Additional pension Sample Clauses

The 'Additional pension' clause establishes the terms under which an employee may receive pension benefits beyond the standard or statutory minimum. Typically, this clause outlines eligibility criteria, the calculation method for the extra pension amount, and the funding arrangements, such as whether the employer or employee contributes to the additional pension. Its core practical function is to provide enhanced retirement security for employees, addressing the need for greater financial stability after retirement and serving as an incentive or benefit in employment contracts.
Additional pension. 5.3.1 The Admission Body must not resolve to award a Member additional pension under regulation 31 of the 2013 Regulations unless either: 5.3.1.1 the Administering Authority and the Admission Body agree that the Admission Body will pay increased contributions to meet the cost of the additional pension; or 5.3.1.2 the Admission Body pays the sum required under regulation 68(3) of the 2013 Regulations to the Administering Authority for credit to the Fund. 5.3.2 The Admission Body must pay to the Fund the amount of any extra charge on the Fund arising as a result of the resolution which has not been discharged by payments made in accordance with Clauses 5.3.1.1 or 5.3.1.2 (Additional pension).
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Additional pension. (A) If the average per bargaining unit member health care costs in 2007 and/or 2008 are lower than the health care costs budgeted by the Employer for the bargaining unit in those years, the Employer shall contribute the difference between the budgeted average per bargaining unit member health care costs and actual average per bargaining unit
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Additional pension. (a) Subject to Section 3.13(b) and Section 3.13(c) and Section 3.13(d) and Section 3.13(e), the Additional Pension in respect of any Designated Executive shall be deemed to be a pension payable under this RCA Plan. (b) If the Designated Executive provides to CanWest Global Communications Corp. a Waiver Notice then, subject to Section 3.13(d) and Section 3.13(e), such portion of the Additional Pension as may have been specified in the Waiver Notice shall be deemed to be a pension payable under and a liability under the Additional Retirement Arrangements and shall not be a pension payable under or a liability under this RCA Plan. (c) If the Designated Executive has elected a form of pension under Section 3.7, which involves the payment of a surviving pension to the Designated Executive’s spouse on the Designated Executive’s death, and if, after the death of the Designated Executive, the Designated Executive’s spouse who is entitled to payments under the joint and survivor annuity provides to CanWest Global Communications Corp. a Waiver Notice then, subject to Section 3.13(d), such portion of the Additional Pension as specified in the Waiver Notice shall be deemed to be a pension payable under and a liability under the Additional Retirement Arrangements and shall not be a pension payable under or a liability under this RCA Plan. (d) Any Waiver Notice shall only be effective for the period from the date of the Waiver Notice until the beginning of the day immediately following the thirteenth (13th) month following the Renewal Date (as defined in the RCA Trust Agreement) which first occurs after the date of the Waiver Notice (which immediately following day is referred to as the “Automatic Lapse of Notice Date”), provided that if a Confirmed Event of Default has occurred prior to the Automatic Lapse of Notice Date, such Waiver Notice shall continue to be effective after the Automatic Lapse of Notice Date, unless and until the face amount of the Letter of Credit includes an amount equal to the Additional Secured Pension Liabilities, in which case such Waiver Notice shall be deemed to have expired upon the date the face amount of the Letter of Credit includes an amount equal to the Additional Secured Pension Liabilities. For greater certainty, if the Designated Executive dies after the date of the Waiver Notice, the Waiver Notice shall continue to be effective in accordance with this section, notwithstanding the death of the Designated Executive. (e) At any time a...
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Additional pension. Upon the achievement of both 5 years of service and the substantial performance of his obligations under this Agreement, the Employee will be provided a supplemental pension equal to (i) the amount of pension he would have had under the Company's defined benefit retirement plan and related excess benefit plan if period of the Employee's service under those plans were tripled, less (ii) the amount of pension to which the Employee is entitled under the Company's defined benefit retirement plan and related excess benefit plan.
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Additional pension. In recognition of the loss of pension you will suffer as a result of leaving your current employer the Company expresses the firm intention to make you the following additional pension commitments: Your pension years will, upon retirement from active employment with Philips at the age of 60, be based on the period from the commencement of your employment, — 1 April 2002 -, plus extra 4 years. In the event of decease or complete disablement for work in the sense of the “WAO” (a Netherlands social security law) during active employment with Philips this special pension commitment will likewise be applied in full. In the event of dismissal before you reach the age of 60 the special pension commitment will be applied on a pro rata basis.
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Related to Additional pension

  • 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.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.