Examples of Normal Retirement Age in a sentence
The annual benefit under this Section 2.1 is Ninety Thousand Dollars ($90,000) per year if the Executive terminates employment on the date the Executive reaches Normal Retirement Age.
If the Executive dies (i) after a Change in Control occurring before Normal Retirement Age, or (ii) after a termination of employment occurring after Normal Retirement Age, but in any case before payments commence hereunder, the Bank shall pay the Executive’s beneficiary amount the Bank has accrued hereunder in a lump sum within ninety (90) days following the Executive’s death.
If the Executive is actively employed by Bank at the time of a Change of Control and the Change of Control occurs before Normal Retirement Age, Bank shall pay to Executive the annual benefit of Ninety Thousand Dollars ($90,000) per year.
If the Executive continues in the employ of the Bank after reaching Normal Retirement Age, the benefit shall increase at a monthly rate of .28709% (3.5% annually) until the earlier of (i) the Executive’s termination of employment, or (ii) the date the Executive reaches age sixty-five (65).