Vested Retirement Benefit Sample Clauses

Vested Retirement Benefit. (a) The Executive shall be entitled to receive a Vested Retirement Benefit if the Executive’s employment with the Company and its Affiliates terminates for reason other than the Executive having become disabled, and such termination occurs prior to the Executive having completed fifteen (15) years of Service. (b) The Vested Retirement Benefit shall commence on the later of (i) the first day of the seventh (7th) full month following the Executive’s Termination Date or (ii) the Executive’s attainment of the age of sixty-two (62) years, and shall be paid in five (5) substantially equal annual installments, the last four (4) annual installment payments to be made on the successive anniversary dates of the original installment payment. (c) The Vested Retirement Benefit payable shall be calculated as follows: (1) Determine the monthly amount under Paragraph 2(c)(1); (2) Subtract $30,678; (3) Multiply the result by a fraction, the numerator of which shall equal the number of the Executive’s completed years of Service at the Termination Date or fifteen (15), whichever is less, and the denominator of which shall be fifteen (15); and (4) Determine the single sum amount that is the Actuarial Equivalent of the Executive’s benefit resulting from the calculations above.
Sample 1
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Vested Retirement Benefit. 5.1 If the Employee terminates his employment with the Company, or any of its subsidiaries which are adopting employers of the Qualified Plan, prior to attaining his Early Retirement or Normal Retirement Dates, the Company shall pay a pension to the Employee for the remainder of the life of the Employee which pension shall, at the option of the Employee, commence either on the Employee's Normal Retirement Date or on the first day of any calendar month between the Employee's Early Retirement Date or Normal Retirement Date. 5.2 The amount of the pension payable to the Employee under this Section 5 shall be equal to: (a) an amount equal to the Vested Pension to which the Employee would be entitled under the terms of the Qualified Plan at the time such pension commences if such pension was calculated using the Employee's Benefit Service; less (b) the amount of the Vested Pension actually payable to the Employee under the terms of the Qualified Plan as of the date such pension commences.
Sample 1
Vested Retirement Benefit. The Vested Retirement Benefit shall be calculated as follows:
Sample 1
Vested Retirement Benefit. The Executive's retirement benefit set forth in Section 2.01 hereof shall vest in the following increments as the Executive attains the ages set forth below, provided that the Executive is employed by the Corporation and/or the Bank on the date of attaining such age: (a) Upon the attainment by the Executive of age thirty-nine, thirty percent of his Final Base Salary shall vest; (b) For each year commencing with age forty and continuing through age fifty-five, on the birth date of the Executive in each such year, an additional 2% of the Final Base Salary shall vest, e.g. upon attainment by the Executive of age fifty-five, sixty percent of his Final Base Salary shall vest; and (c) For each year commencing with age fifty-six and continuing through age sixty-two, on the birth date of the Executive in each such year, an additional 1.4% of the Final Base Salary shall vest, until the Executive attains the age of sixty-two, at which time the Maximum Vested Retirement Benefit shall vest. The vested amount of retirement benefit provided for in this Section 2.02, measured upon any particular date, shall be referred to herein as the "Vested Retirement Benefit."
Sample 1
Vested Retirement Benefit. Executive has a vested right to a Retirement Benefit under this Agreement as of the date hereof.
Sample 1
Vested Retirement Benefit. Executive has a vested right to a Retirement Benefit under this Agreement and shall be entitled to receive such Retirement
Sample 1
Vested Retirement Benefit. (a) Officer shall be entitled to receive a Vested Retirement Benefit if Officer’s employment with G-P and its Affiliates terminates for any reason other than Normal Retirement, Early Retirement, Disability Retirement or death after Officer has completed at least three (3) years of Service. (b) The Vested Retirement Benefit shall commence on the first day of the month following the Officer’s Termination Date or the Officer’s attainment of the age of sixty-two (62) years, whichever last occurs. Such payments shall be paid in the Normal Form unless an alternative form of payment is selected in accordance with Paragraph 8. (c) The monthly Vested Retirement Benefit payable in the Normal Form shall be calculated as follows: (1) Determine the monthly amount under Paragraph 2(c)(1); (2) Subtract the Annuity Equivalent of any Company-provided Benefits payable to or on behalf of Officer under the G-P Retirement Plans; (3) Multiply the result by a fraction, the numerator of which shall equal the number of Officer’s completed years of Service at the Termination Date or fifteen (15), whichever is less, and the denominator of which shall be fifteen (l5).
Sample 1
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Related to Vested Retirement Benefit

  • 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.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • 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.

  • 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.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • 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).

  • 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

  • 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.

  • 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.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

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