Supplemental Retirement Benefit Sample Clauses
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").
Supplemental Retirement Benefit. The Trust shall continue a bookkeeping account for the Executive and shall credit such account each fiscal year beginning January 1, 2009 or later with a deemed contribution of $25,000. Such deemed contributions shall be credited as of January 1 of the applicable fiscal year and shall earn interest at the rate of 10 percent, compounded annually.
Supplemental Retirement Benefit. The Executive shall be entitled to the benefits described in this Section 2.k but only if, after March 31, 2002, he timely executes and does not revoke the Waiver and Release. The Executive will be entitled to, and fully vested in, a supplemental retirement benefit in an annual amount equal to the excess of (1) 60% of the Executive's Highest Average Earnings over (2) his total aggregate annual benefit under the Pension Plan and the Cinergy Corp. Excess Pension Plan, PROVIDED, HOWEVER, that the amount in clause (2) above shall be calculated based upon the assumption that the Executive elects to receive the distribution of his benefits under the Pension Plan and the Cinergy Corp. Excess Pension Plan in the form of a contingent pension option which provides a reduced pension to the Executive during his lifetime and an equal amount (i.e., the 100% option) to the Executive's Spouse during her lifetime if she survives the Executive; and PROVIDED FURTHER, HOWEVER, that the Executive's Spouse, if she survives the Executive, shall be entitled to receive a supplemental retirement benefit in an amount equal to the monthly amount received by the Executive, the payment of which shall commence upon the Executive's death and shall continue during the remaining portion of the Spouse's life. Notwithstanding the preceding sentence, the amount of the supplemental retirement benefit payable to the Executive shall be calculated without regard to the fact that the Spouse, if she survives the Executive, shall also be entitled to a benefit under this Section 2.k. All terms in this Section 2.k with initial capital letters that are not defined in this Agreement shall have the meaning given to such terms in the Employment Agreement. The benefits provided pursuant to this Section 2.k shall be provided to the Executive in accordance with the funding provisions of Article 12 of the Cinergy Corp. Supplemental Executive Retirement Plan ("SERP") and any trust that has been established in connection with the SERP (including the Master Trust for Cinergy Corp. Nonqualified Deferred Compensation Plans); PROVIDED, HOWEVER, that the benefit provided to the Executive pursuant to this Section 2.k shall be in lieu of any benefit provided to the Executive under the SERP and the Executive shall not be entitled to any benefit under that plan.
Supplemental Retirement Benefit. In the event the Executive is ------------------------------- entitled to receive the Severance Amount described in Section 7(c)(i), the Executive (and, to the extent applicable, his dependents) shall be entitled to receive a supplemental retirement benefit payable pursuant to a deferred annuity contract issued by a solvent insurer mutually acceptable to the Company and the Executive and purchased by the Company and delivered to the Executive within 60 days after the Date of Termination. Such annuity contract shall provide for monthly payments on and after the Executive's 65th birthday and 100% survivor benefits to the Executive's spouse for such individual's lifetime in the event of the Executive's death prior to or after age 65. The monthly benefits to be provided by the annuity shall be determined as follows:
Supplemental Retirement Benefit. In addition to any retirement or severance benefit to which the Employee is entitled under the Pension Plan, the Employee shall receive in cash, an amount equivalent of the excess of (i) over (ii), where (i) equals the aggregate amount of the retirement pension (calculated as a straight life annuity payable to Employee on his normal retirement date) to which Employee would have been entitled under the terms of the Pension Plan and any other qualified or non-qualified defined benefit plan maintained by the Company and covering the Employee, if Employee were fully vested thereunder (without regard to (w) whether the Employee shall actually have completed the number of years of credited service required to qualify for full vesting under such plans, (x) any limitation on the amount of compensation used in the calculation of the regular pension thereunder, (y) any offset thereunder for severance allowances payable hereunder or (z) any amendment to such plans made prior to the Employee's Date of Termination, which amendment adversely affects in any manner the computation of retirement benefits under such plans) and had accumulated an additional period of months of credited service after the Date of Termination equal to the Measuring Period (but in no event shall Employee be deemed to have accumulated an additional period of credited service subsequent to Employee's sixty-fifth (65th) birthday), and, where (ii) equals the amount of the retirement pension (calculated as a straight 1ife annuity payable to Employee on his normal retirement date),if any, to which Employee is entitled pursuant to the provisions of the Pension Plan and such other plans. For purposes of Clause (i) of this Paragraph (d), the amount payable pursuant to Paragraph (a) of this Appendix D, shall be deemed to represent the Employee's earnings for the period of months equal to the Measuring Period, and for purposes of this Paragraph (d), "actuarial equivalent" shall be determined using the same methods and assumptions utilized under the Pension Plan immediately prior to the Date of Termination. All other terms used in this Paragraph (d) shall have the same meanings, respectively, as such terms have in the Pension Plan, unless otherwise required by the context.
Supplemental Retirement Benefit. During the Employment Term, Executive will be eligible to participate in the Key Executive Pension Plan.
Supplemental Retirement Benefit. Since certain limitations are placed on the amount of benefits receivable by participants under certain of the Company's Retirement Plans and disability plans and amounts contributed by the Company to certain Defined Contribution Plans by the Code, the Company shall provide Executive and his beneficiaries with restorative benefits equal to the benefits lost under those plans as a result of these limitations. Payments of such supplemental benefits shall be made to Executive or his beneficiaries in a manner consistent with the elections available under the plans providing such supplemental benefits.
Supplemental Retirement Benefit. Beginning with your hire date, on the first day of each month that you are still providing services under the terms of this Agreement, the Company shall accrue for your benefit a supplemental retirement benefit in an amount necessary to ensure that, when 100% vested, the amount accrued would be sufficient to support monthly payments equal to twenty percent (20%) of your average base salary for the previous three (3) years of continuous employment with the Company. Following your termination of employment, these monthly payments (the “Supplemental Retirement Benefit”) are to be paid to you or, upon your death, to your beneficiary or beneficiaries designated by you in writing to the Company, or, if none is so designated, to your estate (“Beneficiary”), in equal monthly installments over a ten (10) year period beginning at such times as are set forth in this Agreement. The Supplemental Retirement Benefit will vest in each case assuming you are then employed by the Company, as follows: as of March 8, 2008 it shall be vested to the extent of 20%, as of March 8, 2009 it shall be vested to the extent of 40%, as of March 8, 2010 it shall be vested to the extent of 60%, as of March 8, 2011 it shall be vested to the extent of 80%, and as of March 8, 2012 it shall be vested to the extent of 100% so that as of March 8, 2012 the full amount of the Aggregate Supplemental Retirement Benefit shall be due and payable in the instances set forth elsewhere in this Agreement.
Supplemental Retirement Benefit. If the Executive has a Termination of Employment for any reason other than Cause, the Executive shall receive a supplemental retirement benefit, as follows:
Supplemental Retirement Benefit. The Executive shall continue to participate in Employer’s Amended and Restated Supplemental Executive Retirement Plan, as amended from time to time (the “SERP Program”).