Common use of Normal Pension Clause in Contracts

Normal Pension. An Employee who is eligible for a pension pursuant to Paragraph 1 of Article IV shall be entitled upon his retirement at or after his Normal Retirement Date and on or after the Effective Date to receive a monthly pension equal to (a) $60.00 (effective for retirements occurring after August 17, 2017), multiplied by the Employee's years of credited service reduced by (b) the immediate annuity equivalent of the Employee's Additional Employer Contributions Account under the Bridgestone Americas , Inc. Employee Savings Plan for Bargaining Unit Employees (the "Savings Plan") as of the date his pension commences hereunder. For purposes of this calculation, the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee's pension commences hereunder shall mean the actual amount in such Account as of such date plus any amount withdrawn from such Account prior to such date for any reason (including a hardship withdrawal pursuant to Section 6.7 of the Savings Plan, any amount withdrawn from such Account pursuant to a qualified domestic relations order or a deemed withdrawal upon default of a loan from such Account to the Employee) with interest imputed on any withdrawn amount from the date of any such withdrawal through the date the Employee's pension commences hereunder at the rate of 7.75% per annum compounded monthly. The immediate annuity equivalent of the Employee's Additional Employer Contribution Account under the Savings Plan shall be the amount in such Account as of the date the Employee's pension commences hereunder (determined as described in the preceding sentence) converted to an annuity payable as a single life and five year certain annuity to the Employee commencing as of the date the Employee's pension commences hereunder using an interest rate of 7.75% and the 1983 Group Annuity Mortality Table, Male. In no event will this reduction exceed $7 multiplied by the Employee's years of credited service. For purposes of this Paragraph, the amount of an Employee's Normal Pension shall be the greater of the Early Pension calculated under Paragraph 2 of this Article V or the Normal Pension calculated at normal retirement age. Such pension shall be subject to the provisions of Paragraph 5 of this Article V, and shall commence in the month following that in which the Employee retires if an application is made therefor in the month of retirement. In the event application is not made in the month of retirement, the pension shall commence at the earlier of (a) the month following that in which application is made and (b) the next January 1st after the October 31st next following the Employee's attainment of his normal retirement age, provided, however, that any monthly pension payable to an Employee who shall have remained in the active employment of the Controlled Group after his Normal Retirement Date shall commence on the first day of the month following his termination of service and the amount of such monthly pension shall be based on his credited service at his date of actual retirement. Except as provided in Paragraphs 6, 7 and 8 of this Article V, the last installment of such pension shall be payable for the month of such former Employee's death.

Normal Pension. An Employee who is eligible for a pension pursuant to Paragraph 1 of Article IV shall be entitled upon his retirement at or after his Normal Retirement Date and on or after the Effective Date to receive a monthly pension equal to (a) $60.00 58.00 (effective for retirements occurring after August 178, 20172013), multiplied by the Employee's years of credited service reduced by (b) the immediate annuity equivalent of the Employee's Additional Employer Contributions Account under the Bridgestone Americas , Inc. Employee Savings Plan for Bargaining Unit Employees (the "Savings Plan") as of the date his pension commences hereunder. For purposes of this calculation, the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee's pension commences hereunder shall mean the actual amount in such Account as of such date plus any amount withdrawn from such Account prior to such date for any reason (including a hardship withdrawal pursuant to Section 6.7 of the Savings Plan, any amount withdrawn from such Account pursuant to a qualified domestic relations order or a deemed withdrawal upon default of a loan from such Account to the Employee) with interest imputed on any withdrawn amount from the date of any such withdrawal through the date the Employee's pension commences hereunder at the rate of 7.75% per annum compounded monthly. The immediate annuity equivalent of the Employee's Additional Employer Contribution Account under the Savings Plan shall be the amount in such Account as of the date the Employee's pension commences hereunder (determined as described in the preceding sentence) converted to an annuity payable as a single life and five year certain annuity to the Employee commencing as of the date the Employee's pension commences hereunder using an interest rate of 7.75% and the 1983 Group Annuity Mortality Table, Male. In no event will this reduction exceed $7 multiplied by the Employee's years of credited service. For purposes of this Paragraph, the amount of an Employee's Normal Pension shall be the greater of the Early Pension calculated under Paragraph 2 of this Article V or the Normal Pension calculated at normal retirement age. Such pension shall be subject to the provisions of Paragraph 5 of this Article V, and shall commence in the month following that in which the Employee retires if an application is made therefor in the month of retirement. In the event application is not made in the month of retirement, the pension shall commence at the earlier of (a) the month following that in which application is made and (b) the next January 1st after the October 31st next following the Employee's attainment of his normal retirement age, provided, however, that any monthly pension payable to an Employee who shall have remained in the active employment of the Controlled Group after his Normal Retirement Date shall commence on the first day of the month following his termination of service and the amount of such monthly pension shall be based on his credited service at his date of actual retirement. Except as provided in Paragraphs 6, 7 and 8 of this Article V, the last installment of such pension shall be payable for the month of such former Employee's death.