Supplemental Retirement Income Benefit. If the Executive has exercised his withdrawal rights, the Administrator may prospectively reduce the schedule provided for in Exhibit A should the Administrator determine, during any review, that such reduction is warranted in order to provide the benefit calculated pursuant to Subsection 1.26. Furthermore, should the Administrator determine that the balance of the Accrued Benefit Account be excessive for any reason, at the time benefits are payable from the Accrued Benefit Account (and Retirement Income Trust Fund) any excess balance shall be eliminated and inure to the Bank’s benefit.
Supplemental Retirement Income Benefit. AND DISABILITY BENEFIT ----------------------
Supplemental Retirement Income Benefit. The annual Supplemental Retirement Income Benefit Contributions (or Supplemental Retirement Income Benefit Phantom Contributions) required to be made by the Bank to the Retirement Income Trust Fund of the Xxxx X. Xxxxxxxxx Grantor Trust (or recorded by the Bank in the Accrued Benefit Account) have been actuarially determined and are set forth in Exhibit A which is attached hereto and incorporated herein by reference. The amount of the annual Supplemental Retirement Income Benefit Contributions (or Supplemental Retirement Income Benefit Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) has been based on the annual incremental accounting accruals which would be required of the Bank until the earlier of the Executive’s death or Benefit Age, (i) pursuant to APB Opinion No. 12, as amended by FAS 106 and (ii) assuming a discount rate equal to Six Percent (6%) per annum, in order to provide the unfunded, non-qualified Supplemental Retirement Income Benefit described in Subsection 1.26. Supplemental Retirement Income Benefit Contributions shall be made by the Bank to the Retirement Income Trust Fund (i) within thirty (30) days of establishment of such trust, and (ii) within the first five (5) days of the beginning of each subsequent Plan Year, unless this Section expressly provides otherwise. Supplemental Retirement Income Benefit Phantom Contributions, if any, shall be recorded in the Accrued Benefit Account within the first five (5) days of the beginning of each applicable Plan Year, unless this Section expressly provides otherwise. Supplemental Retirement Income Benefit Phantom Contributions shall accrue interest at a rate equal to the Interest Factor, during the Payout Period, until the balance of the Accrued Benefit Account has been fully distributed. Interest on any Supplemental Retirement Income Benefit Phantom Contribution shall not commence until such Payout Period commences.
Supplemental Retirement Income Benefit. (a) Upon the occurrence of an Event of Eligibility because of (1) Normal Retirement or (2) Pre-Retirement Disability followed by Employee attaining the age of sixty-five (65) years prior to death, Bank shall pay an annual supplemental retirement income of Fifty Thousand Dollars ($50,000). (b) Such annual supplemental retirement income shall be paid to Employee or his designated beneficiary for a period of fifteen (15) years in one-hundred and eighty (180) equal monthly payments with the first payment to commence on Employee's Normal Retirement Date and shall continue to be paid to Employee or his designated beneficiary on the first day of each consecutive month thereafter for the succeeding one-hundred and seventy-nine (179) months. Section 2.03.
Supplemental Retirement Income Benefit for accruals begun under the December 1997 Restated and Amended Executive Supplemental Retirement Income Master Agreement means an actuarially determined annual amount equal to Twenty-One Thousand One Hundred and Ninety-Two Dollars ($21,192) at age 60 if paid entirely from the Accrued Benefit Account or Fourteen Thousand Nine Hundred and Sixty-Two Dollars ($14,962) at age 60 if paid from the Retirement Income Trust Fund. Supplemental Retirement Income Benefit for accruals begun under the April 2002 Second Executive Supplemental Retirement Income Master Agreement an actuarially determined annual amount equal to One-Hundred-Six Thousand Eight Hundred and Ninety-Six Dollars ($106,896) at age 65 if paid entirely from the Accrued Benefit Account or Seventy-Five Thousand Four Hundred and Sixty-Nine Dollars ($75,469) at age 65 if paid from the Retirement Income Trust Fund. Exhibit A The Supplemental Retirement Income Benefit: ! the definition of Supplemental Retirement Income Benefit has been incorporated into the Agreement for the sole purpose of actuarially establishing the amount of annual Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account). The amount of any actual retirement, pre-retirement or disability benefit payable pursuant to the Agreement will be a function of (i) the amount and timing of Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) and (ii) the actual investment experience of such Contributions (or the monthly compounding rate of Phantom Contributions).
Supplemental Retirement Income Benefit
