Non-Qualified Pension Sample Clauses

Non-Qualified Pension. For purposes of calculating benefits under the Company’s Supplemental Retirement Plan and Profit Sharing Restoration Plan, the Company will add an additional three years of vesting service and credited service to Executive’s years of vesting and credited service, as well as an incremental three years added to Executive’s age.
Sample 1
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Non-Qualified Pension. Executive may become entitled to a nonqualified pension. The pension shall be calculated as 3.00% multiplied by Executive's length of service with Company (calculated in years and completed months, expressed to two decimal points, e.g., six years and four months shall equal 6.33) multiplied by Executive's "Average Monthly Compensation", where Average Monthly Compensation is as defined in Company's Basic Retirement Plan ("BRP"). Such pension shall commence immediately upon the first of the month coincident with or next following the later of retirement or the attainment of age 65. It shall be paid in the form of a single life annuity, or an actuarially equivalent optional form of payment (such as a 50% or 100% joint- and-survivor annuity), with available options and the definition of actuarial equivalence the same as those specified in the BRP for a similarly situated executive. If retirement precedes the attainment of age 62, then no benefits shall be payable under this section. If retirement precedes age 65, and Executive elects to commence benefits at an age that is prior to age 65 (a "commencement age"), then the amount of every payment made under this section shall be reduced by 0.8% for each month by which the commencement age is less than age 65. No benefits shall be payable under this section if Executive dies prior to retirement. If Executive is disabled prior to retirement, any period of disability will not count as service for this section, and the benefits specified in this section will not be payable until retirement, and will only be provided if retirement occurs after completion of an amount of service that exceeds the amount that would have been rendered if there were no disability between Executive's date of hire and his attainment of age 62.
Sample 1

Related to Non-Qualified Pension

  • Qualified Joint and Survivor Annuity An immediate annuity for the life of the Participant with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse and which is the amount of benefit which can be purchased with the Participant's vested account balance. The percentage of the survivor annuity under the Plan shall be 50% (unless a different percentage is elected by the Employer in the Adoption Agreement).

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Contribution Eligibility You are eligible to make a regular contribution to your Xxxx XXX, regardless of your age, if you have compensation and your MAGI is below the maximum threshold. Your Xxxx XXX contribution is not limited by your participation in an employer-sponsored retirement plan, other than a Traditional IRA.

  • Long Term Disability Benefit In the event an employee, while covered under this plan, becomes totally disabled as a result of an accident or a sickness, then, after the employee has been totally disabled for seven (7) months, including periods approved in Section 1.3(a) and (c), he/she shall be eligible to receive a monthly benefit as follows:

  • Partial Employer Contribution - Basic Eligibility The following employees covered by this Agreement receive the full Employer Contribution for basic life coverage, and at the employee's option, a partial Employer Contribution for health and dental coverages if they are scheduled to work at least fifty (50) percent but less than seventy-five (75) percent of the time. This means:

  • JOINT AND SURVIVOR ANNUITY The Advisory Committee must direct the Trustee to distribute a married or unmarried Participant's Nonforfeitable Accrued Benefit in the form of a qualified joint and survivor annuity, unless the Participant makes a valid waiver election (described in Section 6.05) within the 90 day period ending on the annuity starting date. If, as of the annuity starting date, the Participant is married, a qualified joint and survivor annuity is an immediate annuity which is purchasable with the Participant's Nonforfeitable Accrued Benefit and which provides a life annuity for the Participant and a survivor annuity payable for the remaining life of the Participant's surviving spouse equal to 50% of the amount of the annuity payable during the life of the Participant. If, as of the annuity starting date, the Participant is not married, a qualified joint and survivor annuity is an immediate life annuity for the Participant which is purchasable with the Participant's Nonforfeitable Accrued Benefit. On or before the annuity starting date, the Advisory Committee, without Participant or spousal consent, must direct the Trustee to pay the Participant's Nonforfeitable Accrued Benefit in a lump sum, in lieu of a qualified joint and survivor annuity, in accordance with Section 6.01, if the Participant's Nonforfeitable Accrued Benefit is not greater than $3,500. This Section 6.04(A) applies only to a Participant who has completed at least one Hour of Service with the Employer after August 22, 1984.

  • TAX LIMITATION ELIGIBILITY In order to be eligible and entitled to receive the value limitation identified in Section 2.4 for the Qualified Property identified in Article III, the Applicant shall:

  • 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.

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