Vested Pension Sample Clauses

Vested Pension. An employee who has completed two years of service with the Company on or after January 1, 1987 acquires a Vested Interest of 100% in the pension plan. Before January 1, 1987 Minimum Vesting of 5% occurs after six years of recognized service, progressing at the rate of 5% for each additional year of recognized service when the employee acquires 50% vesting. Vesting then continues at a rate of 10% per year until the 20th year of recognized service when full vesting takes place. Where applicable Provincial Government Pension legislation is in excess of the Company rules governing vesting, the Government legislation will prevail. Where the vested monthly pension payable at age 65 is less than $25.00 per month, the employee will usually receive a lump sum settlement, calculated on an actuarially equivalent basis, payable twelve months after the date of termination. Vested interest is finalized twelve months after termination of employment. In the event the employee returns to regular employment with the Company within his twelve month period, vesting is cancelled but he is reinstated in the Plan with accumulated pension credits. It is the responsibility of the individual to apply for the vested pension benefit on reaching Normal Retirement Age.
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Vested Pension. (a) If a Member’s Continuous Service is broken pursuant to Section 3.3 after the attainment of five (5) years of Continuous Service in the aggregate under this Plan and, for periods prior to October 8, 1990, under the Predecessor Plan, he shall have a fully vested interest in all benefits accrued to the date of his termination and shall be eligible to receive at his Normal Retirement Date, if then surviving, an amount of pension, as described in Article V, based upon his Credited Service to the date of his termination. Such Member may elect to receive a pension allowance prior to his Normal Retirement Date as provided in Section 4.2 or as provided in Section 5.3. (b) In determining whether a Member has completed five (5) years of Continuous Service, for this purpose his years of Continuous Service before any Break In Service shall be disregarded if he had not then completed five (5) years of Continuous Service and if the number of consecutive Plan Years in which such Member incurred a Break In Service equals or exceeds the greater of five (5) or the aggregate number of the Member’s years of Continuous Service prior to such Break In Service (excluding any year of Continuous Service previously disregarded under this Section 4.3).
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Vested Pension. COLLECTIVE AGREEMENT
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Vested Pension. Each Member who terminates employment with the Company and qualifies for a Vested Pension shall be entitled to receive a monthly amount in the applicable form described in Section 5.4 equal to: (a) The amount of the Normal Pension specified in Section 5.1 if payment commences on his Normal Retirement Date; or (b) The amount set forth in subsection (a) above commencing at a date earlier than the Member’s attainment of sixty-five (65) years of age (but not earlier than fifty-five (55) years of age), provided he has met the requirements of Section 4.2(b) prior to his termination of employment with such amount reduced in accordance with Actuarial Equivalent principles.
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Vested Pension. Each Member who terminates employment with the Company and qualifies for a Vested Pension shall be entitled to receive a monthly amount in the applicable form described in Section 5.4 equal to: (a) The amount of the Normal Pension specified in Section 5.1 if payment commences on his Normal Retirement Date; (b) A reduced amount that is the Actuarial Equivalent of the amount set forth in subsection (a) above commencing at a date earlier than the Member’s attainment of sixty-five (65) years of age (but not earlier than fifty-five (55) years of age), provided he has met the requirements of Section 4.2(b) prior to his termination of employment; or (c) Effective on and after November 1, 2013, a reduced amount that is the Actuarial Equivalent of the amount set forth in subsection (a) above commencing at a date earlier than the Member’s attainment of sixty-five (65) years of age regardless of whether he has met the requirements of Section 4.2(b), provided that the Member may not elect to commence payment of his Vested Pension under this Section 5.3(c) unless (i) the Actuarial Equivalent present value of the amount set forth in subsection (a) above is $100,000 or less (determined as of the first day of the month following his termination of employment) and (ii) the Member’s Vested Pension commences on or before the first day of the month immediately following the month that includes the six-month anniversary of his termination of employment.
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Vested Pension. Each Member who terminates employment with the Company and qualifies for a Vested Pension shall be entitled to receive a monthly amount in the applicable form described in Section
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Vested Pension 
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Related to Vested Pension

  • 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

  • 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.

  • 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.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Pre-Retirement Death Benefit (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).

  • Regular Benefits The Executive shall also be entitled to participate in any and all employee benefit plans, medical insurance plans, life insurance plans, disability income plans, retirement plans, bonus incentive plans and other benefit plans from time to time in effect for senior executives of the Employer. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Employer and (iii) the discretion of the Board of Directors of the Employer or any administrative or other committee provided for in or contemplated by such plan.

  • Lump Sum The Change Order cost is determined by mutual agreement as a lump sum amount changing the Contract Sum allowed for completion of the Work. The Change Order shall be substantiated by documentation itemizing the estimated quantities and costs of all labor, materials and equipment required as well as any xxxx-up used. The price change shall include the cost percent allowed for the Contractor's overhead and profit and, if eligible, Time Dependent Overhead Costs.

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