Examples of Retirement Installment in a sentence
Notwithstanding the foregoing, in the case of payments made under Section XVII (Disability Retirement), the first annual installment of an Executive Retirement Installment Benefit shall be paid as of the first day of the month following six completed calendar months after Separation from Service.
Notwithstanding any provision in this Plan to the contrary, the Executive Retirement Installment Benefit of such an Employee who was not assigned to the GE executive or higher career band on December 31, 2020, shall be calculated taking into account only his Compensation as an Employee earned through December 31, 2020, regardless of whether such Employee is again assigned to the GE executive or higher career band on or after January 1, 2021.
The present value of an Employee’s Executive Retirement Installment Benefit is required by law to be subject to FICA taxation (Social Security tax, Medicare tax, and if applicable, additional Medicare tax) on the date on which the present value of the Employee’s Executive Retirement Installment Benefit becomes reasonably ascertainable.
If a Participant incurs a Separation From Service on or before his or her 60th birthday, his or her Executive Retirement Installment Benefit shall be reduced to 75% of the Participant’s Executive Retirement Installment Benefit as computed under Section 4.01.
For the avoidance of doubt, a Participant’s Executive Retirement Installment Benefit shall take be computed taking into account the Participant’s Incentive Compensation earned from the Employer for the 2018 performance period even though it may be paid after December 31, 2018.
If a Participant incurs a Separation From Service prior to his or her 65th birthday but on or after his 60th birthday, his or her Executive Retirement Installment Benefit shall be computed under Section 4.01 but reduced by 5/12% for each month that payments commence prior to his or her Normal Commencement Date.
If a Participant incurs a Separation From Service after his or her 65th birthday, the amount of his or her Executive Retirement Installment Benefit will be determined under Section XVI of the GE SPP, based on the terms of the GE SPP and, to the extent applicable, the terms of the GE Pension Plan, in each case as in effect on December 31, 2018, based upon the Participant’s relevant compensation and service earned as of the close of December 31, 2018.
Further notwithstanding any provision in this Plan to the contrary, the Executive Retirement Installment Benefit of an Employee who ceases to be eligible to continue accruing Benefit Service on or after January 1, 2021, solely because he is no longer assigned to the GE executive or higher career band shall be calculated taking into account only his Compensation earned as an Employee prior to such change in career band.
Such an Employee is, however, eligible to receive the Executive Retirement Installment Benefit the Employee has accrued if the Employee meets the requirements of Section XVI, XVII, XVIII, or XX of the Plan, even if the Employee is not assigned to the GE executive or higher career band as of the date he meets the applicable requirements of such Section.
Executive Retirement Installment Benefits shall be paid in 10 equal annual installments, each of which shall be equal to the amount calculated under Section 4.01, 4.02 or 4.03, as applicable, divided by 10.