Payments Upon Retirement Clause Samples

Payments Upon Retirement. The City shall include Training and Education Achievement Pay in vacation, compensatory time off and pilot wellness lump sum payouts due after retirement. With regard to vested sick leave, to the extent that Civil Service Commission Rules now or in the future do not include Training and Education Achievement Pay in the calculation of post-retirement vested sick leave payouts, members shall receive a supplemental payment, which, when combined with their vested sick leave payment, will be equivalent to the amount they would have received if Training and Education Achievement Pay had been included in the calculation of vested sick leave.

Payments Upon Retirement. If the Executive shall remain in the continuous employment of the Employer until attaining sixty-two (62) years of age, the Executive shall be entitled to be paid the Annual Benefit, as defined above, in equal monthly installments, for a period of fifteen (15) years (One Hundred Eighty (180) months), with each installment to be paid on the first day of each month, beginning with the month following the month in which the Executive Retires or upon such later date as may be mutually agreed upon by the Executive and the Employer in advance of said Retirement date. At the Employer's sole and absolute discretion, the Employer may increase the Annual Benefit as and when the Employer determines the same to be appropriate in order to reflect a substantial change in the cost of living. Notwithstanding anything contained herein to the contrary, the Employer shall have no obligation hereunder to make any such cost-of-living adjustment.

Payments Upon Retirement. If the Director shall continue to serve as a member of the Board of Directors until attaining sixty-two (62) years of age, the Director shall be entitled to be paid the Applicable Percentage of the Director Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Director Retires or upon such later date as may be mutually agreed upon by the Director and the Employer in advance of said Retirement date, payable (i) for the period designated in Schedule “D” in the case of the balance in the Benefit Account and (ii) until the Director’s death in the case of the Index Benefit defined in Schedule “B”. At the Bank’s sole and absolute discretion, the Bank may increase the Director Benefits as and when the Bank determines the same to be appropriate.

Payments Upon Retirement. If the Executive shall remain in the continuous employment of the Employer until attaining sixty-two (62) years of age, the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive Retires or upon such later date as may be mutually agreed upon by the Executive and the Employer in advance of said Retirement date, payable (i) for the period designated in Schedule "D" in the case of the balance in the Benefit Account and (ii) until the Executive's death in the case of the Index Benefit defined in Schedule "B". At the Employer's sole and absolute discretion, the Employer may increase the Executive Benefits as and when the Employer determines the same to be appropriate.

Payments Upon Retirement. If the Executive shall remain in the continuous employment of the Employer until attaining sixty-five (65) years of age, and provided an event triggering Schedule B Annuity payments has not yet occurred, the Executive shall be entitled to be paid the Annual Benefit, as defined above, in equal monthly installments, for a period of fifteen (15) years (One Hundred Eighty (180) months), with each installment to be paid on the first day of each month, beginning with the month following the month in which the Executive Retires or upon such later date as may be mutually agreed upon by the Executive and the Employer in advance of said Retirement date. At the Employer's sole and absolute discretion, the Employer may increase the Annual Benefit as and when the Employer determines the same to be appropriate in order to reflect a substantial change in the cost of living. Notwithstanding anything contained herein to the contrary, the Employer shall have no obligation hereunder to make any such cost-of-living adjustment.

Payments Upon Retirement. If the Employee shall remain in the ------------------------ continuous employment of the Employer until attaining sixty-two (62) years of age, the Employee shall be entitled to be paid the Applicable Percentage of the Employee Benefits specified in Schedule "B", payable in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Employee Retires (or on such later date as may be mutually agreed upon by the Employee and the Employer in advance of said Retirement date) (i) for the period designated in Schedule "F", in the case of the balance in the Benefit Account and (ii) until the Employee's death, in the case of the Index Benefit defined in Schedule "B".

Payments Upon Retirement. If the Executive shall remain in the continuous employment of the Employer until attaining sixty-two (62) years of age, the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined in Schedule B, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive Retires or upon such later date as may be mutually agreed upon by the Executive and the Employer in advance of said Retirement date, payable until the Executive’s death. At the Employer’s sole and absolute discretion, the Employer may increase the Executive Benefits as and when the Employer determines the same to be appropriate.

Payments Upon Retirement. On the last day of the month next following the month in which Employee has a Separation From Service with the Corporation at or after age 65, or upon the last day of the month next following the month in which he reaches age 65 if he is then disabled within the meaning of subparagraph (c), the Corporation shall pay to Employee a lump sum cash payment of an amount equal to the present value of his Vested Monthly Benefit. For the purpose of determining the present value, the following assumptions shall apply:

Payments Upon Retirement. Upon and subject to his Retirement from his employment and separation from service with the Company as set forth in Section 1 above (including due to any acceleration of the Retirement Date as set forth therein), subject to the terms and conditions of this Agreement (including without limitation Sections 6 and 11), provided that the Executive executes (without revoking) and returns to the Company an enforceable waiver and release in a form acceptable to the Company (a “Release Agreement”) within the time period specified by the Company (which time period shall not be more than sixty (60) calendar days after the effective date of the Executive’s termination of employment) and that the applicable statutory revocation period with respect to such Release Agreement has expired, and further provided that the Executive remains in compliance with his obligations under this Agreement (including without limitation those contained in Sections 9 and 10), the Company’s sole obligation under this Agreement shall be to: (a) pay to the Executive a new supplemental pension benefit that shall be determined and payable in accordance with the applicable terms and conditions of, and formula(s) set forth in, the SIPP II, as though the SIPP II had continued in effect after the Effective Date (the “Supplemental Pension Benefit”), provided that, notwithstanding anything to the contrary in the SIPP II, the Supplemental Pension Benefit shall (i) be determined using the Executive’s total service credit with the Company, its Affiliates and their respective predecessors, which service credit shall include the Executive’s service with any such predecessor(s) of the Company or any of its Affiliates from January 1, 1987 through and including the Retirement Date, (ii) be payable in such manner and at such time(s) as it would have been paid under the SIPP II, pursuant to the Executive’s election thereunder, had the SIPP II continued in effect after the Effective Date, and (iii) include as necessary for purposes of calculating the Executive’s final average earnings under the SIPP II such compensation received by the Executive prior to the Effective Date (including prior to the commencement of the Chapter 11 Cases) and thereafter, further provided, however, that the Executive acknowledges and agrees that such final average earnings calculation excludes any cash long-term incentive plan payments made to the Executive after the filing of the Chapter 11 Cases and the payments set forth in Sectio...