Pension Credit. At such time as Executive becomes Chief Executive Officer of the Company, Executive shall be credited with sufficient prior years of service for purposes of determining Executive's benefit payable under the Company's supplemental pension and related benefit plans so that Executive would have 25 years of service if Executive remained employed by the Company until age 65.
Pension Credit. So long as the Executive has remained in the employ of the Company until the fifth anniversary of the Effective Date, he shall be eligible for pension benefits equal to the amount that he would have earned under the Company's Employee Retirement Plan and Supplemental Retirement Plan (and any successor plans), if the Executive's service had been determined as if he had been in the employ of the Company for a number of years equal to the sum of (i) his actual number of years of service with the Company and (ii) ten (such additional credit, the "Pension Credit"). Such Pension Credit shall be reduced by the amounts actually paid under such plans in accordance with their terms. The Company reserves the right to purchase annuities or such other vehicles as it may determine to fund the Pension Credit and/or to pay to the Executive, at the time of the Executive's retirement, death or Disability, a lump sum payment equal to the present value of the Pension Credit, determined using the interest rate prescribed by the Pension Benefit Guaranty Corporation for valuing immediate annuities for plans terminating in the month in which the Executive's retirement, death or Disability occurs.
Pension Credit. An Employee who has accrued 250 hours of sick leave at the time of retirement shall have all accrued sick leave hours applied to his/her credited service.
Pension Credit. All additional run hours for school bus drivers which are continuous during the school year shall be calculated into the base salary such that pension credit is provided, contingent upon approval of the pension bureau.
Pension Credit. Any player who receives payment for three or more regular season games during any year as a result of filing an injury grievance or settlement of a potential injury grievance will be credited with one year of Credited Service for the year in which injured under the Xxxx Xxxx/Xxxx Xxxxxxx NFL Player Retirement Plan as determined by the Retire- ment Board.
Pension Credit. The following rules shall apply in determining creditable service and compensation taken into account in determining covered compensation and average compensation for benefit accrual purposes under the defined benefit provisions of the Company’s non-qualified supplemental benefit plan (currently known as the A. T. Xxxxxx, Inc. Supplemental Benefit Plan). Multiple rules may apply depending on the circumstances, but no compensation shall be taken into account more than once. In each case, the annual salary paid pursuant to Section 3.1 (to the extent not otherwise taken into account) shall be considered compensation taken into account in determining covered compensation and average compensation when paid.
Pension Credit. In conformity with the provisions of the New York State Retirement System (to the extent permitted), the amount received as overtime compensation under the Article and all other regulations shall be regarded as salary or com- pensation for any purpose of any pension or retirement system.
Pension Credit. As of the Transition Date, the Executive shall receive an additional year of credit for service under the MEMC SEPP. The Executive's accrued benefit under the SEPP shall be payable as soon as practical after August 18, 2000, and shall be based on service credit including such additional year and on Average Total Earnings determined as of August 17, 1999. MEMC acknowledges that, as of the Transition Date, the combination of the Executive's age and years of service is at least 80, and therefore, the Executive will be eligible for the "Combo 80" early retirement income benefits under the MEMC Pension Plan in accordance with its terms.
Pension Credit. The Employer may exercise its authority to buy back an employee’s prior pensionable service on a case-by-case basis, with the agreement of the employee.
Pension Credit. Prior to the Closing, Seller shall have taken all steps necessary to cause all Company employees who, immediately prior to the Closing, were participants in either the JW Hourly Pension Plan or the Pension Plan for Salaried Employees of Xxxxxx Industries, Inc. Subsidiaries, Divisions and Affiliates (the “Salaried Pension Plan”) to receive an additional benefit accrual thereunder that assumes that pensionable services were rendered through December 31, 2003.
