Retirement Benefit. Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.
Retirement Benefit. Normal Retirement Age (“NRA”) = 70 Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution Separation from Service following Normal Retirement Age 70% of Final Base Fee. annual installments Payments begin: 30 days following Separation from Service; subsequent payments shall be made on anniversary of initial payment. Duration of payments: 10 years Table B: Benefit Available Prior to Retirement Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution Separation from Service following the Early Retirement Age, but before Normal Retirement Age Vested percentage of Accrued Liability Balance Annual installments Payments begin: 30 days following Separation from Service; subsequent payments shall be made on anniversary of initial payment. Duration of payments: 10 years Separation from Service prior to Early Retirement Age Vested percentage of Accrued Liability Balance Annual installments Payments begin: 30 days following Separation from Service; subsequent payments shall be made on anniversary of initial payment. Duration of payments: 10 years Change in Control Table A Retirement Benefit, as if Director had remained continuously in active service with the Bank until the Normal Retirement Age. For purposes of calculating the amount of benefit, it shall be assumed that the Final Base Fee would have increased by 4% each year from the date of Change in Control to Normal Retirement Age. Lump sum Payment made: upon Change in Control. No Change in Control of the Bank shall take place unless the new or surviving entity expressly acknowledges the obligations under this Agreement and agrees to abide by its terms. FEDERAL SAVINGS BANK SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT Table C: Death Benefit Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution Death Vested percentage of Accrued Liability Balance Lump sum Payment made: 30 days following Director’s date of death
Retirement Benefit. (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder.
Retirement Benefit. The Bank and the Company agree to pay the Director the total sum of $53,656.20 payable in monthly installments of $298.09 for 180 consecutive months, commencing on the first day of the month following the Director's 65th birthday ("Retirement Date"). Payments to the Director will terminate when all such payments have been made or at the time of the Director's death, whichever occurs first.
Retirement Benefit. An eligible teacher who submits a timely letter of resignation will be paid a salary increase in each of his/her last year(s) of service equal to but never to exceed six percent (6%) of the amount otherwise due and owing to the teacher above the previous year’s TRS creditable earnings (defined as all compensation paid to the teacher, including payment of extracurricular activities, stipends and retirement benefits), inclusive of step and lane movement, for a maximum of four (4) years prior to retirement, as the case may be. To be eligible for continued payment for extracurricular activities or stipends during this period, the teacher must continue to work such activity or stipend.
Retirement Benefit. Subject to the general limitations of Article 6, upon the Director's Normal Retirement Date, the Company shall pay to the Director the primary and secondary benefits described in Sections 3.1.1 and 3.1.2. Unless otherwise provided in this Agreement, no benefits shall be paid to the Director if a Termination of Service of the Director occurs before his Normal Retirement Date.
Retirement Benefit. Within thirty (30) days following the Benefit Commencement Date, Executive shall be paid the first annual Retirement Benefit, plus a lump sum amount equal to the accrued balance in the Make-up Account, if any. Thereafter, Executive shall be paid the annual Retirement Benefit on each anniversary of the Benefit Commencement Date for the remainder of his life. Upon Executive’s death, and if Executive’s spouse has not predeceased him, Executive’s spouse shall thereafter be entitled to receive, in lieu of the full Retirement Benefit that would have been payable to the Executive absent his death, fifty percent (50%) of the annual Retirement Benefit on each anniversary of the Benefit Commencement Date for the remainder of her life (and in the event that the Benefit Commencement Date occurred as a result of Executive’s death, Executive’s spouse shall also receive within thirty (30) days following the Executive’s death a lump sum payment equal to the sum of (i) fifty percent (50%) of the annual Retirement Benefit and (ii) the accrued balance in the Make-up Account, if any). Notwithstanding the foregoing, within ten (10) business days following the Benefit Commencement Date, Executive may elect for him and his spouse to receive, in lieu of the yearly Retirement Benefit set forth in this Section 2(a), an annual lifetime annuity benefit under a joint and survivor annuity based on the lives of Executive and his spouse that is the actuarial equivalent of one hundred percent (100%) of the yearly Retirement Benefits that would have otherwise been made to Executive and his spouse had no such election occurred. Notwithstanding anything herein to the contrary, in the event the Benefit Commencement Date occurs as the result of a Change in Control, Executive shall receive within thirty (30) days of such Change in Control, in lieu of the yearly Retirement Benefits provided by this Section 2(a), a lump sum amount equal to the actuarial present value of one hundred percent (100%) of the yearly Retirement Benefits that would have otherwise been made to Executive following a Benefit Commencement Date that was not a Change in Control. The following actuarial assumptions shall be applied for purposes of the preceding two sentences: Mortality: Based on the mortality rates under the 1994 Uninsured Pensioner Mortality Table (UP-94) Interest Rate: 6%
Retirement Benefit. If the Executive is in service with the Bank until reaching his Normal Retirement Age, the Executive shall be entitled to the Supplemental Retirement Benefit. Such benefit shall commence on the Executive's Benefit Eligibility Date and shall be payable in monthly installments throughout the Payout Period. In the event the Executive dies at any time after attaining his Normal Retirement Age, but prior to completion of all such payments due and owing hereunder, the Bank shall pay to the Executive's Beneficiary a continuation of the monthly installments for the remainder of the Payout Period.
Retirement Benefit. If the Executive Retires on or after April 1, 2018, the Bank shall pay the Executive an annual retirement benefit equal to Twenty Thousand Dollars and No/100 ($20,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred and eighty (180) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Sections VII or XII.
Retirement Benefit. Upon his Separation From Service, a Participant or former Participant is entitled to receive his Nonforfeitable Interest in his Account balances.
