Executive Retirement Plans definition
Examples of Executive Retirement Plans in a sentence
The "Executive Retirement Plans" are the Pension Plan, the Supplemental Executive Retirement Plan, and the Cinergy Corp.
For purposes of determining benefits under the Executive Retirement Plans, the definition of earnings will be the same as defined in such plans.
If, however, the Executive's employment is terminated following a Change in Control, for any reason other than Cause, the Executive will be entitled to a supplemental retirement benefit equal to the difference between (1) his total benefit under all Executive Retirement Plans, and (2) 60% of the Executive's Highest Average Earnings.
If the Executive retires after reaching age 50, the Executive will be entitled and fully vested in a supplemental retirement benefit equal to the difference between (1) his total benefit under all Executive Retirement Plans, and (2) 60% of the Executive's Highest Average Earnings times a fraction, the numerator of which is the Executive's Years of Participation and the denominator of which is 35.
As to Transferred Accounts, the Leap Executive Retirement Plans shall assume and be solely responsible for all Liabilities to or relating to the Leap Individual under the respective QUALCOMM Executive Retirement Plans other than Liabilities arising before the transfer of the accounts under these plans relating to breach of the trust or plan or failure of QUALCOMM to comply with applicable laws, regulations or agreements.
Immediately after the Distribution Date or prior to that time, Leap shall establish, or cause to be established, a trust or separate trusts for the deposit of assets forming part of the Leap Executive Retirement Plans.
If the Executive retires from Cinergy after reaching age 55, the Executive will be entitled and fully vested in a supplemental retirement benefit in an amount which, when expressed as an annual amount payable during the life of the Executive, shall equal the excess of (1) 60% of the Executive’s Highest Average Earnings over (2) his total aggregate annual benefit, payable in the form of a single life annuity to the Executive, under all Executive Retirement Plans.
If the Executive retires after reaching age 55, the Executive will be entitled and fully vested in a supplemental retirement benefit equal to the difference between (1) his total benefit under all Executive Retirement Plans, and (2) 60% of the Executive's Highest Average Earnings.
If the Executive retires from Cinergy after reaching age 62, the Executive will be entitled and fully vested in a supplemental retirement benefit in an amount which, when expressed as an annual amount payable during the life of the Executive, shall equal the excess of (1) 60% of the Executive’s Highest Average Earnings over (2) his total aggregate annual benefit, payable in the form of a single life annuity to the Executive, under Section 3b(i) hereof and under all Executive Retirement Plans.
All general ledger entries and required tax withholdings have been made in connection with the Supplemental Executive Retirement Plans set forth in Company Disclosure Schedule 5.11(g).