Deferred Vested Retirement Pension definition

Deferred Vested Retirement Pension means a Pension earned by a Terminated Participant who was under the age of 55 at the time of his Termination but who had completed at least seven and one-half (7 ½) years of Credited Service prior to his Termination.
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Examples of Deferred Vested Retirement Pension in a sentence

  • As used in this paragraph (a), “Automatic Option” means for a Participant who is married on his Annuity Starting Date an annuity for the life of a Participant and a 50% survivor annuity for the life of his Spouse which, together, equal the Actuarial Equivalent of the Participant’s Normal Retirement Pension, Early Retirement Pension, Late Retirement Pension, Disability Retirement Pension or Deferred Vested Retirement Pension, whichever is applicable.

  • Effective October 1, 2004, any Participant who is eligible to receive a Deferred Vested Retirement Pension which has a single sum present value that does not exceed $50,000 as of October 1, 2004, shall be permitted to elect to receive his Deferred Vested Retirement Pension in the form of an immediate lump sum distribution in complete satisfaction of the Plan’s obligations under Article V of the Plan.

  • If you are Vested and you cease to be an Active Participant for reasons other than Normal Retirement, Disability Retirement, Early Retirement or death, you will be entitled to a Deferred Vested Retirement Pension once your reach your Normal Retirement Date.

  • If the single sum present value of the Participant’s Deferred Vested Retirement Pension determined as of the Participant’s date of termination is not more than $1,000, the Committee shall pay such single sum present value to the Participant in a lump sum in lieu of any other benefit payable hereunder, unless the Participant elects to have such amount paid directly to an eligible retirement plan in the form of a direct rollover.

  • Because the supplemental briefs aid in the just resolution of all the remaining issues before the Court, Plaintiff’s motion to strike both supplemental briefs is denied.Four types of pensions under the 96 Plan are relevant to the class definition controversy here: (1) the Normal Retirement Pension (“NRP”), (2) the Late Retirement Pension (“LRP”), (3) the Early Retirement Pension (“ERP”), and (4) the Deferred Vested Retirement Pension (“DVP”).

  • Furthermore, notwithstanding the provisions of 4.4, if the Present Value of Accrued Benefit of a Terminated Participant who is entitled to a Deferred Vested Retirement Pension is less than $20,000 at the time of Termination, the Board shall pay to him the Present Value of his Accrued Benefit in one lump sum, without his consent.

  • Notwithstanding the foregoing, effective as of September 30, 2010, such Deferred Vested Retirement Pension will be determined in the same manner as under Section 5.3 based on the date on which payment of such benefit commences, except the benefit will be reduced by (i) one-quarter of one percent (0.25%) per month for each month by which such commencement date precedes age 62 but not age 55.

  • The reduction for partial years shall be a straight line interpolation.In lieu of a deferred pension, an eligible Participant may elect a lump sum which is the Actuarial Equivalent of the Participant’s Deferred Vested Retirement Pension payable as a defined annuity commencing at Age 65.

  • Deferred Vested Retirement Pension A Participant who ceases to be an Employee for any reason after September 14, 1975 and before his Early or Normal Retirement Date or his death, and has completed at least five but less than ten Years of Vesting Service, is eligible to apply for and receive a monthly deferred vested retirement pension for life beginning on the first day of any month following his Normal Retirement Date, based on his Accrued Benefit as of the date he ceased to be an Employee.

  • A request for commencement of a Deferred Vested Retirement Pension must be received by the Board at least thirty (30) days before the first Pension payment is due.

Related to Deferred Vested Retirement Pension

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Postponed Retirement Date means the first day of the month coincident with or next following a Participant’s date of actual retirement which occurs after his Normal Retirement Date.

  • Qualified Retirement means any termination of your employment with the Company Group that occurs on or after your 60th birthday, at a time when no member of the Company Group is entitled to discharge you for Cause, so long as you have served the Company Group continuously for at least the five-year period immediately preceding that termination.

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Accrued Benefit have the meanings specified in ERISA.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Termination Benefit means the benefit set forth in Article 7.

  • Disability retirement for plan 1 members, means the period

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Earliest Retirement Age means the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Severance from Service Date means the earlier of:

  • war disablement pension means any retired pay or pension or allowance payable in respect of disablement under an instrument specified in section 639(2) of the Income Tax (Earnings and Pensions) Act 2003;

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.

  • SERP Benefit means the benefit described in Section 5.1.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.