Supplemental Retirement Income. Calculation of the retirement income supplement shall be based on the position and the OTRS calculated average salary of the employee at the time of retirement. For all eligible employees, the retirement income supplement shall be the approximate difference between the monthly amount the retiree actually receives from Oklahoma Teachers’ Retirement System and the monthly amount the retiree would have been entitled to receive from Oklahoma Teachers’ Retirement System if the employee had elected to retire at full retirement age as defined by the Social Security Administration. Since the retirement income supplement shall be based on the employee’s position and OTRS calculated average salary on the date of retirement, any salary increase which the employee might have received if the employee had elected to retire at full retirement age as defined by the Social Security Administration, or any different OTRS calculated salary resulting from inclusion of any time period after actual retirement shall not be considered when figuring the retirement income supplement. All payments under this policy shall commence with the month in which the eligible retiree receives his/her first retirement payment from Oklahoma Teachers’ Retirement System and shall continue on a monthly basis until the end of the month in which the retiree attains full retirement age as defined by the Social Security Administration, at which date the supplemental retirement income payment will terminate. All supplemental retirement payments will terminate in the event of the retiree’s death.
Supplemental Retirement Income. In order to restore certain retirement income benefits which are not available to the Executive under the Retirement Plan for Employees of the Company ("Qualified Plan") by reason of section 401(a)(17), section 415 and section 401(a)(4) of the Internal Revenue Code of 1986, as amended (the "Code"), Parent or the Company shall pay to the Executive supplemental retirement income ("Supplemental Retirement Income") commencing on his retirement date (normal, early, disabled or postponed) as defined in and under the Qualified Plan in an amount equal to the difference between (i) the monthly amount of the retirement income that would be payable to the Executive upon his retirement under the Qualified Plan, assuming that such plan continues in effect through the Executive's retirement date on terms no less favorable to Executive than the terms in effect on the date hereof, if such benefit were calculated under the Qualified Plan without giving effect to the compensation limit under section 401(a)(17) of the Code or to the limitations imposed by the application of section 415 of the Code, and assuming that the benefit described in section 4.01(d) of the Qualified Plan continued to apply on and after January 1, 1989 notwithstanding the provisions of section 401(a)(4) of the Code, expressed as a single life annuity, and (ii) the monthly amount of retirement income payable to the Executive upon his retirement under the Qualified Plan and any similar plan maintained for Executive's benefit by Parent ("Parent's Plan") based on his compensation up to the said compensation limit and based on the limitations imposed by the application of section 415 of the Code, and the limitations imposed by the application of section 401(a)(4) of the Code to section 4.01(d) of the Qualified Plan and the applicable provision of Parent's Plan, expressed as a single life annuity. Such supplemental retirement income shall be paid to the Executive in cash by Parent or the Company, to the extent not so paid by the trustee ("Trustee") of the Trust (defined in paragraph (g) of this Section 3), as an Actuarial Equivalent single lump sum, as soon as practical following the Executive's retirement. "Actuarial Equivalent" shall mean the present value of a life annuity, assuming the retirement age is the Executive's age on his retirement date, which is the date benefits hereunder are calculated; the interest rate is the rate appearing in the table published in The Wall Street Journal entitled "Markets...
Supplemental Retirement Income. The Executive shall be entitled to receive annual supplemental retirement income (the "Supplemental Retirement Income") upon his termination from the employ of the Company or any subsidiary (the "Subsidiary") of which the Company owns 80% or more of the outstanding voting common stock, provided, he remains continuously employed as of the following applicable dates: Vested Attained Date Annual Supplemental Year of Employment Retirement Income After year 1 7/24/1996 -0- 2 7/24/1997 -0- 3 7/24/1998 -0- 4 7/24/1999 -0- 5 7/24/2000 $81,000 6 7/24/2001 92,570 7 7/24/2002 104,140 8 7/24/2003 115,710 9 7/24/2004 127,280 10 7/24/2005 138,850 11 7/24/2006 150,420 12 7/24/2007 162,000 Further, in the event that the Executive terminates employment between any of the applicable required attained dates of employ- ment, the Executive's Supplemental Retirement Income will be interpolated by subtracting the most recent vested amount of Supplemental Retirement Income from the next vested amount of Supplemental Retirement Income, dividing such difference by 12 and multiplying the quotient by the number of completed whole months of employment between the last attained date of employment and the date of termination of employment of the Executive. For example, if the Executive terminates employment with the Company or a Subsidiary on October 15th, 2000, then, the Execu- tive's Supplemental Retirement Income would equal $82,928.32 calculated as follows: Supplemental Retirement Income at 7/24/2001: $92,570 Supplemental Retirement Income at 7/24/2000 = $81,000 ------- Difference 11,570 Divided by 12 = $964.17 Completed months of service from 7/24/2000-10/15/2000 x 2 Additional Supplemental Retirement Income $1,928.34 Vested Supplemental Retirement Income at 7/24/2000 81,000.00 --------- Total Supplemental Retirement Income $82,928.34 ==========
Supplemental Retirement Income. Subject to the terms of this Agreement, if an Executive remains continually employed with the Company until age 65, the Executive shall be entitled to a Supplemental Retirement Income of $100,000 per year for a period of ten (10) years commencing on the first day of the month coinciding with or next following the date the Executive attains age 65; provided, these Supplemental Retirement Income payments shall commence as of such date whether or not the Executive continues to be employed by the Company beyond age 65. Executive’s Supplemental Retirement Income shall be payable on a monthly basis. If the Executive dies during the ten year period of Supplemental Retirement Income payments, the Executive’s Surviving Spouse or other designated beneficiary shall receive the remaining payments over the remainder of the ten year period.
Supplemental Retirement Income. The District agrees to make payments of one-fifth (1/5) the dollar cost to the District for the Golden Handshake Program for the unit member each year for five years directly to an insurance company determined by the unit member and the District. This company then will place the money into an annuity fund. Retirement benefits will be disbursed by the insurance company to the unit member. Unit members who currently have less than full-time contracts shall have this incentive pro-rated. The District assumes no responsibility or liability for taxes or any other consequences of the individual's participation in this retirement plan.
Supplemental Retirement Income. Employer will set aside deferred -------------------------------- compensation for Employee in accordance with the parties' Participation Agreement for the Oglethorpe Power Corporation Executive Supplemental Retirement Plan, executed by the parties contemporaneously herewith.
Supplemental Retirement Income. The Executive will retire as an employee of the Company effective April 30, 1997. Upon his retirement, Devon Energy shall pay to the Executive the annual supplemental retirement income of $180,- 000 (the "Supplemental Retirement Income") provided the Execu- tive remains continuously employed by either Devon Energy or Devon until April 30, 1997. The Supplemental Retirement Income will be paid in equal monthly installments of $15,000 commencing May 1, 1997 and continuing thereafter for the life of the Executive.
Supplemental Retirement Income. Subject to Sections 8 and 18, the Company agrees to pay Key Employee, or, in the event of Key Employee's death, Key Employee's Spouse (or Contingent Annuitant, if applicable) at the time and in the manner set forth below, supplemental retirement income ("Supplemental Retirement Income") equal to (a) minus (b) where
(a) equals the amount of Early, Normal or Deferred Retirement income benefit or deferred vested pension benefit (whichever is appropriate) payable in the form provided under the Retirement Plan (but ignoring any election of the Level Income Option provided under the Retirement Plan) which Key Employee would receive or survivor benefit which his or her Spouse (or Contingent Annuitant, if applicable) would receive under the Retirement Plan beginning on the Benefit Commencement Date (as defined below in Section 6) if the Restrictions as reflected in the Retirement Plan and the Code were not in effect;
(b) equals the Early, Normal or Deferred Retirement benefit, or deferred vested pension benefit (whichever is appropriate) payable in the form provided under the Retirement Plan (but ignoring any election of the Level Income Option provided under the Retirement Plan) which Key Employee actually receives or survivor benefit which his or her Spouse (or Contingent Annuitant, if applicable) actually receives under the Retirement Plan beginning on the Benefit Commencement Date; For purposes of determining benefits under (a) and (b) above, any Qualified Domestic Relations Order ("QDRO") will be taken into account, such that the total benefits payable hereunder will not exceed those which would be payable absent the QDRO. The amount of Supplemental Retirement Income paid under this Agreement prior to January 1, 2004 will be adjusted when and if the amount in (b) above increases or decreases as a result of a change in the Restrictions, including cost of living adjustments to such Restrictions. If the Benefit Commencement Date with respect to the Supplemental Retirement Income occurs prior to January 1, 2004, the Supplemental Retirement Income will be paid as a monthly annuity in accordance with the Plans and the Retirement Plan until January 1, 2004; provided, however, that regardless of the Benefit Commencement Date, any Supplemental Retirement Income benefit paid on or after January 1, 2004 will be paid in cash as a lump sum (the "SRI Lump Sum") as soon as practicable following the first day of the first month immediately following the later of (i) the mont...
Supplemental Retirement Income. The Executive shall ------------------------------ be entitled to the supplemental retirement income benefit described in Section II of this Agreement.
Supplemental Retirement Income. Subject to Sections 8 and 18, the Company agrees to pay Key Employee, or, in the event of Key Employee's death, Key Employee's Spouse, at the time and in the manner set forth below, supplemental retirement income ("Supplemental Retirement Income") equal to (a) minus (b) where
(a) equals the Early, Normal or Deferred Retirement income benefit or deferred vested pension benefit (whichever is appropriate) which Key Employee would receive or survivor benefit to which his spouse would receive under the Retirement Plan beginning on the Benefit Commencement Date (as defined below) if the Restrictions as reflected in the Retirement Plan and the Code were not in effect;
(b) equals the Early, Normal or Deferred Retirement benefit, or deferred vested pension benefit (whichever is appropriate) which Key Employee actually receives or survivor benefit which his Spouse actually receives under the Retirement Plan beginning on the Benefit Commencement Date;
(c) For purposes of determining benefits under (a) and (b) above, any Qualified Domestic Relations Order (QDRO) will be taken into account, such that the benefits payable hereunder will not exceed those which would be payable absent the QDRO.
