Eligibility for Pension Clause Samples
The 'Eligibility for Pension' clause defines the criteria an individual must meet to qualify for pension benefits under a specific plan or agreement. Typically, this clause outlines requirements such as minimum age, years of service, or employment status, and may specify exceptions or special conditions for certain groups. By clearly stating who is entitled to receive pension payments, the clause ensures transparency and helps prevent disputes regarding benefit entitlement.
Eligibility for Pension. Participants are eligible to retire under the following options:
Eligibility for Pension. Subject to the provisions of this Section 4.2 and Section 11.11, the Executive shall be entitled to receive a supplemental pension equal to (i) an amount determined based on Formula A (as defined below), plus (ii) an amount determined based on Formula B (as defined below) (the “Pension”). The portion of the Pension determined based on Formula A shall be payable if the Executive remains in the employ of the Company until the last day of the month in which he attains age 55 and the portion of the Pension determined based on Formula B shall be fully vested at all times. The Company shall also pay the portion of the Pension determined based on Formula A to the Executive if his employment with the Company terminates at any time after the Effective Date as a result of (a) the Executive’s Disability (as defined below), (b) the Executive’s resignation for Good Reason (as defined below) or (c) the Executive’s termination by the Company without Cause (as defined below). If the Executive should die at any time after the Effective Date, the Executive’s Surviving
Eligibility for Pension. Subject to the provisions of this Section 4.2, if the Executive remains in the employ of the Company until the last day of the month in which he attains age 55, then the Company shall pay the Executive a supplemental pension (the "Pension"). The Company shall also pay the Pension to the Executive if his employment with the Company terminates at any time after the Effective Date as a result of (a) the Executive's Disability (as defined below), (b) the Executive's resignation for Good Reason (as defined below) or (c) the Executive's termination by the Company without Cause (as defined below). If the Executive should die at any time after the Effective Date, the Executive's Surviving Spouse (as defined below) shall be entitled, in lieu of the Pension, to the death benefit described in Section 4.2.
Eligibility for Pension. Plan membership will commence after an Employee completes six (6) months of employment.
Eligibility for Pension