Benefit Age definition

Benefit Age means the later of: (i) the Director's sixty-fifth (65th) birthday or (ii) the actual date the Director's full-time service with the Bank terminates.

Benefit Age means the Executive's sixty-fifth (65th) birthday.

Benefit Age shall be the birthday on which the Executive becomes eligible to receive benefits under the Plan. Such birthday shall be designated in the Executive's Joinder Agreement.

Examples of Benefit Age in a sentence

• If the Minimum Benefit Age has not been attained, payments will begin on the Rider Anniversary following the attainment of the Minimum Benefit Age.

• The balance of the Retirement Income Trust Fund, measured as of the Executive's Benefit Age, shall be paid to the Executive in a lump sum on his Benefit Eligibility Date.

• The Retirement Income Trust Fund, measured as of the Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period.

• In the event the Executive dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(1) within thirty (30) days of the date the Administrator receives notice of the Executive's death.

• If the Annuitant has not yet attained the Minimum Benefit Age on the Rider Date, the Withdrawal Percentage will be zero until the Rider Anniversary following the Annuitant’s birthday in which they attain the Minimum Benefit Age.

More Definitions of Benefit Age

Benefit Age shall be the birthday on which the Director becomes eligible to receive the Retirement Benefit under the Plan. Such birthday shall be designated in the Director's Joinder Agreement.

Benefit Age means the later of: (i) the Executive's sixty-fifth (65th) birthday or (ii) the actual date the Executive's full-time service with the Bank terminates. Notwithstanding the above, if the Executive is employed by the Bank on his Early Retirement Age and elects to retire on or after the attainment of his Early Retirement Age but before Normal Retirement Age, "Benefit Age" shall mean the later of: (i) the Executive's sixtieth (60th) birthday or (ii) the actual date of the Executive's retirement.

Benefit Age means the later of: (i) the Executive's sixtieth (60th) birthday or (ii) the actual date of the Executive's retirement.

Benefit Age shall be the birthday on which the Executive becomes eligible to receive the maximum Supplemental Retirement Income Benefit under the Plan.

Benefit Age means the Executive’s sixty-fifth (65th) birthday provided, however, that another date may be chosen upon mutual agreement between the Executive and the Bank’s Board of Directors.

Benefit Age means the date set forth in each Executive’s Participation Agreement

Benefit Age shall be the later of (i) the date of termination of employment with the Bank, or (ii) age 55. My monthly “Supplemental Retirement Income Benefit” as granted by the Administrator under this Joinder Agreement #2 shall be $2,750.00. The “Payout Period” shall be 180 months. In general, I understand that my receipt (or my Beneficiary’s receipt) of the Supplemental Retirement Income Benefit (or Survivor’s Benefit) under this Joinder Agreement #2 shall be subject to all provisions of the Master Agreement including Sections 2.1, 2.3, 2.4 and 2.6. I understand that I must complete three (3) years of service with the Bank after becoming covered by this Joinder Agreement #2 in order to become 100% vested in the Supplemental Retirement Income Benefit described and provided herein. However, I further understand that I will vest at the rate of 33 1/3% in the Supplemental Retirement Income Benefit described and provided herein for each year of service with the Bank after this Joinder Agreement #2 becomes effective, and I will nevertheless be 100% vested in my Supplemental Retirement Income Benefit under this Joinder Agreement #2 if I should die or become disabled while employed by the Bank. I hereby designate the following individuals as my “Beneficiary” of the benefits provided under this Joinder Agreement #2 and I am aware that I can subsequently change such designation by submitting to the Administrator, at any subsequent time, and in substantially the form attached hereto as Exhibit A, a written designation of the primary and secondary Beneficiaries to whom payment shall be made in the event of my death prior to complete distribution of the benefits under this Joinder Agreement #2. I understand that any Beneficiary designation made subsequent to execution of this Joinder Agreement #2 shall become effective only when receipt thereof is acknowledged in writing by the Administrator.