Termination Before Retirement Sample Clauses

Termination Before Retirement. If the Employer has elected a Separation from Service override in accordance with Section 6.01d of the Adoption Agreement, the following provisions apply. Subject to the provisions in Section 9.6, a Participant who experiences a Separation from Service before Retirement for any reason other than death shall receive the vested amount credited to his Account in a single lump sum payment as soon as practicable following such termination or cessation of service regardless of whether the Participant had made different elections of time or form of payment as to the vested amounts credited to his Account or whether the Participant was receiving installment payouts at the time of such termination.
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Termination Before Retirement. If the Plan Sponsor has elected a Separation from Service override in accordance with Section 6.01(d) of the Adoption Agreement, the following provisions apply. A Participant who experiences a Separation from Service before Retirement for any reason other than death shall receive the vested amount credited to his Account at the time specified in Section 6.01(a) of the Adoption Agreement in a single lump sum payment following such termination or cessation of service regardless of whether the Participant had made different elections of time or form of payment as to the vested amounts credited to his Account or whether the Participant was receiving installment payouts at the time of such termination.
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Termination Before Retirement. 7 6.3 Additional Sick Leave.............................................................................. 7 6.4 Medical Certificate................................................................................... 7 6.5 Worker's Compensation Board ................................................................ 7
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Termination Before Retirement. An employee leaving the employment of the Board after ten (10) years of service and before retirement shall be entitled to receive a cash payment for fifty percent (50%) of any unused Sick Leave to the employee's credit, to a maximum of fifteen (15) working days.
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Termination Before Retirement. Upon termination of employment of the employees, the accumulated value of their accounts will remain in the Plan to provide for pension benefits at retirement. If employees participate in another Uniform Pension Plan at some future date, the accumulated value of their accounts may be transferred to the new pension carrier. Employees may elect to take up to twenty-five (25%) percent of the value of their required contributions made prior to January 1, 1987, and all of their voluntary contributions in cash. The remainder of the value of their required contributions and voluntary contributions, if any, together with the value of your contributions made on their behalf will be left in the Plan to be applied to provide a pension at retirement. Employees also have the option of transferring the accumulated value of all their Accounts to another Registered Pension Plan or to a Registered Retirement Savings Plan. Terminated employees can receive their pension on their normal retirement date but may, with the Foundation's consent, elect an Early or Postponed Retirement.
Sample 1

Related to Termination Before Retirement

  • Pre-Retirement Death Benefits Should the Executive die while --------- ----------------------------- in the service of the Bank and prior to the occurrence of his 55th birthday, the Bank will pay $2,070 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Executive. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any payments remaining unpaid at the Executive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Executive's estate.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Disability; Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Termination Due to Retirement Subject to Section 7 below, in the event of Termination due to Retirement, then (regardless of any subsequent death of the Employee) the Option will continue to vest pursuant to Section 3, and the last date on which the Option may be exercised is the day prior to the Expiration Date.

  • 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.

  • Early Retirement Age Early Retirement Age is the later of: (i) the date a Participant attains age ; (ii) the date a Participant reaches the anniversary of the first day of the Plan Year in which the Participant commenced participation in the Plan; or (iii) the date a Participant completes Years of Service. [Note: The Employer should leave blank any of clauses (i), (ii) and (iii) which are not applicable.] If (f)(iii) is selected, “Years of Service” under this Election 34(f)(iii) means (Choose (1) or (2).):

  • Death After Separation from Service But Before Benefit Distributions Commence If the Executive is entitled to benefit distributions under this Agreement, but dies prior to the commencement of said benefit distributions, the Bank shall distribute to the Beneficiary the same benefits that the Executive was entitled to prior to death except that the benefit distributions shall commence within thirty (30) days following receipt by the Bank of the Executive’s death certificate.

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