Separation from Service On or After Benefit Age Sample Clauses

Separation from Service On or After Benefit Age. I understand that if I retire on or after attainment of my Benefit Age, I shall be entitled to my Account Balance, calculated in accordance with all relevant provisions of the Plan. My Account Balance will be paid within 30 days after my retirement (unless I am a “Specified Employee” as defined in the Plan) in a Lump Sum payment unless I elect otherwise by checking the box below. X In lieu of a lump sum payment, I elect Annual Installments for 10 Years (not to exceed 10 years)
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Separation from Service On or After Benefit Age. If I retire on or after attainment of my Benefit Age (65), I shall be entitled to the Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant provisions of the Plan. Unless I elect otherwise below, my Supplemental Benefit will be paid in a Lump Sum. Alternatively, if I elect below, I will receive my Supplemental Benefit in the form checked in the applicable box below: x Annual Payments for 2 Years Certain (not to exceed twenty years) q ____% in a Lump Sum and ____% in Annual Payments for _____ Years Certain (not to exceed twenty years)
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Separation from Service On or After Benefit Age. If Executive has a Separation from Service on or after Benefit Age, Executive shall be entitled to the Yearly Benefit Amount specified in the Participation Agreement. The Yearly Benefit Amount shall commence on Executive’s Normal Benefit Date and shall be payable in the Normal Benefit Form, unless Executive has made a timely election to receive installment payments, in which case, the Executive’s election shall control.
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Separation from Service On or After Benefit Age. If Executive has a Separation from Service on or after Benefit Age, Executive shall be entitled to a Supplemental Benefit determined in the manner set forth herein. The Supplemental Benefit shall be determined as an Annuity Benefit equal to the Yearly Benefit Amount multiplied by the Prorate Fraction. The Supplemental Benefit shall commence on Executive's Normal Benefit Date and shall be payable in a Lump Sum, unless Executive has elected at the time of execution of the Participation Agreement to receive another form of benefit.
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Separation from Service On or After Benefit Age. I understand that if I retire on or after attainment of my Benefit Age, I shall be entitled to the Supplemental Benefit, calculated in accordance with Section 3.1 and all relevant provisions of the Plan. Unless I elect otherwise below, my Supplemental Benefit will be paid in a Lump Sum. Alternatively, I may elect to receive my Supplemental Benefit in installment payments payable for 15 years certain by checking the box below: ☐ Installment Benefit for 15 years certain
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Related to Separation from Service On or After Benefit Age

  • Separation from Service A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination also constitutes a “Separation from Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment,” “separation from service” or like terms shall mean Separation from Service.

  • Separation from Employment Employees who leave the District with a vacation balance shall have their vacation balance cashed out. If vacation is loaded on July 1st, the vacation balance shall be pro-rated prior to cash out.

  • Death After Separation from Service But Before Benefit Distributions Commence If the Executive is entitled to benefit distributions under this Agreement, but dies prior to the commencement of said benefit distributions, the Bank shall distribute to the Beneficiary the same benefits that the Executive was entitled to prior to death except that the benefit distributions shall commence within thirty (30) days following receipt by the Bank of the Executive’s death certificate.

  • Termination of Employment Due to Disability If the Executive’s employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the termination of the Executive’s employment and the Executive shall be entitled to the following:

  • 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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