Supplemental Retirement Benefit - Below Salary Group Cut-Off Sample Clauses

Supplemental Retirement Benefit - Below Salary Group Cut-Off. The benefits ------------------------------------------------------------ described in this Section 3.1 apply only to Participants who are, at the date of termination of employment, employed in a Salary Group below the Salary Group Cut-Off: (a) The principal amount of the Supplemental Retirement Benefit payable to a Participant who retires under the terms of the Retirement Plan shall be a lump sum amount equal to the difference, as of the Participant's Retirement Date, between (i) the amount of the lump sum benefit which would have been payable to or on account of the Participant under the Retirement Plan without regard to the Limitation on Benefits and without regard to the Limitation on Compensation and (ii) the amount of the lump sum benefit actually payable to or on account of the Participant under the Retirement Plan. (b) The principal amount of the Supplemental Retirement Benefit payable to a Participant who terminates employment with a vested right under the Retirement Plan shall be a lump sum amount equal to the difference, as of the first date the Participant could elect to receive benefits, between (i) the amount of the lump sum benefit which would have been payable to or on account of the Participant under the Retirement Plan without regard to the Limitation on Benefits and without regard to the Limitation on Compensation and (ii) the amount of the lump sum benefit actually payable to or on account of the Participant under the Retirement Plan. (c) The principal amount of the Supplemental Retirement Benefit payable for the account of a Participant who dies before the commencement of his or her benefits under the Retirement Plan shall be a lump sum amount equal to the difference, as of the date of the Participant's death, between (i) the amount of the lump sum benefit which would have been payable for his or her account under the Retirement Plan without regard to the Limitation on Benefits and without regard to the Limitation on Compensation and (ii) the amount of the lump sum benefit actually payable for his or her account under the Retirement Plan.
Sample 1
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Related to Supplemental Retirement Benefit - Below Salary Group Cut-Off

  • 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.

  • 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.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

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