Supplemental Retirement Plan. During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.
Supplemental Retirement Plan. During the Employment Term (and thereafter to the extent expressly provided herein), the Executive shall be entitled to participate in the NTELOS Inc. Executive Supplemental Retirement Plan according to the terms thereof, and the Executive’s designation as a participant in such plan shall not be revoked or rescinded prior to the termination of the Executive’s employment with the Company.
Supplemental Retirement Plan. The term “Supplemental Retirement Plan” means all of the following plans collectively, but only those in which the Executive is participating prior to the Termination Date: the KeyCorp Second Supplemental Retirement Plan, the KeyCorp Excess Cash Balance Pension Plan and the KeyCorp Second Excess Cash Balance Plan, or the KeyCorp Second Executive Supplemental Pension Plan in which the Executive participates, as each as from time to time may be amended, restated, or otherwise modified, and any plan that, after the date of this Agreement, succeeds, replaces, or is substituted for any of such Plans.
Supplemental Retirement Plan. The Company shall use its reasonable best efforts to develop and adopt a supplemental retirement plan for the benefit of the Executive, which may include such other senior executive officers of the Company as the Board determines is appropriate, and which may provide for benefit accruals retroactive to the Effective Date of this Agreement. The benefits, terms, and conditions of such plan shall be in the sole discretion of the Company.
Supplemental Retirement Plan. Vesting: 100% vesting upon completion of ten (10) years service Formula: 15% of final average compensation. Early Retirement Benefits available at Age 55 with ten (10) years service, actuarially reduced by years and months early EXECUTIVE EXCESS RETIREMENT PLAN If designated as a participant by the Board of Directors. Purpose of the plan is to reimburse participants for benefits not payable under the Pension Plan and ESOP because of limitations in the Internal Revenue Code and the Pension Plan. Benefits paid upon attainment of age 75 or upon retirement, if earlier. Benefit is unfunded. EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) Plan Year - September 1 to August 31 Eligibility - 1st of month following one year of service Compensation - Total salary, excluding severance pay, moving expenses and non-cash contribution Stock Allocation - Each year the Trustees divide the available shares of stock among eligible participants, based on each participant's compensation. These allocated shares are held in the participant's ESOP account. Must be on payroll last pay period of each plan year to receive allocation.
Supplemental Retirement Plan. The term “Supplemental Retirement Plan” means the KeyCorp Second Supplemental Retirement Plan, which succeeds by reason of merger the KeyCorp Supplemental Retirement Plan and the Amended and Restated Society Corporation Supplemental Retirement Plan, in all cases, as the same may be from time to time amended, restated, or otherwise modified, including any plan that, after the Effective Date, succeeds, replaces, or is substituted for the KeyCorp Second Supplemental Retirement Plan.
Supplemental Retirement Plan. Continued eligibility to participate in Jevic Transportation's non-qualified supplemental retirement arrangements through Fidelity Investments.
Supplemental Retirement Plan. Executive shall be entitled to participate in the nonqualified supplemental retirement plan established by the United Business Bank Amended and Restated Executive Supplemental Compensation Agreement between Executive and the Bank effective as of February _, 2018 (the “SERP”) according to the terms of such plan.
Supplemental Retirement Plan. Effective April 1, 1992, Xxxxxx adopted a supplemental pension plan, which provides supplemental retirement payments to senior executives of Xxxxxx. The amounts of such payments equals the difference 49 XXXXXX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) NOTE 14. BENEFIT PLANS -- (CONTINUED) between the amounts received under the applicable pension plan, and the amounts that would otherwise be received if pension plan payments were not reduced as the result of the limitations upon compensation and benefits imposed by federal law. Effective December 1994, the supplemental pension plan was frozen. For 1994, the actuarial present value of the projected benefit obligation was based on weighted-average annual increase in salary levels of 2.1%. For fiscal 1996, 1995 and 1994 the discount rate was 7.5%. Net pension expense for fiscal 1996, 1995 and 1994 included the following components: 1996 1995 1994 (IN THOUSANDS) Service cost -- benefits earned during the year................. $-- $-- $ 68 Interest cost on projected benefit obligations.................. 67 67 72 Amortization of prior service cost.............................. -- -- 487 Net pension expense........................................... $67=== $67=== $627==== No contributions to the plan have been required since the plan is unfunded. The plan's funded status and amounts recognized in the Company's balance sheet at September 30, 1996 and 1995 are presented below: 1996 1995 (IN THOUSANDS) Fair value of plan assets........................................... $ -- $ -- Actuarial present value of benefit obligations: Vested benefits................................................... 943 950 Nonvested benefits................................................ -- -- Accumulated benefit obligation.................................... Additional benefits based on projected salary increases........... 943 -- 950 -- Projected benefit obligation...................................... 943 950 Excess of projected benefit obligations over plan assets............ (943) (950) Unrecognized net loss............................................... -- -- Unrecognized prior service costs.................................... -- -- Additional minimum liability........................................ -- -- Unfunded accrued liability.......................................... $(943)===== $(950)===== Qualified Defined Contribution Plan The Company sponsors a defined contribution plan, the Xxxxxx Profit Shari...
Supplemental Retirement Plan. For each payroll period beginning July 1, 2020, and for each year thereafter during the term of this Contract, the District shall add to the Salary of the Superintendent the amount of $625.00 per payroll (“Additional Salary”), not to exceed $1,250 per month. In the event the Superintendent executes a salary deferral agreement in accordance with the requirements of Sections 403(b) and/or 457(b) of the Internal Revenue Code (the "Code") in at least the amount of the Additional Salary, the Additional Salary shall be paid as a salary deferral contribution (“Salary Deferral Contribution”). Under and pursuant to applicable Internal Revenue Service rules the Superintendent shall have the option to elect to receive the Additional Salary in cash rather than as a Salary Deferral Contribution. All such Salary Deferral Contributions contemplated herein shall be paid to a plan established by the District under Section 403(b) and/or Section 457(b) of the Code. Such plans shall include investments as allowed under Sections 403(b), 403(b)(7) and/or 457(b) of the Code, respectively, and the investments for the Superintendent’s accounts shall be solely at his discretion. The Superintendent shall at all times be 100% vested in his account under the 403(b) and/or 457(b) plan. The Salary Deferral Contributions contemplated herein shall be treated as salary deferrals under the Code and shall be reported as "creditable compensation" by the District for purposes of the Teacher Retirement System of Texas. No payments under this Section shall be made after the Superintendent’s employment terminates.
