ASERP Benefit(s definition

ASERP Benefit(s means the Normal Retirement Benefit or Reduced Normal Retirement due an ASERP Participant or Surviving Spouse, as a result of termination of employment of an ASERP Participant with a Vested Benefit, or an Eligible Employee’s Disability or death while employed by an Alcon Affiliated Company or upon a Change of Control.
Sample 1

Examples of ASERP Benefit(s in a sentence

  • If the Participant violates the Covenant Not To Compete set forth herein, he or she shall forfeit all ASERP Benefits.

  • Any applicable percentage adjustment shall commence not earlier than the January payment immediately following the commencement of ASERP Benefits.

  • Unless a lump sum payment is chosen pursuant to subparagraph 3.04(b), ASERP Benefits shall be paid to the ASERP Participant each year in equal semi-monthly installments until and including the month in which such ASERP Participant shall die.

  • If an Eligible Employee suffers a Disability while employed by an Alcon Affiliated Company, ASERP Benefits shall begin (A) when the ASERP Participant attains Normal Retirement Age, or (B) if earlier, when benefits payable under an Alcon Affiliated Company’s long term disability plan or program cease.

  • Each ASERP Participant, when first eligible, may file with the ASERP Committee a written election to designate the form of his ASERP Benefits within 30 days of the date on which the ASERP Participant is first eligible to accrue benefits under this Plan or under any Similar Arrangement maintained by the Company or any Affiliate.

  • ASERP Benefits paid before Normal Retirement Age shall be subject to the Applicable Penalty Percentage.

  • Following a termination of the ASERP, the Participants’ ASERP Benefits shall remain in the ASERP and shall not be distributed until such Benefits become eligible for distribution in accordance with the other applicable provisions of the ASERP.

  • Such an election shall become irrevocable no later than the date that is 12 months prior to the date for payment of ASERP Benefits that would otherwise have been applicable to the such Benefits.

  • An ASERP Participant who is receiving benefits under an Alcon Affiliated Company’s long term disability plan or program at Normal Retirement Age will have his ASERP Benefits reduced dollar-for-dollar by such long term disability benefits.

  • The election must be made at least 12 months prior to the date for payment of ASERP Benefits that would otherwise have been applicable to such Benefits.For purposes of applying the provisions of this subparagraph 3.04(b), a Participant’s election to change the form of payment for the ASERP Benefit shall not be considered to be made until the date on which the election becomes irrevocable.

Related to ASERP Benefit(s

  • Employment benefits means all benefits provided or made

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Change in Control Benefits means the following benefits:

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Medical Benefits means the monthly fair market value of benefits provided to the Employee and the Employee’s dependents under the major medical, dental and vision benefit plans sponsored and maintained by the Company, at the level of coverage in effect for such persons immediately prior to the Employee’s termination of employment date. The “monthly fair market value” of such benefits shall be equal to the monthly cost as if such persons elected COBRA continuation coverage at such time at their own expense.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Covered benefits or “benefits” means those health care services to which a covered person is entitled under the terms of a health benefit plan.

  • Disability benefits means any cash payments which are payable to a covered individual for all or part of a period of disability pursuant to P.L.1948, c.110 (C.43:21-25 et al.).

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Termination Benefit means the benefit set forth in Article 7.

  • superannuation benefits means pensions, gratuities and other allowances payable on resignation, retirement or death;

  • Additional Benefits means those benefits in addition to the rights and remedies available under the Australian Consumer Law.