PEC Retirement Plan definition

PEC Retirement Plan means the Peoples Energy Corporation Retirement Plan as in effect on the Effective Date, as amended from time to time or any successor plan.
Sample 1Sample 2Sample 3
PEC Retirement Plan means the Peoples Energy Corporation Retirement Plan as in effect on the Effective Date, as amended from time to time or any successor plan. "PEC SRB" shall mean the Peoples Energy Corporation Supplemental Retirement Benefit Plan, as in effect on the Effective Date, as amended from time to time or any successor plan. "PEC STIC" shall mean the Peoples Energy Corporation Short Term Incentive Compensation Plan, as in effect on the Effective Date, as amended from time to time or any successor plan. "PEC TAP" shall mean the Peoples Energy Corporation Termination Allowance Plan as in effect on the Effective Date, as amended from time to time and as enhanced as described in that certain PEC brochure for nonunion employees titled, "Career Transition Opportunities", dated November 1996. "Plan Year" shall mean the Plan Year as defined under the PEC STIC. "Present Value Amount" shall mean the amount calculated by the PEC Directors' Compensation-Nominating Committee as of the date of the termination of the Executive's employment as described in paragraph 3.a., using as a mortality basis the mortality basis used by the PEC Retirement Plan for determining benefits, or if such mortality basis is not available, a mortality basis determined by the PEC Retirement Plan's consulting actuaries, and assuming a discount rate equal to the average of the yield on Thirty (30) year United States Treasury Bonds for the second calendar month preceding the Executive's termination of employment as described in paragraph 3.a. "Rule of Eighty-Five" shall mean the Rule of Eighty-Five as defined under the PEC Retirement Plan. "SARs" shall mean SARs as defined under the PEC LTIC. "Stock Options" shall mean Options as defined under the PEC LTIC. "Term" shall mean the term of this Agreement as set forth in paragraph 2. "Trust" shall mean the Trust under Peoples Energy Corporation Executive Deferred Compensation Plan and Supplemental Retirement Benefit Plan, Part A and Part B, dated September 22, 1995, as amended July 1, 1996, in effect on the Effective Date, as amended from time to time. 2.
Sample 1Sample 2

Examples of PEC Retirement Plan in a sentence

  • For purposes of determining the Executive's accrued benefits under the preceding sentence, such benefits shall be determined as full benefits, without actuarial reduction, as if the Executive qualified for the Rule of Eighty-Five under the PEC Retirement Plan and PEC SRB (regardless of whether the Executive so qualifies).

  • For purposes of determining the Executive's accrued benefits under the preceding sentence, such benefits shall be determined as full benefits, without actuarial reduction, as if the Executive qualified for the Rule of Eighty- Five under the PEC Retirement Plan and PEC SRB (regardless of whether the Executive so qualifies).

  • If Executive is terminated prior to completing three (3) years of employment with PEC or an Affiliate, Executive's 12-month average compensation for the purpose of calculating a benefit under the proceeding provisions shall be determined by utilizing all months of Executive's actual compensation that may be used to calculate a pension benefit under the PEC Retirement Plan and the PEC SRB.

  • For purposes of determining the Executive's accrued benefits under the preceding provisions of this paragraph 3.a., such benefits shall be determined as full benefits, without actuarial reduction, as if the Executive qualified for the Rule of Eighty-Five under the PEC Retirement Plan and PEC SRB (regardless of whether the Executive so qualifies).

  • To the extent required under Code Section 409A, certain benefit distributions or payments (not including benefits due under the Company’s qualified retirement plans, such as the PEC Retirement Plan) may not be payable before the date that is six months after the Executive’s employment termination date.

  • Executive shall resign his position as Senior Vice President of PEC as of the close of business September 30, 2003 and retire under the PEC Retirement Plan commencing on October 1, 2003.

  • Executive's benefit under the preceding provisions shall be determined as if Executive's participation in the PEC Retirement Plan and the PEC SRB commenced as of the first date of Executive's actual employment with Peoples Energy Services Corporation.

  • For purposes of determining the value of the benefits that would have been accrued by the Executive under the preceding provisions of this paragraph 3.a. (both in the event Executive has been employee for less than 5 years or more than 5 years), such benefits shall be determined based on the provisions of Article IV of the PEC Retirement Plan ("Article IV Accrued Benefit") or Article XI of the PEC Retirement Plan, whichever produces the higher amount of benefits.

  • Such benefits shall be determined as full benefits, without actuarial reduction, as if the Executive qualified for the Rule of Eighty-Five under the PEC Retirement Plan and PEC SRB (regardless of whether the Executive so qualifies).

  • For the purpose of determining Executive's Article IV Accrued Benefit, such benefit shall be determined as full benefits, without actuarial reduction, as if the Executive qualified for the Rule of Eighty-Five under the PEC Retirement Plan and PEC SRB (regardless of whether the Executive so qualifies).

Related to PEC Retirement Plan

  • Supplemental Retirement Plan means (i) the Company’s Amended and Restated Supplemental Executive Retirement Plan, (ii) the Company’s Supplemental Management Retirement Plan, (iii) the Company’s Amended and Restated Top Hat Restoration Plan, and (iv) the Company’s Defined Contribution Restoration Plan.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • 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.

  • 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.

  • Eligible Retirement Plan means an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, that accepts the Distributee's Eligible Rollover Distribution. However, in the case of an Eligible Rollover Distribution to the surviving Spouse, an Eligible Retirement Plan is an individual retirement account or individual retirement annuity.

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

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

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

  • Disability retirement for plan 1 members, means the period

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

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

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

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

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

  • 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.

  • Approved Retirement means any voluntary termination of employment that occurs on or after the date on which the sum of your age and years of employment with Deluxe and/or its Affiliates equals at least seventy-five (75) and that is approved by the Compensation Committee of the Board.

  • Savings Plan or "plans" means a plan that provides different investment strategies and allows account distributions for qualified higher education expenses.

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

  • Continuing care retirement community means a residential

  • Qualified Retirement means a retirement from Service by the Executive in which, at the time of such retirement, the sum of the Executive’s age and aggregate 12-month completed periods of Service (whether or not such completed 12-month periods are consecutive), in each case without giving credit for any partial years, equals or exceeds 75.

  • Salaried Employee means an employee who is not covered by the Fair Labor Standards Act who regularly receives each pay period a predetermined amount constituting all or part of compensation. This base salary cannot be reduced because of variations in the quality or quantity of work performed.

  • 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)).

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).