Common use of Late Retirement Clause in Contracts

Late Retirement. If the Executive continues to work after the Normal Retirement Date, the day on which the Executive eventually retires is the Late Retirement Date. Benefits under this Agreement continue to accrue throughout the Executive’s employment with Aristotle. Late Retirement Benefit payments must begin no later than the April 1 following the later of the year the Executive reaches age 70 ½ or the year of retirement. The Late Retirement Benefit will be equal to the Normal Retirement Benefit, but calculated using the Credited Service and Earnings to the actual date of retirement.