Retirement Credits definition
Examples of Retirement Credits in a sentence
Notwithstanding the above criteria for selection (Retirement Credits), employees with a “bona fide disabling condition” that is medically certified to the satisfaction of the company shall have priority.
For this purpose, the number of Retirement Credits that the Participant has shall equal the sum of (i) the Participant’s age in whole years plus (ii) the Participant’s whole years of employment with the Company or a Subsidiary, in both cases determined as of the date of the Participant’s retirement.
Once this letter is accepted and the use of the Early Retirement Credits has commenced, the employee will not be entitled to work for the Company.
If the Participant retires as an employee of the Company or a Subsidiary with eighty (80) or more Retirement Credits (as hereinafter defined), the Participant will continue to be entitled to receive the payment(s) that the Participant would have received pursuant to this Award if the Participant had remained in the continuous employ of the Company or a Subsidiary from the first day of the Performance Period through the Vesting Date.
Such Retirement Credits shall be credited 34 prior to such termination of the Plan.
The parties agree that (A) any reduction in Annual Base Salary, Retirement Credits, or both described in this Section 4(b)(ii) shall not constitute Good Reason” for purposes of this Agreement, and (B) if the Executive’s Annual Base Salary is adjusted pursuant to this Section 4(b)(ii), then the Annual Base Salary shall be adjusted for all purposes of this Agreement.
A Member’s Retirement Credits shall be allocated to the Member’s Retirement Account as of the end of each calendar year.
The Retirement Credits shall not be taken into account in determining any benefits to which the Executive may be entitled under any other retirement, benefit or compensation plan maintained by the Company or its affiliates and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or its affiliates.
The Retirement Account of a Member or Vested Former Member who is a Specified Employee which is subject to the six-month delay in payment described in this Section 3.2(c) shall continue to be credited with Investment Credits as provided in Section 3.1(d) following such Separation from Service until such Member’s or Vested Former Member’s Benefit Payment Date, but not Retirement Credits.
Such Retirement Credits shall be credited prior to such suspension or amendment or removal.