REDUCED RETIREMENT BENEFIT definition

REDUCED RETIREMENT BENEFIT means the following percentages of the Participant's Normal Retirement Benefit, payable to an Eligible Participant in accordance with the provisions of Section 2.3 of the Agreement if the Eligible Participant terminates employment before attaining Normal Retirement Age ("NRA").
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REDUCED RETIREMENT BENEFIT means the amount of the Director Retirement Benefit as set forth in Paragraph 1.6 reduced by 5% per year for the difference between the age specified for the then applicable Normal Retirement Date as provided in Paragraph 1.9 next following, and the age of the Director at the date that payment of the Director Emeritus Benefit is to commence, or if none is to be paid, the date that payment of the Reduced Retirement Benefit is to commence under the terms of this Agreement;
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REDUCED RETIREMENT BENEFIT with the provisions of Section 2.3 of the Agreement if the Eligible Participant terminates employment before attaining Normal Retirement Age ("NRA").
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Examples of REDUCED RETIREMENT BENEFIT in a sentence

  • REDUCED RETIREMENT BENEFIT In the event the Director completes LESS THAN One Hundred Percent (100%) of his Projected Deferral for any reason, other than due to termination related to a Change in Control, removal for Cause, or the Director's death or disability, then commencing on his Benefit Eligibility Date, the Director shall be entitled to a reduced retirement benefit.

Related to REDUCED RETIREMENT BENEFIT

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

  • 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.

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

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

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

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

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • 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;

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Disability Benefit means the benefit set forth in Article 8.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Retirement Age means the earlier to occur of:

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

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

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

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

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

  • Change in Control Benefit means the benefit described in Section 2.4.

  • 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).

  • Late Retirement Date means the first day of the month coinciding with or next following a Participant's actual Retirement Date after having reached his Normal Retirement Date.

  • 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).

  • Disability retirement for plan 1 members, means the period