Early Retirement Monthly Benefit definition

Early Retirement Monthly Benefit means a monthly amount equal to the Equivalent Actuarial Value of the Participant's Monthly Benefit (reflecting the commencement of benefits on the Participant's Early Retirement Date rather than his Normal Retirement Date).
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Early Retirement Monthly Benefit means a monthly amount equal ---------------------------------- to the Participant's Monthly Benefit at his Normal Retirement Date, reduced by .16666% (or the appropriate fraction thereof) for each month or portion thereof by which the Participant's Early Retirement Date precedes his Normal Retirement Date (2 percent annually). By way of illustration, if a Participant elects to receive his Plan benefit at age 55 rather than age 65, and his Monthly Benefit at his Normal Retirement Date is 5.83 percent of Compensation (70 percent annually), then his Early Retirement Monthly Benefit will be 4.1666 percent of Compensation (50 percent annually) ((70% - (2% times 10)/12).
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Examples of Early Retirement Monthly Benefit in a sentence

  • Upon a Participant's Early Retirement Date, the Bank shall pay the Early Retirement Monthly Benefit to him during the Payout Period.

  • Upon a Participant's Early Retirement Date, the Company shall pay the Early Retirement Monthly Benefit to him during the Payout Period.

  • You acknowledge and understand that (a) no benefit will be paid on an Early Retirement Date unless this written election is made, and (b) if benefits commence on an Early Retirement Date, your Early Retirement Monthly Benefit will be smaller than the Monthly Benefit you would have received had benefits commenced at your Normal Retirement Date, to reflect the earlier commencement of benefits.

  • If such Termination from Service occurs prior to when the Participant attains age 55, then upon attaining age 55, the Participant shall commence to receive his Early Retirement Monthly Benefit for the Payout Period.

  • If the Participant experiences a Termination from Service prior to the Normal Retirement Date but after attaining age 55, he shall immediately commence to receive his Early Retirement Monthly Benefit for the Payout Period.

  • SECTION D - Early Retirement Monthly Benefit - Same.SECTION E - Deferred Retirement Option Program (DROP) - Same.

  • If the Participant is a --------------------------------------------- Specified Employee at the time of his Termination of Employment, his Monthly Benefit or Early Retirement Monthly Benefit, as applicable, shall commence to be distributed on the first day of the month following the date which is six months after the date of the Participant's Termination of Employment.

Related to Early Retirement Monthly Benefit

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

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Early Retirement Age means the date that the Executive has attained age 55 and completed seven Years of Service.

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

  • Early Retirement Date means the Retirement, as defined below, of the Executive on a date which occurs prior to the Executive attaining sixty-two (62) years of age, but after the Executive has attained fifty-five (55) years of age.

  • 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.

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

  • Early Retirement means retirement, with consent of the Committee at the time of retirement, from active employment with the Company and any Subsidiary or Parent Corporation of the Company.

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

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

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

  • Retirement Age means the earlier to occur of:

  • Normal Retirement Age means the Executive's 65th birthday.

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

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

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • 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).

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Social Security Retirement Age means the age used as the retirement age under Section 216(l) of the Social Security Act, applied without regard to the age increase factor and as if the early retirement age under Section 216(l)(2) of such Act were 62.

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

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

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

  • 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;

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

  • 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.