP, the amount and form of which shall be determined as if the Executive had retired under the SERP as of the date of his death.
Supplemental Pension Benefits. When the owner/employee retires and receives pension benefits from the RCAIA, money held in the RTA is refunded to the trustee. At this point the retiree pays income tax on the benefits received.
Supplemental Pension Benefits. The benefit accrued, comprising and service to December shall be amended in accordance with the following: July 1989: reaching age prior to and retiring active shall have their accrued benefit increased by over the level established as of December Effective January Employes reaching age prior to December and retiring active employment shall have their accrued benefit increased by over the level established as of December Effective January 1991: Employees reaching age prior to December and retiring active employment shall have their accrued benefit increased by over the level established as of December Effective July Employees the Age of during the life of the Agreement and retiring Active Employment at age shall have their accrued benefit increased by over the level established as of December Employees retiring from active service and at normal retirement date with a of years service shall receive a pension which shall be the aggregate of the benefits payable from the of Labour Management Pension Plan and the Hawker Non-contributory Plan which will provide an actuarially adjusted benefit of minimum levels as indicated: That an employee who after June shall be absent work: in respect of periods during which he shall have been engaged in the business of, or working for, the Union on Company-approved leave of absence requested by the Union, shall receive service credit based on his regular straight time hourly rate of wages in effect during such absence and in respect of periods during which he shall have held the position of Business Representative of the Union while on Company-approved leave of absence requested by the Union shall receive service credit based on the regular straight time hourly rate of wages the job classification from which he is absent. That credits on the basis of which a benefit entitlement is established under any other Company retirement income plan, shall not be under this Plan. All past benefits, including the Supplemental Pension Benefits described in Section of this Supplement shall be in accordance with the Pension Benefits Act of Ontario. In event of termination of the Plan, distribution of assets shall be in accordance with the aforementioned Act and as specified in Section of the Plan. It is that the foregoing is set down for the purpose of reaching a Collective Agreement, and should not be construed as indicating all of the terms, conditions or limitations to make up the Plan proper. The installation of the Plan is contingent...
Supplemental Pension Benefits. Executive shall be entitled to an aggregate pension benefit, payable in the form of a 50% joint and survivor annuity, of $3,000,000 per annum commencing as of April 1, 2001. Such pension benefit amount shall be inclusive of all amounts to which Executive is entitled under all qualified and nonqualified defined benefit pension plans or arrangements sponsored by the Company or any of its Affiliates, including without limitation the Personal Pension Account Plan and the Supplemental Personal Pension Account Plan. To the extent permitted under the applicable pension plans, Executive may elect to receive such pension amount in any other actuarially equivalent manner or to defer receipt thereof. To the extent that the pension benefit provided by this paragraph exceeds the pension benefit to which Executive would otherwise be entitled, payment of such excess shall be made in accordance with the provisions of the Supplemental Executive Retirement Plan. Executive will execute such forms as may be appropriate under such plans to effect the foregoing payments.
