Deferred Vested Retirement Pension definition

Deferred Vested Retirement Pension means a Pension earned by a Terminated Participant who was under the age of 55 at the time of his Termination but who had completed at least seven and one-half (7 ½) years of Credited Service prior to his Termination.
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Examples of Deferred Vested Retirement Pension in a sentence

  • The Accrued Benefit of each Active Participant who would not otherwise have been entitled to a Deferred Vested Retirement Pension had he Terminated the day prior to the termination of the Plan shall, as a result of the termination of the Plan, be so entitled.

  • Each Participant who has completed the required years of Credited Service at the time of his Termination and who is not eligible for a Normal Retirement Pension or an Early Retirement Pension shall be eligible for a Deferred Vested Retirement Pension.

  • The amount of the Deferred Vested Retirement Pension shall be the greater of the Pension described in paragraph (a) or the Pension described in paragraph (b).

  • If you are Vested and you cease to be an Active Participant for reasons other than Normal Retirement, Disability Retirement, Early Retirement or death, you will be entitled to a Deferred Vested Retirement Pension once your reach your Normal Retirement Date.

  • Notwithstanding the provisions of Article VII, the Deferred Vested Retirement Pension shall not be less than the Deferred Life Annuity prescribed by the Pension Benefits Act, of Ontario, and the same guarantee of pension payments shall apply in respect of such Deferred Life Annuity, as if he retired under Article III, Normal Retirement.

  • If a Participant who has a Qualified Spouse dies before his pension payments start but after he becomes entitled to a Deferred Vested Retirement Pension, a Pre-Retirement Qualified Spouse Pension shall be paid to his Qualified Spouse.

  • As used in this paragraph (a), “Automatic Option” means for a Participant who is married on his Annuity Starting Date an annuity for the life of a Participant and a 50% survivor annuity for the life of his Spouse which, together, equal the Actuarial Equivalent of the Participant’s Normal Retirement Pension, Early Retirement Pension, Late Retirement Pension, Disability Retirement Pension or Deferred Vested Retirement Pension, whichever is applicable.

  • Effective October 1, 2004, any Participant who is eligible to receive a Deferred Vested Retirement Pension which has a single sum present value that does not exceed $50,000 as of October 1, 2004, shall be permitted to elect to receive his Deferred Vested Retirement Pension in the form of an immediate lump sum distribution in complete satisfaction of the Plan’s obligations under Article V of the Plan.

  • For purposes of 4.3, the required years of Credited Service shall be seven andone-half (7 ½) except in the case of a County-to-City Transfer Employee, in which case the required years of Credited Service shall be that number of years required to earn a deferred vested benefit under the City of Memphis Retirement System, regardless of the number of years of Credited Service such Employee had earned prior to such transfer.3 4.4 Deferred Vested Retirement Pension-- Table DVRP.

  • A Participant who is eligible for a Deferred Vested Retirement Pension shall receive a monthly benefit payable in the form of a Single Life Annuity and in an amount equal to his Accrued Benefit computed as of his Termination of Employment.

Related to Deferred Vested Retirement Pension

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Postponed Retirement Date means the first day of the month coincident with or next following a Participant’s date of actual retirement which occurs after his Normal Retirement Date.

  • Qualified Retirement means the Participant’s voluntary termination of Service after reaching age 65 and completing 10 years of service with the Company, its Subsidiaries or predecessors.

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: Age at Voluntary Termination Number of Years of Advance Notice 58 or younger 59 60 or older 3 years 2 years 1 year By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • 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.

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

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

  • Disability retirement for plan 1 members, means the period

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Earliest Retirement Age means the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Severance from Service Date means the earlier of:

  • war disablement pension means any retired pay or pension or allowance payable in respect of disablement under an instrument specified in section 639(2) of the Income Tax (Earnings and Pensions) Act 2003;

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.