Optional Pension Benefit Sample Clauses

Optional Pension Benefit. (A) Normal Pension of Form The normal form of pension under the Agreement is payable for the lifetime of the employee.
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Optional Pension Benefit. (A) NORMAL FORM OF PENSION The normal form of pension under the agreement is payable for the lifetime of the employee.
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Optional Pension Benefit. (A) NORMAL FORM OF PENSION The normal form of pension under the agreement is payable for the lifetime of the employee. AUTOMATIC FORM OF PENSION Any employee who has a spouse at the time of pension commencement must take their pension in a joint and survivor form under which the pension benefit shall continue to the spouse after the death of the employee at the rate of of the pension which in payment to the employee immediately prior to their death and shall continue to be paid for the lifetime of the spouse. In this event, the amount of pension payable to the employee shall be reduced such that the value of their pension benefit shall be actually equivalent to the normal form of pension. Any other form of pension herein may be elected if the employee and their spouse both waive the entitlement to this joint and survivor form of payment in the prescribed form or by means of a certified copy of a domestic contract as defined under the Family Law Act. To be valid, the waiver must be delivered to the Company within the 12-month period immediately preceding the commencement of payments. OPTIONAL FORMS OF PENSION Subject to Article an employee may elect an optional form of pension by the Company in writing prior to their date of retirement of the optional type of pension they wishes to receive. The amount of pension payable to an employee under an optional form shall be reduced such that the value of their optional pension benefit shall be actuarially equivalent to the normal form of pension. Any election of an optional type of pension may be revoked or altered to another optional type if done in writing prior to the commencement of their pension. Any option elected becomes binding upon the commencement date of the pension. The optional forms of pension available are as follows: LIFE GUARANTEED FIVE YEARS This type of pension provides payments for the entire lifetime of the employee and guarantees that, should the employee die after their pension has commenced but before they have received monthly payments thereof, the payments shall be continued to their beneficiary or estate until monthly payments in all have been made. LIFE GUARANTEED TEN YEARS This type of pension provides payments for the entire lifetime of the employee and guarantees that, should the employee die after their pension has commenced but before they have received monthly payments thereof, the payments shall be continued to their beneficiary or estate until monthly payments in all have been ma...
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Optional Pension Benefit. (A) Normal Pension of Form
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Related to Optional Pension Benefit

  • 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.

  • 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").

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

  • 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. .

  • 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.

  • 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

  • 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.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time to time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, the Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executives.

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