Supplemental Retirement Benefit. The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.
Supplemental Retirement Benefit. In addition to any retirement or severance benefit to which the Employee is entitled under the Pension Plan, the Employee shall receive in cash, an amount equivalent of the excess of (i) over (ii), where (i) equals the aggregate amount of the retirement pension (calculated as a straight life annuity payable to Employee on his normal retirement date) to which Employee would have been entitled under the terms of the Pension Plan and any other qualified or non-qualified defined benefit plan maintained by the Company and covering the Employee, if Employee were fully vested thereunder (without regard to (w) whether the Employee shall actually have completed the number of years of credited service required to qualify for full vesting under such plans, (x) any limitation on the amount of compensation used in the calculation of the regular pension thereunder, (y) any offset thereunder for severance allowances payable hereunder or (z) any amendment to such plans made prior to the Employee's Date of Termination, which amendment adversely affects in any manner the computation of retirement benefits under such plans) and had accumulated an additional period of months of credited service after the Date of Termination equal to the Measuring Period (but in no event shall Employee be deemed to have accumulated an additional period of credited service subsequent to Employee's sixty-fifth (65th) birthday), and, where (ii) equals the amount of the retirement pension (calculated as a straight 1ife annuity payable to Employee on his normal retirement date),if any, to which Employee is entitled pursuant to the provisions of the Pension Plan and such other plans. For purposes of Clause (i) of this Paragraph (d), the amount payable pursuant to Paragraph (a) of this Appendix D, shall be deemed to represent the Employee's earnings for the period of months equal to the Measuring Period, and for purposes of this Paragraph (d), "actuarial equivalent" shall be determined using the same methods and assumptions utilized under the Pension Plan immediately prior to the Date of Termination. All other terms used in this Paragraph (d) shall have the same meanings, respectively, as such terms have in the Pension Plan, unless otherwise required by the context.
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").
Supplemental Retirement Benefit. The Trust shall continue a bookkeeping account for the Executive and shall credit such account each fiscal year beginning January 1, 2009 or later with a deemed contribution of $25,000. Such deemed contributions shall be credited as of January 1 of the applicable fiscal year and shall earn interest at the rate of 10 percent, compounded annually.
Supplemental Retirement Benefit. In the event the Executive is ------------------------------- entitled to receive the Severance Amount described in Section 7(c)(i), the Executive (and, to the extent applicable, his dependents) shall be entitled to receive a supplemental retirement benefit payable pursuant to a deferred annuity contract issued by a solvent insurer mutually acceptable to the Company and the Executive and purchased by the Company and delivered to the Executive within 60 days after the Date of Termination. Such annuity contract shall provide for monthly payments on and after the Executive's 65th birthday and 100% survivor benefits to the Executive's spouse for such individual's lifetime in the event of the Executive's death prior to or after age 65. The monthly benefits to be provided by the annuity shall be determined as follows:
(A) three years shall be added to Executive's credited service as determined at Date of Termination under the terms of the NBC Pension Plan (the "Pension Plan") as in effect immediately prior to the Change of Control Date (subject to any applicable maximum on credited service);
(B) using such adjusted credited service, a new monthly benefit for life commencing at age 65 shall be determined as of the Date of Termination under the terms of the Pension Plan;
(C) from such monthly benefit as calculated in (B) above shall be subtracted the monthly vested deferred benefit of Executive due to be paid on and after attainment of age 65, if any, pursuant to the terms of all defined benefit pension plans, active or frozen, in which Executive is a participant at his Date of Termination if such plans are sponsored by the Company, its successors or affiliates thereof; and
(D) in accordance with the terms of the Pension Plan, the difference described in (C) next above shall be converted from a monthly lifetime benefit after age 65 to the actuarial equivalent monthly benefit on and after attainment of age 65 which provides the 100% survivorship feature first above described in this Section 7(c)(ii). For purposes of making the foregoing determinations, at the request of Executive in the Notice of Termination given by Executive or in writing within 3 days of Executive's receipt of Notice of Termination, but in either event at Company expense, the independent pension consultants most recently used by Company in connection with its qualified pension plan prior to the Change of Control Date shall be engaged and shall certify the benefits due Executive under this Sectio...
Supplemental Retirement Benefit. (a) Subject to the minimum benefit provisions of paragraph 1(b) and the vesting provisions of paragraph 5, Employer shall pay Employee an annual supplemental retirement benefit equal to the product of (i) 3 percent, times (ii) Employee’s years of service with Employer, times (iii) Employee’s final average compensation, with the product of (i) times (ii) times (iii) reduced by Employee’s other retirement benefits. Subject to the adjustments described in paragraph 4, the benefit described in this paragraph 1(a) initially shall be expressed as a single life annuity (payable for Employee’s life) commencing as of the date determined pursuant to paragraph 4.
(b) The annual supplemental retirement benefit payable pursuant to this Agreement shall not be less than the excess (if any) of (i) the annual benefit that Employee would have earned pursuant to the Community Bank System, Inc. Pension Plan (“Pension Plan”) if 100 percent of Employee’s annual compensation that is disregarded for Pension Plan purposes solely because of the limit imposed by Section 401(a)(17) is added to the amount of Employee’s annual compensation actually taken into account pursuant to the Pension Plan and if Internal Revenue Code Section 415 is disregarded, minus (ii) the annual benefit actually payable to Employee pursuant to the Pension Plan. For purposes of calculating the annual benefit described in clause (i) of this paragraph 1(b), the provisions of the Pension Plan that describe a minimum account balance and a supplemental account balance for Employee shall be disregarded. Any benefit attributable to any such minimum account balance and any supplemental account balance (other than any supplemental account balance attributable to Employee’s elective deferrals to the Deferred Compensation Plan for Certain Executive Employees of Community Bank System, Inc.) actually payable pursuant to the Pension Plan, however, shall be taken into account for purposes of clause (ii) of this paragraph 1(b).
Supplemental Retirement Benefit. On the first day of each month that you are still performing services under the terms of this Agreement, the Company shall accrue for your benefit a supplemental retirement benefit (the "Supplemental Retirement Benefit") in the amount of five thousand sixty six dollars ($5,066.00). The sum of all such monthly accruals of Supplemental Retirement Benefit shall constitute the "Aggregate Supplemental Retirement Benefit". The Aggregate Supplemental Retirement Benefit, to the extent vested, is to be paid to you in equal monthly installments, over a ten (10) year period beginning at such times as are set forth in this Agreement. Wherever so used in this Agreement, the term "Monthly Supplemental Retirement Benefit" shall mean the Aggregate Supplemental Retirement Benefit divided by one hundred twenty (120) months. The Aggregate Supplemental Retirement Benefit will vest, in each case assuming you are then employed by the Company, as follows: as of June 18, 2002 it shall be vested to the extent of 20%, as of June 18, 2003 it shall be vested to the extent of 40%, as of June 18, 2004 it shall be vested to the extent of 60%, as of June 18, 2005 it shall be vested to the extent of 80%, and as of June 18, 2006 it shall be vested to the extent of 100% so that as of the latter date the full amount of the Aggregate Supplemental Retirement Benefit shall be due and payable in the instances set forth elsewhere in this Agreement.
Supplemental Retirement Benefit. During the Employment Term, Executive will be eligible to participate in the Key Executive Pension Plan.
Supplemental Retirement Benefit. The purpose of this Appendix A to the Employment Agreement is to provide a supplemental retirement benefit for Xxxxxxx Xxxxxxxxx (“Xxxxxxxxx”), which shall be in addition to any benefits which he may be entitled to receive under qualified retirement plans of the Employer.
Supplemental Retirement Benefit. Since certain limitations are placed on the amount of benefits receivable by participants under certain of the Company's Retirement Plans and disability plans and amounts contributed by the Company to certain Defined Contribution Plans by the Code, the Company shall provide Executive and his beneficiaries with restorative benefits equal to the benefits lost under those plans as a result of these limitations. Payments of such supplemental benefits shall be made to Executive or his beneficiaries in a manner consistent with the elections available under the plans providing such supplemental benefits.
