Primary Normal Retirement Benefit Clause Samples
Primary Normal Retirement Benefit. Commencing on the first day of the month following the Director's Termination of Service after his Normal Retirement Date, the Company shall pay a Primary Normal Retirement Benefit to the Director which is equal to the Director's Retirement Account balance as of the Plan Anniversary Date immediately preceding the Director's Termination of Service (without adjustment for interest or earnings during the payment period). The Primary Normal Retirement Benefit shall be paid in thirteen (13) equal annual installments.
Primary Normal Retirement Benefit. Commencing on the Executive's Normal Retirement Date, the Company shall pay a Primary Normal Retirement Benefit to the Executive which is equal to the Executive's Retirement Account balance as of the Plan Year ending immediately preceding the Executive's Termination of Employment multiplied by the Vesting Percentage. The Primary Normal Retirement Benefit shall be paid over fifteen (15) years in one hundred eighty (180) equal monthly installments (without adjustment for interest earnings during the payment period), commencing on the first day of the month following the Executive's Normal Retirement Age.