Late Retirement Benefits Sample Clauses

Late Retirement Benefits. The 1998 effective multiplier increased from 1.8% to 2.0% beginning July 1, 2010, for all eligible employees, except for those employees who are eligible for grandfathered (age 55 or 30 years of service as of July 1, 2007) late retirement provisions contained in section 3.04 (a through c) of the plan summary. For all other eligible employees, the effective multiplier of 2.0% (retroactive to 1998) applies as will the following late retirement percentages: Actual Age at Retirement Date Late Retirement Percentage 61 - 64 100% 65 150%
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Late Retirement Benefits. In the event a Participant, with the consent of the Employer (which consent shall be reviewed annually and granted in a non-discriminatory manner), or as required by law, continues employment beyond his Normal Retirement Date, his retirement benefit shall be equal to the amount specified in Section III.C.2. of the Adoption Agreement.
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Late Retirement Benefits. Page- 44 8.4 Disability Retirement Benefits ..................................... Page- 44 8.5 Death Benefits ..................................................... Page- 44 8.6 Benefits Payable Upon Termination .................................. Page- 46 8.7 Payment of Benefits ................................................ Page- 47 8.8 Reinstatement of Benefit ........................................... Page- 47 8.9 Vesting Breaks-In-Service--One Year Holdout ........................ Page- 48 ◻ Basic Plan Document #03 Defined Benefit ARTICLE VIII - ENTITLEMENT TO BENEFITS Page- 48 --------------------------------------------------------------------------------------
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Late Retirement Benefits. Page 44 8.4
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Late Retirement Benefits. If you decide to work past your Normal Retirement Date, you can defer payment of your benefits until your Retirement Date. Payment of your Retirement benefits will commence as soon as practicable following your late retirement date.
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Late Retirement Benefits. Late retirement after normal retirement date shall be permitted. On late retirement a Participant shall be entitled to a pension payable monthly, the first payment to be made as of the first day of the month coincident with or next following the date of such late retirement. The monthly amount of such pension shall be determined in accordance with Section 9.01.
Sample 1
Late Retirement Benefits. If mutually agreed by Employer and Employee, the Employee shall continue in the active, full-time employment of Employer past his normal retirement age of sixty-five (65) years, but in no event past the age of seventy (70) years. At any time thereafter of the age of sixty-five (65) years the Employee may elect to terminate his employment by providing three (3) months notice to Employer. In such event employment will terminate three (3) months after the date notice is delivered to Employer and in no event later than age seventy (70) years (with or without notice prior to age seventy (70) years) and Employer will commence payment of Late Retirement Benefits hereunder on the first day of the month next succeeding Employee's termination of employment.
Sample 1
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Late Retirement Benefits. Upon Participant’s Termination after Normal Retirement Date, the Company shall pay, in addition to the Normal Retirement Benefit, such incremental increase in benefits resulting from the income earned from the Normal Retirement Date until Termination of Employment, payable in monthly installments commencing on the first day of the month next following the date of Termination of Employment and continuing thereafter for a period of ten years until at least a minimum of 120 total payments are made to Participant or his or her beneficiary.
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Related to Late Retirement Benefits

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • 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.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

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