Early Retirement Reduction definition

Early Retirement Reduction has the meaning set forth in Section 3.1.
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Examples of Early Retirement Reduction in a sentence

  • For purposes of this provision, the date utilized for the Years of Service Reduction shall be the date of the Executive’s termination, and the age utilized for the Early Retirement Reduction shall be Executive’s Retirement Date.

  • For clarity, when this Agreement states that an Executive is “deemed Vested,” such does not alter the Years of Service Reduction or the Early Retirement Reduction, and is only intended to confirm that the Executive is eligible for the benefit hereunder.

  • This is known as an Early Retirement Reduction Buy Out (ERRBO) agreement.

  • However, due to the Early Retirement Reduction policy, benefits will be reduced by.5% for each month an employee’s age is less than the normal retirement age, or for each month service credit is less than 40 years, whichever yields the greatest monthly benefit.

  • For example:● Reputational Reporting Protocol ( https://mimedefang.org/reputation) – a project to develop a system to collect IP reputation information about SMTPclients.

  • The Executive’s Retirement Benefit under 3.02, 3.03 or 3.04 (as appropriate) determined on the actual date the Executive retires, reduced by the Early Retirement Reduction Factor.

  • Instead of deferring payment of benefit reductions for earnings in excess of the reemployed annuitant limitations, the amounts would be forfeited to the retirement fund.7. Revised Early Retirement Reduction.

  • In other words, your deferred benefit is calculated just like an Early Retirement benefit, but with the Early Retirement Reduction Factor based on your later age.

  • You are given: Provisions of the ABC Refinery Plans The ABC Refinery Pension Plan provisions are as follows: • Normal Retirement Age: Age 65 • Early Retirement Age: Age 60 • Normal Retirement Benefit: 1.75% of final earnings times years of service • Early Retirement Reduction: Actuarially equivalent • Normal Form of Benefit: If married, 50% joint & survivor, without reduction.

  • The amount of reduction that would otherwise apply is reduced if additional contributions to purchase Early Retirement Reduction Buy Out (ERRBO) have been made.

Related to Early Retirement Reduction

  • Early Retirement means retirement, with consent of the Committee at the time of retirement, from active employment with the Company and any Subsidiary or Parent Corporation of the Company.

  • Early Retirement Age means the date that the Executive has attained age 55 and completed seven Years of Service.

  • Early Retirement Date means the Retirement, as defined below, of the Executive on a date which occurs prior to the Executive attaining sixty-two (62) years of age, but after the Executive has attained fifty-five (55) years of age.

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

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Disability retirement for plan 1 members, means the period

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

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

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

  • Normal Retirement Age means the Executive's 65th birthday.

  • Special Retirement means an Optionee’s termination of employment or service with the Employers and Affiliates on or after the later of (i) the Optionee’s attainment of age 62 and (ii) the Optionee’s Early Retirement Date or Normal Retirement Date, as such terms are defined in the Telephone and Data Systems, Inc. Pension Plan.

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

  • Retirement Age means the earlier to occur of:

  • Mandatory Retirement means termination of employment pursuant to the Company’s mandatory retirement policy.

  • 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: Age at Voluntary Termination Number of Years of Advance Notice 58 or younger 59 60 or older 3 years 2 years 1 year 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.

  • 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).

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

  • 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.

  • Social Security Retirement Age means the age used as the retirement age under Section 216(l) of the Social Security Act, applied without regard to the age increase factor and as if the early retirement age under Section 216(l)(2) of such Act were 62.

  • Retirement means Normal or Early Retirement.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Late Retirement Date means the first day of the month coinciding with or next following a Participant's actual Retirement Date after having reached his Normal Retirement Date.

  • 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.

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