Pension Benefits for Ordinary Disability Pensioners (Non-MERS Sample Clauses

Pension Benefits for Ordinary Disability Pensioners (Non-MERS. The monthly disability benefit payable to these pensioners shall be equal to fifty percent (50%) of the employee’s average monthly salary over any period of three (3) consecutive years which produces the highest average monthly rate as of the employee’s retirement date and calculated as set forth in the second paragraph of Section 3(C)(i) of this Article. The disability benefit shall be payable monthly until the earlier of (a) the disability ends or (b) the retiree reaches what would have been his normal retirement date (i.e. completion of 20 years of service). If the disability benefit ends because the retiree reaches what would have been his normal retirement date, then the disability pension will be converted to a normal service retirement pension in which case that normal service retirement pension shall be calculated as though the retiree had worked during the period of his disability pension. For purposes of clarity, he would receive creditable service for the time he was receiving disability pension benefits and his annual salary will be based on what other employees holding a comparable position in the Department were earning at the time of his 20th year anniversary. For example: At the time of ordinary disability retirement, the employee’s highest average annual salary based upon any three (3) consecutive years of salary is $ 48,000.00. The annual disability pension amount is $24,000.00 and the monthly disability pension amount is $2,000.00. The actuary’s normal annuity valuation of the employee’s 401(a) Plan is determined to be $200.00 per month. The monthly accidental disability payment would be reduced by $200.00 per month. The retiree would receive $1,800.00 per month from the disability pension plan (until such time as the employee reaches his normal retirement date) and would be able to draw $200.00 from the 401(a) Plan to produce the total fifty percent (50%) ordinary disability pension. Once the retiree reaches his normal retirement date, he would then begin taking distributions exclusively from the 401(a) Plan.
Sample 1
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Related to Pension Benefits for Ordinary Disability Pensioners (Non-MERS

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • 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:

  • Long Term Disability Benefits A benefit level of seventy percent (70%) of monthly earnings shall apply. Benefits would commence after a waiting period of seventeen (17) weeks, when Short Term Disability Benefits terminate. Terms of the Master Policy with the Insurance Company shall apply. Statement of Intent In order to go on LTD, the person must:

  • 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.

  • 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.

  • Life Insurance Upon Retirement 32.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00 payable to his estate upon his death.

  • 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.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • 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, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

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