Unreduced Early Pension Sample Clauses

Unreduced Early Pension. If such Employee shall either (i) have attained 62 years of age or (ii) have completed at least 30 years of credited service he shall be entitled to receive an immediate monthly pension, the amount of which will be equal to (a) $58.00 (effective for retirements occurring after August 8, 2013) multiplied by the Employee's years of credited service reduced by (b) the immediate annuity equivalent of the Employee's Additional Employer Contributions Account under the Savings Plan as of the date his pension commences hereunder. For purposes of this calculation, the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee's pension commences hereunder shall mean the actual amount in such Account as of such date plus any amount withdrawn from such Account prior to such date for any reason (including a hardship withdrawal pursuant to Section 6.7 of the Savings Plan, a withdrawal from such Account pursuant to a qualified domestic relations order or a deemed withdrawal upon default of a loan from such Account to the Employee) with interest imputed on any withdrawn amount from the date of any such withdrawal through the date the Employee's pension commences hereunder at the rate of 7.75% per annum compounded monthly. The immediate annuity equivalent of the Employee's Additional Employer Contributions Account under the Savings Plan shall be the amount in such Account as of the date the Employee's pension commences hereunder (determined as described in the preceding sentence) converted to an annuity payable as a single life and five year certain annuity to the Employee commencing as of the date the Employee's pension commences hereunder using an interest rate of 7.75% and the 1983 Group Annuity Mortality Table, Male. In no event will this reduction exceed $7 multiplied by the Employee's years of credited service.
Sample 1
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Related to Unreduced Early Pension

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • Lump Sum Payments The retiring allowance shall be paid in annual instalments, to a maximum of three

  • Change of Control Benefit Upon a Change of Control, the Company shall pay to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Agreement.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • 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.

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