Vested SERP Benefit definition

Vested SERP Benefit means a benefit described in Section 3.1(c).
Sample 1
Vested SERP Benefit means: (i) in the case of Retirement, death or Disability, the SERP Benefit; (ii) in the case of Termination of Employment with five or more Years of Service, the SERP Benefit; and (iii) in the case of Termination of Employment with less than five Years of Service, zero.
Sample 1
Vested SERP Benefit means the Participant’s SERP Benefit multiplied by the applicable vesting percentage set forth in Article 2 of this Agreement.
Sample 1

Examples of Vested SERP Benefit in a sentence

  • If a Participant has a Termination of Employment within six years following a Change in Control, other than a Retirement or termination due to death or Disability, he or she shall be paid, as a lump-sum cash payment, the Present Value of his or her Vested SERP Benefit determined as of the date of such Termination of Employment, in full settlement of the Participant's rights under the Plan.

  • If a Participant has a Termination of Employment which does not give rise to payment of benefits under Section 4.1(a) or (b) and which is not due to death and is not a termination by the Company for Cause, the Participant shall be entitled to payment of his or her Vested SERP Benefit in quarterly installments to the Participant and, following Participant's death, to his or her Beneficiary(ies), for a period of 15 years.

  • Upon a subsequent Termination of Employment or Disability, if the Participant did not accrue further benefits under the Plan following such reemployment or if such subsequent Termination of Employment does not give rise to payment of benefits under the Plan, the payment of the Participant's previous Vested SERP Benefit shall resume in accordance with its original terms (for the remaining period such Vested SERP Benefit is payable).

  • If a Participant Retires or suffers a Disability, the Participant shall be entitled to payment of his or her Vested SERP Benefit in quarterly installments to the Participant and, following Participant's death, to his or her Beneficiary(ies), for a period of 15 years.

  • If a Participant retires after his or her Normal Retirement Date, he or she shall be entitled to a postponed retirement benefit, which benefit shall be equal to his or her Vested SERP Benefit after giving effect to any adjustments set forth in the provisions of the Pension Plan for the commencement of benefit payments after the Participant’s Normal Retirement Date.

  • If a Participant dies prior to his or her Termination of Employment and not while the Participant is receiving benefits under Section 4.1(a) due to a Disability, the Participant's Beneficiary shall be entitled to receive the Participant's Vested SERP Benefit in the form of a Preretirement Survivor Benefit, payable in quarterly installments for a period of 15 years.

  • This Executive Retirement Health Insurance Program is at the expense of the Company and shall be equivalent to and provide the same coverage and benefits as the Company’s executive health insurance program in which the Executive participated prior to the time of eligibility to receive his Vested SERP Benefit or prior to Retirement as defined in the SERP.

  • Thereupon, a Participant's Employer shall distribute to the Participant immediately available funds in an amount equal to (but not exceeding) the taxable portion of his or her benefit (which amount shall not exceed the Present Value of the Participant's Vested SERP Benefit that then remains unpaid under the Plan).

  • In the event that the Participant dies before his or her Vested SERP Benefit has been paid in full, the Participant’s Beneficiary shall receive a Death Benefit.

  • If a Participant Retires or suffers a Disability, he or she shall receive the Actuarial Equivalent of his or her Vested SERP Benefit commencing within ninety (90) days after such Retirement or Disability.


More Definitions of Vested SERP Benefit

Vested SERP Benefit means the percentage of the Participant’s SERP Benefit determined pursuant to Section IV.2.21 Target Retirement Income means the monthly amount determined as the “applicable percentage” of the total of (a) the Participant’s Final Base Salary plus (b) 1/36th of the sum of the Participant’s last three Bonus Awards. For this purpose, the applicable percentage is 60% at 30 Years of Service, plus or minus 1% for each Year of Service greater than or less than thirty.2.22 Year of Service means each full twelve-month period beyond Employee’s most recent hire date, as determined pursuant to the Company’s regular personnel records and policies. (Note: This definition is not intended to be coextensive with the definition of “Credited Service” as used in the Retirement Income Plan.) Notwithstanding the foregoing, any service credit imputed to an Employee specifically for purposes of this Plan, pursuant to the specific terms of such Employee’s written employment agreement, shall be taken into account in determining such Employee’s Years of Service under this Plan. Section III. Eligibility.3.1 Each officer or key executive Employee of the Company approved by the Committee, in its sole and complete discretion, shall be eligible to participate in the Plan.3.2 Any officer or key executive who becomes a Participant shall continue to be a Participant until his or her termination of employment, or until a date prior to such time, as determined by the Committee, in its sole discretion.3.3 Notwithstanding the foregoing, in connection with the amendment of this Plan adopted effective July 31, 2006, the Company has provided for the closing of the class of officers and key executive employees who will be eligible to receive benefits under this Plan. In connection with the adoption of the July 2006 amendment to this Plan, the Company has adopted a separate “Kennametal Inc. 2006 Executive Retirement Plan” to provide nonqualified retirement benefits for designated officers who are not eligible to participate in this Plan. Accordingly:
Sample 1
Vested SERP Benefit means the Participant's SERP Benefit multiplied by the applicable vesting percentage set forth in Article 2 of this Agreement.
Sample 1

Related to Vested SERP Benefit

  • SERP Benefit means the benefit described in Section 5.1.

  • Accrued Benefit have the meanings specified in ERISA.

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

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

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

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

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

  • 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;

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

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

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

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

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

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

  • 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.

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

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

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

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • 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).

  • Net Benefits Test means a calculation to determine whether the benefits of a reduction in price resulting from the dispatch of Economic Load Response exceeds the cost to other loads resulting from the billing unit effects of the load reduction, as specified in Operating Agreement, Schedule 1, section 3.3A.4 and the parallel provisions of Tariff, Attachment K-Appendix, section 3.3A.4.

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

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

  • Retirement Eligibility means Employee’s attainment of 60 years of age and ten years of continuous employment with Corporation.