Normal Retirement Annual Benefit definition

Normal Retirement Annual Benefit means Thirty Five Thousand Dollars ($35,000.00) per year.
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Normal Retirement Annual Benefit shown in the above “Projected Benefits Schedule” is expressed as an annual amount in the form of a life annuity payable to the Executive until his death. These amounts are intended to project the benefit payable to the Executive based on a beginning date of December 1, 2021. However, the Executive’s actual annual annuity amount will be calculated based on the terms of the Plan when the Executive separates from service (or experiences another payment event specified in the Plan). The Executive’s annual annuity amount reflected in the column titled, “Normal Retirement Annual Benefit,” is intended to be an estimate of the annuity payout of the underlying insurance policy or Annuity Contract.
Sample 1

Examples of Normal Retirement Annual Benefit in a sentence

  • The Normal Retirement Annual Benefit shall be paid each year in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Normal Retirement Date, for a period of ten years.

  • The Normal Retirement Annual Benefit shall be paid to the Executive Beneficiary in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Death, for a period of ten years.

  • If the Executive dies while in the active service of the Bank, the Bank shall pay to the Executive Beneficiary the Normal Retirement Annual Benefit for a period of ten years in lieu of any other benefit under this Agreement.

  • Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Bank shall pay to the Executive the Normal Retirement Annual Benefit for a period of ten years in lieu of any other benefit under this Agreement.

  • If the Executive dies while in the active service of the Bank, the Bank shall pay to the Executive Beneficiary the Normal Retirement Annual Benefit for a period of twenty years in lieu of any other benefit under this Agreement.

  • All Normal Retirement Annual Benefit payments due must be deferred for a period of at least five years from the date such payment would have been made in the absence of the change.

  • The Normal Retirement Annual Benefit shall be paid to the Executive Beneficiary in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Death, for a period of twenty years.

  • The benefit under this Section 2.1 is the amount set forth on Schedule A for the Plan Year ending immediately prior to the Normal Retirement Date, determined be vesting the Director in thirty-three percent (33%) of the Normal Retirement Annual Benefit after six Years of Service to the Board through Year 10, sixty-six percent (66%) of the Normal Retirement Annual Benefit after year 10 and through Year 18 and one hundred percent (100%) of the Normal Retirement Annual Benefit after Year 18.

  • The benefit under this Section 2.1 is the amount set forth on Schedule A for the Plan Year ending immediately prior to the Normal Retirement Date, determined be vesting the Director in thirty-three percent (33%) of the Normal Retirement Annual Benefit after six years of service to the Board through Year 10, sixty-six percent (66%) of the Normal Retirement Annual Benefit after year 10 and through Year 18 and one hundred percent (100%) of the Normal Retirement Annual Benefit after Year 18.

Related to Normal Retirement Annual Benefit

  • Normal Retirement Benefit means the benefit described in Section 2.1.

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

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

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

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

  • 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).

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

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

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

  • Retirement Age means the earlier to occur of the Participant attaining: (i) age 65 or more; or (ii) age 60 or more with at least 15 years of continuous Service, provided that the Participant has continuously remained in Service from the Award Date until the earlier to occur of (i) or (ii).

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

  • SERP Benefit means the benefit described in Section 5.1.

  • Accrued Benefit have the meanings specified in ERISA.

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

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

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

  • 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;

  • 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).

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • 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: 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.

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

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.

  • Retirement Eligibility means Employee’s attainment of 60 years of age and ten years of continuous employment with Corporation.

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

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarially equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or qualified joint and survivor annuity) to which the Member would be entitled under the terms of the plan assuming:

  • Disability retirement for plan 1 members, means the period