Common use of Supplemental Retirement Benefit Clause in Contracts

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.

Appears in 7 contracts

Samples: Employment Agreement (Avondale Industries Inc), Employment Agreement (Avondale Industries Inc), Employment Agreement (Avondale Industries Inc)

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Supplemental Retirement Benefit. In addition to Upon the termination of the Executive's employment for any retirement or severance benefit to which reason after the Employee is entitled under the Pension Plandate of this Agreement, the Employee Executive shall receive in cash, an amount equivalent of a supplemental retirement benefit (the excess of (i) over (ii"SERP Benefit"), where (i) equals the aggregate computed as follows. The amount of the retirement pension SERP Benefit shall be such that the Executive's combined benefits from the Northern States Power Company Pension Plan (calculated as a straight life annuity payable to Employee on his normal retirement datethe "Pension Plan"), the Company's Deferred Compensation Plan (defined benefit portion) to which Employee and Excess Benefit Plan (such plans, together, the "Nonqualified Pension Plans"), and the SERP Benefit shall equal the benefit the Executive would have been entitled received under the terms of the Pension Plan and any other qualified or non-qualified defined benefit plan maintained the Nonqualified Pension Plans if he had completed 30 years of service; PROVIDED, however, that the SERP Benefit shall be reduced (but not below zero) by the Company and covering the Employeeexcess, 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 plansany, (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 annual retirement benefits of $151,296 he earned from Ameritech over the annual retirement benefit that the Pension Plan's actuaries reasonably estimate is equivalent to the Employeeaccumulated value, at the time the Executive's Date of Terminationpension benefit payments begin, 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 monthly benefit payments he would have received under the Pension Plan and such other plansthe Nonqualified Pension Plans prior to that time if monthly benefit payments had commenced at the end of the month following the month he attained age 60. For purposes of Clause (i) of this Paragraph (d), the amount payable pursuant to Paragraph (a) of this Appendix D, The SERP Benefit shall be deemed to represent paid in a lump sum at retirement. The amount of the Employee's earnings for the period of months equal to the Measuring Period, and for purposes of this Paragraph (d), "actuarial equivalent" lump sum shall be determined using the same methods interest rate for valuing immediate annuities used by the Pension Benefit Guaranty Corporation at January 1 of the year in which such payment is being made, or if no such rate has been established then the PBGC rate in effect for the previous December, and assumptions utilized under the mortality rates to be used shall be the mortality rates set forth in the Appendix to the Pension Plan immediately prior in effect at the time the payment is made. Notwithstanding the foregoing, if the date of the Executive's termination of employment is after July 1, 2000, the amount of the lump sum shall be computed as if the Executive's termination employment had occurred on July 1, 2000, and the actual SERP Benefit paid shall equal such amount, plus interest thereon during the period from July 1, 2000 through the date of actual payment, at a rate equal to the Date interest rate on long-term Treasury obligations in effect during such period. The SERP Benefit as described herein is a restatement of, and shall replace, the benefit provided for in Section 13 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 contextPrior Agreement.

Appears in 1 contract

Samples: Employment Agreement (Northern States Power Co /Mn/)

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Supplemental Retirement Benefit. In addition to any retirement or severance benefit You have been provided with a Supplemental Retirement Benefit pursuant to which you shall be entitled to receive a pension calculated in accordance with the Employee is entitled provisions of the Pension-Retirement Plan of The Pittston Company and Its Subsidiaries (the "Pittston Pension Plan") (except that the limitations set forth in Section 13.01(a) thereof and in the second paragraph of Section 13.07 thereof shall be disregarded) with full credit for determining your benefit accrual for the period of your employment with Freeport-McMoRan Inc., the Company or any of their respective Affiliates (as hereinafter defined) or predecessor companies. The amount of such Supplemental Retirement Benefit will be offset by the following: -- the amount of any benefit payable to you in respect to the Freeport-McMoRan Retirement Plan; -- the amount of any benefit payable to you 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 Pittston Pension Plan and any other qualified or non-qualified defined benefit pension plan maintained by of the Company 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 any general offset specifically set forth in the calculation Pittston Pension Plan (it being understood and agreed that any such offset shall be applied without duplication of any offset (whether in respect of the regular pension thereunder, (ySocial Security taxable wage base or otherwise) 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 taken into account in any manner the computation of retirement calculating benefits under such plans) and had accumulated an additional period Plan). For purposes of months of credited service after determining 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) birthdaynet Supplemental Retirement Benefit under this Section 3(c), and, where (ii) equals the Supplemental Retirement Benefit before offset and the amount of the retirement pension benefits which offset the Supplemental Retirement Benefit shall be calculated on an actuarially equivalent basis (calculated as a straight 1ife annuity payable to Employee on his normal retirement date),if anyi.e., to which Employee is entitled pursuant assuming the same frequency of payments (e.g., monthly), the same commencement date for payments, and to the provisions extent feasible the same form of annuity (e.g., single life annuity)). It is the intention of the parties that payments under this Section 3(c) shall be made to you (or your beneficiary) at such time and in such manner as provided for under the Pittston Pension Plan and such other plans. For purposes that the procedures, terms and provisions of Clause (i) of this Paragraph (d)that Plan, the amount payable pursuant to Paragraph (a) of this Appendix Dgenerally, shall be deemed applicable hereunder. The obligation of the Company under this Section 3(c) to represent provide a pension and the Employee's earnings obligations of the Company under Section 4 below shall continue in effect notwithstanding the termination (for any reason) of your employment with the period of months equal to the Measuring Period, Company 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 Terminationits Affiliates. All other terms As used in this Paragraph (d) Agreement, the term "affiliate" shall have the same meanings, respectively, meaning ascribed thereto in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934 as such terms have in effect on the Pension Plan, unless otherwise required by the contextdate of this Agreement.

Appears in 1 contract

Samples: Pittston Co

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