Common use of Pension Adjustment Clause in Contracts

Pension Adjustment. An amount equal to the excess of (a) the actuarial value of the benefits which the Executive would have accrued under the Employers' qualified defined benefit pension plan and non-qualified supplemental retirement plan if the Executive's employment had continued for a period of three years following his date of termination, over (b) the actuarial equivalent of the Executive's actual benefit under the defined benefit pension plan and the non-qualified supplemental retirement plan.

Pension Adjustment. An amount equal to the excess of (a) the actuarial value of the benefits which the Executive would have accrued under the Employers' qualified defined benefit pension plan and non-qualified supplemental retirement plan if the Executive's employment had continued for a period of three two years following his date of termination, over (b) the actuarial equivalent of the Executive's actual benefit under the defined benefit pension plan and the non-qualified supplemental retirement plan.