Early Pension definition

Early Pension means the type of Pension described in Section 5.2.
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Early Pension means the Pension payable to a Participant whose Retirement occurs on or after his 55th birthday and prior to his Normal Retirement Date by reason other than Disability.
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Examples of Early Pension in a sentence

  • An Actuarial Equivalent Pension Benefit shall not be available with respect to a death benefit or to any Member receiving a disability Pension, Early Pension, or Vested Pension or to any Member participating in DROP, already receiving a Pension, or any Member who retires again after returning to Service.

  • Early Pension shall mean a non-Normal Pension available to a Vested Member whose Separation of Service and commencement of Pension is on or after the Early Retirement Date.

  • A Member must file a request with the Pension Office to initiate his or her Early Pension and such Pension shall be calculated pursuant to those benefits available under the Ordinance and in effect at the time of the Member’s Pension commencement and not the Member’s Separation of Service.

  • Early Pension Commencement Date prior to Age 65This is the first day of the month selected by a Participant to commence their pension prior to their Normal Commencement Date.

  • Traveling Companion - means up to two (2) named person(s) who is/are booked to accompany You on the Trip.

  • No medical examination is required to qualify for a Normal or Early Pension under the Plan.

  • Except as otherwise provided in Section 6.2(b), the Early Pension shall be calculated in the same manner as the Normal Pension, except that benefits from FICA Retirement Allowance are calculated as if the Participant were then sixty-five (65) years of age.

  • The amount of your Vesting Service can also be important in determining whether or not you are eligible for a Normal or Early Pension.

  • No benefits shall be payable under this Plan on account of separation from service, or any events other than those which give rise to a Normal Pension, Early Pension, or Death Benefit as set forth in this Plan.

  • Once you become vested, it does not matter what happens after that time, you will be entitled to receive your pension benefit at your Normal Pension Date (or your Early Pension Date, if eligible).

Related to Early Pension

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • war pension means a war disablement pension, a war widow’s pension or a war widower’s pension;

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

  • Actuarial equivalent means a benefit of equal value when

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

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

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

  • relevant benefit means any benefit specified in paragraph 21(2); and

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

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

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

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

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

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • state pension credit means state pension credit under the State Pension Credit Act 2002;

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

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

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.