Termination of Employment Before Retirement Sample Clauses

Termination of Employment Before Retirement. If you have less than two (2) years of credited service, no benefits are payable; if you have two (2) or more years of credited service, you will be entitled to a pension at age 65, based on your credited service. If you are below age 65 at the time of termination of your employment, you may elect to have your pension cancelled, and in lieu thereof to transfer the value of that pension to: • Your new employer’s pension plan, provided that plan is willing to accept such a transfer; or • A “lock-in” RRSP (“locked-in” means that it cannot be cashed out and must be used to provide a lifetime pension); or • To purchase an immediate or deferred lifetime annuity. Under certain very limited circumstances prescribed under the Federal pension laws, in the case of small pensions, the Plan will pay you a cash settlement of the full value of your pension credits, in lieu of a deferred pension, and in full settlement of your rights under the Plan. Currently (for terminations in 1991), pensions of less than $50.83 per month will be paid out in cash. When the pension exceeds the above limit for cash settlements, but its value remains below another prescribed limit (currently $3,050), the Company may require that you transfer the value of your pension to one of the arrangement described above, in full settlement of your rights under the Plan. If your employment is terminated and you subsequently rejoin the Plan at some later date, you will be treated as a new member for all purposes for the Plan and your prior and new periods of service will not be combined for purposes of determining eligibility for membership or benefits, or for calculating amounts of benefits.
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Termination of Employment Before Retirement. If you terminate employment after July 1, 2011, you will be immediately entitled to a pension at age 65. If you are below age 55 at the time of termination of your employment, you may elect to have your pension cancelled, and in lieu thereof to transfer the value of that pension to: - your new Company's pension plan, provided that plan is willing to accept such a transfer; or - a "locked-in" RRSP ("locked-in" means that it cannot be cashed out and must be used to provide a lifetime pension); or - to purchase an immediate or deferred lifetime annuity. Under certain very limited circumstances prescribed under the Federal pension laws, in the case of small pensions, the Plan will pay you a cash settlement of the full value of your pension credits, in lieu of a deferred pension, and in full settlement of your rights under the Plan. If the value of your pension is less than 20% of the YMPE in the year of termination, it will be paid out in cash. If your employment is terminated and you subsequently rejoin the Plan at some later date, you will be treated as a new member for all purposes of the Plan and your prior and new periods of service will not be combined for purposes of determining eligibility for membership or benefits, or for calculating amounts of benefits.
Termination of Employment Before Retirement. If Employee terminates employment with the Company prior to Retirement for any reason other than Employee's death (including, for example, as a result of Employee's long term disability), the balance in Employee's Account as of the last day of the month following the month in which such termination of employment occurs (the "Payment Date") shall be paid to Employee on or around the Payment Date in a single cash payment. For purposes of this subparagraph, the Account shall be adjusted for earnings from the date of the last adjustment under paragraph 4(b) above through the Payment Date, using for such purpose the adjustment rate that was in effect under paragraph 4(b) for the immediately preceding semi-annual adjustment period. Notwithstanding the foregoing, if Employee's employment is terminated other than due to the Employee's voluntary resignation or termination by the Company for "cause" (as determined by the Company in its reasonable discretion consistent with Company policies), any portion of Employee's Account attributable to deferral elections made under the Prior Grace Plan for 1989 or prior periods shall be paid in accordance with the method previously elected under the Prior Grace Plan.
Termination of Employment Before Retirement. If you have less than 2 years of credited service, no benefits are payable. If you have 2 or more years of credited service, you will be entitled to a pension at age based on your credited service. If you are below age at the of termination of your employment, you may elect to have your pension cancelled, and in lieu thereof to transfer the value of that pension to: your new employer’s pension plan, provided that plan is willing to accept such a transfer; or a “locked-in” (“locked-in” means that it cannot be cashed out and must be used to provide a lifetime pension); or to purchase an immediate or deferred lifetime annuity. Under certain very limited circumstances prescribed under the Federal pension laws, in the case of small pensions, the Plan will pay you a cash settlement of the full value of your pension credits, in lieu of a deferred pension, and in full settlement of your rights under the Plan. Currently (for terminations in pensions of less than per month will be paid out in cash. Where the pension exceeds the above limit for cash settlements, but its value remains below another prescribed limit (currently the Company may require that you transfer the value of your pension to one of the arrangements described above, in full settlement of your rights under the Plan, If your employment is terminated and you subsequently rejoin the Plan at some later date, you will be treated as a new member for all purposes of the Plan and your prior and new periods of service will not be combined for purposes of determining eligibility for membership or benefits, or for calculating amounts of benefits. Total Disability If you become totally and permanently disabled prior to your normal retirement date, you will continue to accrue credited service while you are receiving benefits from a disability plan provided by the Company. When such disability benefits cease, you will be deemed to be terminated and your pension entitlements, if any, will be determined at that time.

Related to Termination of Employment Before Retirement

  • Termination of Employment Executive's employment hereunder may be terminated under the following circumstances:

  • Voluntary Termination of Employment If during the Employment Term, Executive terminates his employment under circumstances other than those specified elsewhere in this Section 8, Executive shall be entitled to the payments and benefits specified in Section 8(a).

  • Termination of Employment; Change in Control (i) For purposes of the grant hereunder, any transfer of employment by the Optionee among the Corporation and the Subsidiaries shall not be considered a termination of employment. If the Optionee's employment with the Corporation is terminated for Cause (as defined in the last Section hereof), the Option, whether or not then vested, shall be automatically terminated as of the date of such termination of employment. If the Optionee's employment with the Corporation shall terminate other than by reason of Retirement (as defined in the last Section hereof), Disability (as defined in the last Section hereof), death or Cause, the Option (to the extent then vested) may be exercised at any time within ninety (90) days after such termination (but not beyond the Term of the Option). The Option, to the extent not then vested, shall immediately expire upon such termination. If the Optionee dies or becomes Disabled (A) while employed by the Corporation or (B) within 90 days after the termination of his or her employment other than for Cause or Retirement, the Option (to the extent then vested) may be exercised at any time within one year after the Optionee's death or Disability (but not beyond the Term of the Option). The Option, to the extent not then vested, shall immediately expire upon such death or disability. If the Optionee's employment terminates by reason of Retirement, the Option shall (A) become fully and immediately vested and exercisable and (B) remain exercisable for three years from the date of such Retirement (but not beyond the Term of the Option).

  • Involuntary Termination of Employment If the Executive exercises his withdrawal rights pursuant to Subsection 2.2, and the Executive's employment with the Bank is involuntarily terminated for any reason including termination due to disability of the Executive, but excluding termination for Cause, or termination following a Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be required to record a final Phantom Contribution in an amount equal to: (i) the full Phantom Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Phantom Contributions.

  • Qualifying Termination of Employment A “Qualifying Termination of Employment” shall mean a termination of Executive’s employment during the Protected Period either (a) by the Company other than for Cause or (b) by Executive for a Good Reason. The Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Termination of Employment Period The employment of the Employee by the Company pursuant to this Agreement shall terminate upon the occurrence of any of the following:

  • Termination of Employment Change of Control (a) In the event of the Participant’s death prior to the termination of his Continuous Service, any unvested Stock Units shall immediately vest and the underlying Unit Shares shall be immediately delivered to the Participant’s beneficiary or beneficiaries.

  • Other Termination of Employment In the event of your voluntary termination (other than a Retirement subject to Section 2(c) or a Qualifying Termination subject to Section 2(f)), or termination by the Company or a subsidiary of the Company for misconduct or other conduct deemed by the Company to be detrimental to the interests of the Company or a subsidiary of the Company, you shall forfeit all unvested RSUs on the date of termination.

  • Termination of Employment Severance Your immediate supervisor or the Company's Board of Directors may terminate your employment, with or without cause, at any time by giving you written notice of your termination, such termination of employment to be effective on the date specified in the notice. You also may terminate your employment with the Company at any time. The effective date of termination (the "Effective Date") shall be the last day of your employment with the Company, as specified in a notice by you, or if you are terminated by the Company, the date that is specified by the Company in its notice to you. The following subsections set forth your rights to severance in the event of the termination of your employment in certain circumstances by either the Company or you. Section 5 also sets forth certain restrictions on your activities if your employment with the Company is terminated, whether by the Company or you. That section shall survive any termination of this Agreement or your employment with the Company.

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