Retirement Benefit Sample Clauses
Retirement Benefit. The annual retirement benefit amount payable by the Company under this Agreement shall equal seventy-five percent (75%) of the Executive’s Earnings less (a) the hypothetical value of the annual amount of a single life annuity for the life of the Executive determined as if the accrual of benefits under the Tompkins Financial Corporation Retirement Plan had not been frozen, based upon the Executive’s relevant age, service, and compensation as in effect at the time such determination of value is made, and using the benefit formula in the Tompkins Financial Corporation Retirement Plan as of the date the accrual of further benefits under the Tompkins Financial Corporation Retirement Plan was frozen, and (b) the annual amount of the Executive’s Social Security benefits (with the amounts in subsections (a) and (b) based upon the Committee’s good faith estimate of the amounts of such benefits); provided, however, that the annual retirement benefit shall be reduced by five percent (5%) for each year that the Executive’s years of service under this Agreement are less than twenty (20) years (the “Years of Service Reduction”). The monthly retirement benefit payable by the Company to the Executive shall equal one-twelfth (1/12) of such annual retirement benefit. In the event the Executive’s Retirement Date under Section 2.2 occurs prior to the Executive attaining the age of sixty-five (65), the annual retirement benefit otherwise determined hereunder shall be further reduced by five percent (5%) for each year of age by which the Executive’s attained age at his Retirement Date is less than sixty-five (65) years (the “Early Retirement Reduction”). For clarity, when this Agreement states that an Executive is “deemed Vested,” such does not alter the Years of Service Reduction or the Early Retirement Reduction, and is only intended to confirm that the Executive is eligible for the benefit hereunder.The monthly benefit payable as a single life annuity shall be payable by the Company on the first day of each calendar month beginning with the Executive’s Retirement Date through and including the month of the Executive’s death. In the event the Executive is determined to be a “specified employee”, as such term is defined in Treasury Regulations §1.409A-1(i), then any monthly benefit otherwise payable on or before the date which is six (6) months after the Executive’s termination of employment date shall be delayed until the earlier of the Executive’s date of death or the date w...
Retirement Benefit. If the Executive Retires on or after December 31, 2012, the Bank shall pay the Executive an annual retirement benefit equal to Fifty Thousand Dollars and No/100 ($50,000.00), in equal monthly installments (1/12 of the annual benefit), for a period of one hundred and eighty (180) months, commencing with the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control.
Retirement Benefit. Subject to the general limitations of Article 6, upon the Director's Normal Retirement Date, the Company shall pay to the Director the primary and secondary benefits described in Sections 3.1.1 and 3.1.2. Unless otherwise provided in this Agreement, no benefits shall be paid to the Director if a Termination of Service of the Director occurs before his Normal Retirement Date.
Retirement Benefit. Upon attainment of the Retirement Date, the Bank shall pay the Executive an annual benefit equal to ($ ). Said benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the death of the Executive. Said payment shall be made the first day of the month following the date of such Separation from Service.
Retirement Benefit. If the Executive is in service with the Bank until reaching his Normal Retirement Age, the Executive shall be entitled to the Supplemental Retirement Benefit. Such benefit shall commence on the Executive's Benefit Eligibility Date and shall be payable in monthly installments throughout the Payout Period. In the event the Executive dies at any time after attaining his Normal Retirement Age, but prior to completion of all such payments due and owing hereunder, the Bank shall pay to the Executive's Beneficiary a continuation of the monthly installments for the remainder of the Payout Period.
Retirement Benefit. Subject to the Deduction Limitation, a Participant who Retires shall receive, as a Retirement Benefit, his or her Account Balance.
Retirement Benefit. Upon retirement or other termination from employment on or after attaining his retirement date as defined within the Retirement Plan, or upon his earlier termination from employment, the Bank will pay to the Officer supplemental retirement benefits (the aggregate total of which shall be equal to the then vested value, as defined in Section 4. of this Agreement, of all amounts in the Officer’s Deferred Compensation Account on the Officer’s date of retirement or other termination from employment). Such benefit will be paid in any one of the following modes, as determined in the sole discretion of the Bank: (i) a single lump sum payment; (ii) installments for the life of the Officer or on a joint and survivor basis, based on life expectancy; or (iii) monthly installments over a period of five, ten or fifteen years. If the Officer shall die prior to having received the total of installment payments specified in clause (iii), above, the unpaid balance of such installments will continue to be paid in monthly installments for the unexpired portion of the specified installment period, to a designated beneficiary or contingent beneficiary, as the case may be, designated by the Officer under Section 7. of this Agreement; provided, however, that in the sole discretion of the Bank, the unpaid balance of such installments may be paid in a single lump sum payment to the designated beneficiary or contingent beneficiary, as the case may be.
Retirement Benefit. Blau shall be entitled to the benefits provided under Griffon's Supplemental Executive Retirement Plan (the "SERP"); provided, however, that if Griffon fails to maintain the SERP, Blau's retirement benefit shall be determined as if the SERP had remained in effect until termination of his employment with Griffon by retirement. These benefits are in addition to the benefits provided under this Agreement, and no modification, amendment or termination of this Agreement shall affect Blau's rights under the SERP as in effect on the date hereof or, if more favorable to Blau, as in effect at any time thereafter.
Retirement Benefit. During the Employment Period, the Executive shall participate in Enterprise's Pension Plan, and also in Enterprise's Limited Supplemental Benefits Plan, Mid-Career Hire Plan, Reinstatement Plan and such other supplemental executive retirement plans as may be adopted and amended by Enterprise from time to time ("SERPs"), such that the aggregate value of the retirement benefits that he and his beneficiaries will receive under all pension benefit plans of the Company (whether qualified or not) will not be less than the benefits he would have received had he continued to participate in such plans, as in effect immediately before the date hereof through the earlier of the end of the Employment Period or Retirement. It is agreed that the Option Award and any dividends or other distributions in respect of the Option Award shall not be included in any pension calculation. The Executive's right to retire shall be governed by the Enterprise Pension Plan ("Retirement").
Retirement Benefit. The annual benefit provided in Section 3.1.