Late Retirement Benefit definition

Late Retirement Benefit means the Accrued Benefit that may be paid to a Participant subsequent to his Normal Retirement Date as described in Section 5.2.3.

Late Retirement Benefit. Means an amount equal to a Participant’s Annual Plan Benefit, as actuarially adjusted using the Late Retirement Factors set forth in Exhibit A hereto based on the number of complete months elapsed between a Participant’s 65th birthday and the date as of which benefits commence under the Plan.

Late Retirement Benefit means the monthly benefit described in Section 4.2.

Examples of Late Retirement Benefit in a sentence

• The Late Retirement Benefit shall begin on the first day of the month following the Participant’s termination of employment or, if earlier, the Participant’s Required Beginning Date.

• A Participant whose employment terminates after the Participant's Normal Retirement Date is eligible for a Late Retirement Benefit.

• A Participant whose employment terminates after the Participant’s Normal Retirement Date is eligible for a Late Retirement Benefit.

• Subject to all of the terms and conditions hereof, Employer agrees to pay to Employee, and Employee shall be entitled to receive from Employer, his or her Early Retirement Benefit, Normal Retirement Benefit or Late Retirement Benefit, as applicable, upon the later of Employee’s (i) Separation from Service, provided Employee is at least age 55 at the time of such Separation from Service, or (ii) attainment of age sixty (60).

• The Late Retirement Benefit shall begin on the first day of the month following the Participant's termination of employment or, if earlier, the Participant's Required Beginning Date.

More Definitions of Late Retirement Benefit

Late Retirement Benefit. A Member’s annual amount of Late Retirement Benefit commencing on his Late Retirement Date shall be an amount computed in accordance with Section 5.01 of this Article based on the Member’s Credited Service and Average Compensation as of his Late Retirement Date.

Late Retirement Benefit means the benefit to be paid to a Participant pursuant to Section 4.2.

Late Retirement Benefit. Means an amount equal to a Participant’s Annual Plan Benefit, as actuarially adjusted using the Late Retirement Factors set forth in Exhibit A hereto based on the number of complete months elapsed between a Participant’s 65th birthday and the date as of which benefits commence under the Plan. 1.16 Maximum Annual Benefit Limitation. The Maximum Annual Benefit Limitation shall be (i) for Grandfathered Participants, 25% of a Participant’s Final Average Annual Pay, and (ii) for Non-Grandfathered Participants, 45% of a Participant’s Final Average Annual Pay. 1.17 Non-Grandfathered Participant. A Participant who was not participating in the Plan on January 1, 2008 or who had not attained age 50 by January 1, 2009. 1.18 Normal Retirement Date. Means the date which is the first day of the calendar month coincident with or next following the Participant’s or Former Participant’s 65th birthday. 1.19 Other Retirement Benefits. The sum of the Participant’s Private Sector Plan Benefits and his Government Sponsored Plan Benefits. 1.20 Participant. An individual who has been designated as a Participant by the Committee pursuant to Article II. 1.21 Pension Plan. Automatic Data Processing, Inc. Pension Retirement Plan. 1.22 Private Sector Plan Benefits. The annual amount of benefits to which a Participant is entitled on his Normal Retirement Date under all retirement plans maintained by the Company (other than this Plan), or by any former or subsequent employer of Participant (other than a governmental body covered by Section 1.14 above), whether as a periodic payment, as a lump sum, or otherwise; provided, however, that benefits under retirement plans shall exclude any amounts payable under a bonus deferral plan and any amounts payable in respect of deferrals made by the Participant under a cash or deferred arrangement. A Participant’s Private Sector Plan Benefits shall be expressed as an annual amount in the form of an actuarially equivalent straight life annuity starting at his Normal Retirement Date. 1.23 Separation from Service. Shall mean that employment with the Company and its subsidiaries and affiliates terminates such that it is reasonably anticipated that no further services will be performed. Separation from Service shall be interpreted in a manner consistent with Section 409A of the Code and any applicable regulatory guidance promulgated thereunder. References hereunder to a Participant’s termination of employment, the date a Participant’s employment terminate...

Late Retirement Benefit means the benefit payable pursuant to Section 5.3 (Late Retirement Benefit).

Late Retirement Benefit means the benefit provided under Section 4.4.

Late Retirement Benefit means the Late Retirement Benefit payable under the Applicable Exhibit.

Late Retirement Benefit means the benefit provided under Sections 4.4 and 4.5.