Retirement Benefit Freeze definition

Retirement Benefit Freeze has the meaning set forth in Section 2.1.
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Examples of Retirement Benefit Freeze in a sentence

  • The Parties agree that a Retirement Benefit Freeze, as described in Section 2.1, shall not be deemed a reduction of rights requiring consent hereunder.

  • The executive shall not be entitled to the accelerated service completion set forth in this subsection following a Retirement Benefit Freeze, unless the effective date of such Retirement Benefit Freeze occurs within the two-year period immediately prior to announcement of the Change in Control and, in such event, the executive shall remain so entitled.

  • The Executive will remain entitled to receive his retirement benefit in accordance with Section 3.1 (and Executive will be deemed Vested), except that the Years of Service Reduction shall be calculated utilizing the years of service completed by Executive as of the Retirement Benefit Freeze date, and Earnings shall be calculated as of the Retirement Benefit Freeze date.

  • A Retirement Benefit Freeze will not impair Executive’s rights under Section 7 (Change in Control) except as expressly set forth herein.

  • A Retirement Benefit Freeze will not impair Executive’s rights under Section 7 (Change in Control) and Section 9 (Severance), except as expressly set forth herein.

  • A Retirement Benefit Freeze will not impair Executive’s rights under Section 7 (Change in Control), except as expressly set forth herein.

  • The Executive shall not be entitled to the accelerated service completion set forth in this subsection following a Retirement Benefit Freeze, unless the effective date of such Retirement Benefit Freeze occurs within the two-year period immediately prior to announcement of the Change in Control and, in such event, the executive shall remain so entitled.

  • Notwithstanding any provisions of this Article VI to the contrary, for purposes of determining the amount of a Member’s benefit under this Article VI, the Member’s Compensation will be fixed and determined as of the Member’s Accrued Retirement Benefit Freeze Date as provided in the last paragraph of Section 1.11, and the Member’s Credited Service will be fixed and determined as of the Member’s Accrued Retirement Benefit Freeze Date as provided in the first paragraph of Section 2.02.

  • The Executive will remain entitled to receive, in accordance with Section 3.1, the balance of his SERP Account, determined as of the date of the Retirement Benefit Freeze, which shall continue to be credited with the addition of interest until the date the balance of his SERP Account has been completely distributed.

  • Notwithstanding any provisions of this Article VII to the contrary, for purposes of determining the amount of a Death Benefit under this Article VII, the Member’s Compensation will be fixed and determined as of the Member’s Accrued Retirement Benefit Freeze Date as provided in the last paragraph of Section 1.11, and the Member’s Credited Service will be fixed and determined as of the Member’s Accrued Retirement Benefit Freeze Date as provided in the first paragraph of Section 2.02.

Related to Retirement Benefit Freeze

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

  • 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;

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

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

  • SERP Benefit means the benefit described in Section 5.1.

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

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

  • Accrued Benefit have the meanings specified in ERISA.

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

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

  • Retirement Savings Plan means the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to time, together with any similar, succeeding or substitute plan.

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

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • 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).

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

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

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • 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;

  • 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.

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

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

  • 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).

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

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • 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.

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.