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 Benefits. (1) In the event of Executive's Retirement after completion of at least ten (10) Years of Service, unless Executive's employment with the Corporation was terminated for Cause, the Corporation shall pay Executive retirement benefits for twenty (20) years in an annual amount equal to forty percent (40%) (but not to exceed $150,000) of the highest annual Base Salary paid to Executive from and after fiscal year 1997 for the Fiscal Year of his or her Retirement ("Supplemental Retirement Benefits"). In the event of Executive's Retirement before completion of ten (10) Years of Service, Corporation shall pay Executive retirement benefits on the same terms as set forth in the preceding sentence except that retirement benefits shall be reduced to an amount equal to Supplemental Retirement Benefits multiplied by the Vesting Percentage.
(2) Supplemental Retirement Benefits shall be payable in two hundred forty (240) equal monthly installments commencing with the month following the later of (i) the month of Executive's Retirement or (ii) the month during which Executive reaches age sixty-five (65). If Executive dies prior to the end of the two hundred forty (240) month period during which Supplemental Retirement Benefits are payable, Supplemental Retirement Benefits shall be payable during the remainder of such 240-month period to his or her Beneficiary.
(3) Notwithstanding anything herein to the contrary, in the event of Executive's termination of employment with the Corporation prior to attaining age 65 as a result of Permanent Disability, if Executive attains age 65 and his or her employment with the Corporation was not terminated for Cause, the Corporation shall pay to Executive the Supplemental Retirement Benefits set forth in this Subsection 5(i) in accordance with Executive's Vesting Percentage, commencing as of the month following the month in which Executive attains age 65; provided, however, that any Supplemental Retirement Benefits paid pursuant to this sentence shall be reduced by any amounts paid to Executive under the Corporation's long-term disability insurance policy (but shall not be reduced for any payments received by Executive from Social Security or from any disability insurance coverage individually owned by Executive) for the same period.
Supplemental Retirement Benefits. As soon as practicable (but no later than fifteen (15) business days or, if applicable, the date specified in Section 4.1(b) hereof) following the Qualifying Termination, the Company shall pay to the Executive a lump sum cash payment equal to
(i) the excess of (A) the present value (determined as of the date of the Qualifying Termination) of the lump-sum actuarial equivalent of the benefit the Executive would have received, giving the Executive credit for three (3) additional years of age and service (for all purposes, including, but not limited to, vesting and accrual of benefits) (such three (3) additional years, referred to hereinafter as the "Severance Period"), under (1) the AGL Resources Inc. Retirement Plan, as amended (the "Retirement Plan") and (2) the AGL Resources Inc. Excess Benefit Plan (the "Excess Plan"), in each case utilizing actuarial assumptions (including the discount rate used in the present value calculation) no less favorable to the Executive than those in effect under the Retirement Plan immediately prior to the earliest of the date of the Announcement, the date of a Change in Control or the date of the Consummation of a Change in Control Transaction, and assuming that, for purposes of determining benefits under the Retirement Plan and the Excess Plan, the benefits would have commenced at the end of the Severance Period (or, if later, the earliest date distribution of the Executive's benefits could commence under the plans) and the Executive's covered annual compensation ("Covered Compensation") during the Severance Period would have been equal to the Executive's annual rate of Covered Compensation at the time of the Qualifying Termination or, if greater, at the earliest of the date of the Announcement, the date of a Change in Control or the date of the Consummation of a Change in Control Transaction, over (B) the present value (determined as of the date of the Qualifying Termination) of the lump-sum actuarial equivalent of the Executive's actual benefits accrued as of the date of the Qualifying Termination, if any, under the Retirement Plan and the Excess Plan (assuming the benefits would have commenced at the end of the Severance Period (or, if later, the earliest date distribution of the Executive's benefits could commence under the plans), and utilizing the same actuarial assumptions as used above in subsection (A) of this Section 3.1(c)(i)); and
(ii) an amount equal to the sum of the additional contributions (other than before ...
Supplemental Retirement Benefits. Executive shall be entitled to participate in any other supplemental defined benefit retirement plans of the Company that are not qualified under Section 401 (a) of the Code, generally available to other senior executives of the Company.
Supplemental Retirement Benefits. Bank hereby establishes an unfunded retirement plan, the obligations under which shall be reflected on the general ledger of Bank (the “Retirement Account”). The Retirement Account shall be an unsecured liability of Bank to Executive, payable only as provided herein from the general funds of Bank. The Retirement Account is not a deposit or insured by the FDIC and does not constitute a trust account or any other special obligation of Bank and does not have priority of payment over any other general obligation of Bank.
Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three years of executive-level service to the Executive's actual service; (ii) any minimum age and service eligibility requirements for such benefits shall be waived and such benefits shall be fully vested; (iii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan and (iv) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 2(b) had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 2(b) determined as of the date of the Qualifying Termination.
Supplemental Retirement Benefits. 1. The City shall provide a supplemental retirement benefit to each eligible employee covered under the terms of this Agreement who attains normal retirement age. The term "normal retirement age" is the age at which an employee first becomes eligible to receive a disbursement of a retirement benefit under the terms of the employee benefit plan described in section A of this Article. The term "eligible employee" is limited to those employees who leave City employment for the sole reason of retiring under a PERS regular service retirement, disability retirement, or industrial disability retirement provision.
2. For employees with at least ten years of service with the City fire department are eligible for the benefit provided under the terms of this section. They are eligible for a one-time lump sum payment, calculated on the basis of 50% of the straight time value of the retiring employee's accumulated but unused sick leave, up to 520 hours (maximum pay out of 260 hours) on the date that the employee retires from City employment. The reference to sick leave hours in this section is for purposes of calculating the benefit provided under this section only, and shall not operate to "vest" sick leave hours, or otherwise create any entitlement to pay for those sick leave hours for an employee who terminates employment prior to attaining normal retirement age as defined in this sub-part. The straight-time value of the retiring employee's sick leave days shall be computed solely and exclusively on the basis of the non-overtime normal base wage rate paid to the employee, and no overtime premiums, or any other type of premium pay, incentive pay or pay for working out of class or employee benefits or other forms of non-straight time wage compensation shall be used for purposes of calculating the benefits due under this section.
3. Any employee that shows an effective date of retirement into the PERS system within 120 days of separation from employment with the City shall be credited with PERS service credit for all accumulated but unused or uncompensated sick leave.
4. Consistent with the sick leave provisions of this Agreement, any employee whose employment with the City terminates for any reason prior to attaining normal retirement age forfeits all accumulated but unused sick leave hours, and shall not become entitled or eligible to receive any benefits under the terms of this section even if the employee is subsequently re-employed by the City. Any rehired or rein...
Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three years of executive-level service to the Executive's actual service; and (ii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan.
Supplemental Retirement Benefits. (a) Subject to the proration provisions described in subsection (d) below, upon termination of his employment with GSS, Tiller will receive a supplemental retirement benefit pursuant to this Agreement which (in combination with any and all retirement benefits to which Tiller is entitled or received under any qualified or non-qualified defined benefit plans of GSS and of any of Tiller's former employers) will produce for him, upon commencement of benefits at or after age 75, aggregate retirement benefits such that the annualized amount, on a straight life annuity basis, is equal to the greater of:
(i) fifty percent (50%) of his average cash compensation (annualized base salary plus annual performance bonus) for his five consecutive calendar years of employment with GSS that produce the highest average cash compensation; or
(ii) one million dollars ($1,000,000.00). In determining the setoff for other retirement benefits, the value of those benefits will be calculated as if Tiller had elected to receive each benefit on a straight life annuity basis, regardless of the form of payment he actually elected (including any lump sum payment).
(b) Tiller may elect to take the supplemental benefit described in subsection 6(a) in any form permitted under either The GSS Supplemental Executive Retirement Program, if any (the "SERP") or The GSS Retirement Plan, if any, subject to the applicable actuarial adjustment prescribed by the plan in question for electing such an alternative form of payment instead of a straight life annuity.
(c) If Tiller's receipt of the supplemental retirement benefit (described in subsection 6(a)) commences before reaching age 75, then that benefit shall be subject to actuarial reduction, calculated in accordance with the terms of the SERP.
(d) If Tiller's employment is terminated by GSS for Cause or is terminated by Tiller Without Good Reason before the fifth anniversary of the Effective Date, then the supplemental retirement benefit described in subsection 6(a) shall be prorated based on the number of months Tiller was actively employed with GSS, as follows: (i) multiply the formula figure determined under subsection 6(a) (without subtracting any setoff for other retirement benefits) by a fraction, the numerator of which is the number of months Tiller was actively employed by GSS, and the denominator of which is seventy-five (75); and then (ii) subtract the setoff for other retirement benefits, as described in section 6(a). If Tiller does not...
Supplemental Retirement Benefits. For purposes of determining the Executive's supplemental retirement benefits which the Executive is entitled to under the Company's supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination (or the supplemental retirement plan maintained by a successor company or a Subsidiary), (i) the Executive's service percentage shall be computed by adding three years of executive-level service to the Executive's actual service; (ii) Annual Award Amount shall be used to compute such benefits in lieu of any other annual incentive award amount under such plan; and (iii) for purposes of computing the present value of the benefit to be paid to the Executive at age 62, three years will be added to the Executive's age. Notwithstanding the foregoing, on a Qualifying Termination, the Executive will be entitled to receive under the supplemental non-qualified retirement plan in which the Executive participated immediately prior to the Qualifying Termination, an amount equal to the greater of (i) the amount that would have been payable under this Section 3(b) had the Qualifying Termination occurred on the Change in Control or (ii) the amount payable under this Section 3(b) determined as of the date of the Qualifying Termination.
