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.
Supplemental Retirement Income Benefit means an actuarially determined annual amount equal to Eighty-Six Thousand Nine Hundred and Twenty-Four Dollars ($86,924) at age 65 if paid entirely from the Accrued Benefit Account or Sixty-Two Thousand Five Hundred and Eighty-Five Dollars ($62,585) at age 65 if paid from the Retirement Income Trust Fund. The Supplemental Retirement Income Benefit: • the definition of Supplemental Retirement Income Benefit has been incorporated into the Agreement for the sole purpose of actuarially establishing the amount of annual Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account). The amount of any actual retirement, pre-retirement or disability benefit payable pursuant to the Agreement will be a function of (i) the amount and timing of Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) and (ii) the actual investment experience of such Contributions (or the monthly compounding rate of Phantom Contributions).
Supplemental Retirement Income Benefit means an annual amount equal to Twenty-Six Thousand Three Hundred Forty Dollars ($26,340). This total shall be divided by twelve (12) and paid in equal monthly installments for a period of one hundred eighty (180) months.
Examples of Supplemental Retirement Income Benefit in a sentence
Such Supplemental Retirement Income Benefit Contributions to the Retirement Income Trust Fund shall commence in the Plan Year in which the Retirement Income Trust Fund is established and shall continue through the Plan Year in which the Executive first exercises his withdrawal rights.
The amount of such final Phantom Contribution shall be actuarially determined based on the Phantom Contribution required at such time (if any), in order to provide a benefit via this Agreement equivalent to the Supplemental Retirement Income Benefit commencing within thirty (30) days of the date the Administrator receives notice of the Executive's death and continuing for the duration of the Payout Period.
Supplemental Retirement Income Benefit Contributions shall be made in accordance with Subsection 2.1(b)(4) (or 2.1(b)(3), as applicable) and Supplemental Retirement Income Benefit Phantom Contributions shall be recorded in accordance with 2.1(c)(4) (or 2.1(c)(3), as applicable).
Thereafter, Supplemental Retirement Income Benefit Phantom Contributions shall be recorded annually, pursuant to Exhibit A, in the Executive’s Accrued Benefit Account.
No additional Supplemental Retirement Income Benefit Phantom Contributions shall be required to be recorded in the Accrued Benefit Account for Plan Years subsequent to the Plan Year in which termination occurs.
More Definitions of Supplemental Retirement Income Benefit
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. The Supplemental Retirement Income Benefit payable to the Executive shall be $106,782.
Supplemental Retirement Income Benefit means an annual retirement benefit equal to twenty percent (20%) of Executive's highest average annual base salary (over the consecutive 36 month period immediately preceding Executive's termination of employment).
Supplemental Retirement Income Benefit means an actuarially determined annual amount equal to One Hundred Eleven Thousand and Nine Hundred Eighty-Nine Dollars ($111,989) at age 65 if paid entirely from the Accrued Benefit Account or Sixty-Seven Thousand One Hundred Ninety-Three Dollars ($67,193) at age 65 if paid from the Retirement Income Trust Fund. The Supplemental Retirement Income Benefit: the definition of Supplemental Retirement Income Benefit has been incorporated into the Agreement for the sole purpose of actuarially establishing the amount of annual Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) and is intended to be an amount equal to (a) seventy percent (70%) of the highest average salary received by the Executive during any three (3) consecutive calendar years less (b) the actual annual amount available to the Executive, on or after his Benefit Age, from Bank funding of the Bank's tax-qualified retirement plans. The amount of any actual retirement, pre-retirement or disability benefit payable pursuant to the Agreement will be a function of (i) the amount and timing of Contributions (or Phantom
Supplemental Retirement Income Benefit means an actuarially determined annual amount equal to Thirty-Nine Thousand Nine Hundred and Twelve Dollars ($25,494) at age 65 if paid entirely from the Accrued Benefit Account or Twenty-Five Thousand Five Hundred and Forty-Four Dollars ($16,316) at age 65 if paid from the Retirement Income Trust Fund. Exhibit A The Supplemental Retirement Income Benefit: o the definition of Supplemental Retirement Income Benefit has been incorporated into the Agreement for the sole purpose of actuarially establishing the amount of annual Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account). The amount of any actual retirement, pre-retirement or disability benefit payable pursuant to the Agreement will be a function of (i) the amount and timing of Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) and (ii) the actual investment experience of such Contributions (or the monthly compounding rate of Phantom Contributions).
Supplemental Retirement Income Benefit means an actuarially determined, annual amount, (before taking into account federal and state income taxes) equal to Fifty Six Thousand Eight Hundred and Fifty Nine Dollars ($56,859.00) payable in monthly installments throughout the Payout Period and based on certain assumptions incorporated into this Agreement and disclosed in Exhibit E. The definition of Supplemental Retirement Income Benefit has been incorporated into the Agreement for the sole purpose of actuarially establishing the amount of annual Supplemental Retirement Income Benefit Contributions (or Supplemental Retirement Income Benefit Phantom Contributions) to the Retirement Income Trust fund (or Accrued Benefit Account). The amount of any actual retirement, pre-retirement or disability benefit payable pursuant to the Agreement will be a function of (i) the amount and timing of Supplemental Retirement Income Benefit Contributions (or Supplemental Retirement Income Benefit Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) and (ii) the actual investment experience of such Supplemental Retirement Income Benefit Contributions (or the monthly compounding rate of Supplemental Retirement Income Benefit Phantom Contributions).
Supplemental Retirement Income Benefit means the benefit payable to a Participant in accordance with Article 4 of this Plan.
Supplemental Retirement Income Benefit means an amount equal to eighty (80%) percent of the highest base compensation earned by the Executive during any twelve (12) month period prior to the Executive's Normal Retirement Date less the actual annual amount available to the Executive from Bank funding of tax-qualified plan(s). If the Executive elects a payment option from a tax-qualified plan (or plans) which provides an actual annual benefit which is less than the annual benefit available to the Executive under a one hundred (100%) percent joint and survivor, ten year certain payment option, the Executive shall be deemed to receive an amount equal to the annual amount available under such one hundred (100%) percent joint and survivor, ten (10) year certain payment option. This net amount, which shall not exceed Thirty-Eight Thousand ($38,000.00) Dollars, shall be divided by twelve (12) and paid in monthly installments for a period of one hundred eighty (180) months.