Eligible Retirement Age definition

Eligible Retirement Age means the age of a Director when he or she has both attained age 65 and has completed ten (10) Years of Service on the Board. For purposes of determining if a Director has attained Eligible Retirement Age, a Director’s Years of Service prior to the adoption of the Plan shall be credited towards the Director’s ten (10) Years of Service.
Sample 1

Examples of Eligible Retirement Age in a sentence

  • The Early Retirement Benefit shall be the Normal Retirement Benefit for such trustee based upon such trustee's Years of Service at the time of such trustee's termination of service reduced by 3% for each year prior to the Eligible Retirement Age.

  • The Eligible Retirement Age shall be upon attaining the age of 60.

  • A trustee may elect to continue to serve as a trustee beyond the Eligible Retirement Age to a Mandatory Retirement Age of December 31st in the year such trustee reaches the age of 72; provided, however, that the Mandatory Retirement Age shall be the later of the Mandatory Retirement Age as set forth herein or as set forth in the by-laws of the Fund as may be amended from time to time.

  • A trustee may elect to continue to serve as a trustee beyond the Eligible Retirement Age to a Mandatory Retirement Age of December 31st in the year such trustee reaches the age of 72; provided, however, that for an Effective Date Trustee who was 67 years of age or more on the Effective Date of the Plan, the Mandatory Retirement Age shall be December 31 of the year in which such trustee attains the age of 75.

  • An Eligible Trustee who becomes disabled, as defined herein, prior to reaching the Eligible Retirement Age is not subject to the Early Retirement Benefit provision in section 3.3 but is instead eligible to receive the lesser of the Normal Retirement Benefit or Capped Retirement Benefit calculated as described in Section 3 using the Disability date as the date of such trustee's termination of service.

  • An Eligible Trustee who becomes Disabled prior to reaching the Eligible Retirement Age is not subject to the Early Retirement Benefit provision in section 3.3 but is instead eligible to receive the lesser of the Normal Retirement Benefit or Capped Retirement Benefit calculated as described in Section 3 using the Disability date as the date of such trustee's termination of service.

  • If the Director elects to receive the Annual Retirement Benefit at the time of the Change in Control rather than at their Eligible Retirement Age, the lump sum value will be calculated by applying the Discount Rate to the Annual Retirement Benefit, and for these purposes, treating the Participants as if the they are age 65 at the effective date of the Change in Control.

  • At the election of a Director, made on the form attached hereto as Exhibit A, the Director may receive the Annual Retirement Benefit commencing on the effective date of the Change in Control or at the Director's Eligible Retirement Age (for these purposes, age 65), if later.

  • A Director who retires after the Director's Eligible Retirement Age shall be fully vested in his or her Annual Retirement Benefit, payable in accordance with Section 2.03(a) herein.

  • No mathematical warping or transformations are involved in the proposed method.

Related to Eligible Retirement Age

  • Eligible Retirement Plan means an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, that accepts the Distributee's Eligible Rollover Distribution. However, in the case of an Eligible Rollover Distribution to the surviving Spouse, an Eligible Retirement Plan is an individual retirement account or individual retirement annuity.

  • Eligible Retiree means a retired employee of the GROUP who is receiving retirement benefits from GROUP and is entitled to Medicare part A and enrolled in Medicare part B. If this Agreement includes Group Plan 65, an Eligible Retiree who selects Group Plan 65 shall be eligible as an individual. Such Eligible Retiree shall not be deemed to have any dependents who can select Group Plan 65.

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

  • Retirement Age means the earlier to occur of:

  • 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.

  • Late Retirement Date means the first day of the month coinciding with or next following a Participant's actual Retirement Date after having reached his Normal Retirement Date.

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

  • 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.

  • 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.

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

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

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

  • 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.

  • 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.

  • 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).

  • Disability retirement for plan 1 members, means the period

  • Approved Retirement means any voluntary termination of employment that occurs on or after the date on which the sum of your age and years of employment with Deluxe and/or its Affiliates equals at least seventy-five (75) and that is approved by the Compensation Committee of the Board.

  • Retired Participant means a person who has been a Participant, but who has become entitled to retirement benefits under the Plan.

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

  • 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.

  • Inactive Participant means each Participant (other than a Retired Participant, Deceased Participant or Disabled Participant) who is not in active service as an Outside Director and is not actively employed by a Participating Company.

  • 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)).

  • Disabled Participant with respect to a loan if it has no right to exercise any voting or other control rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).

  • Qualified Participant means any Participant or Former Participant who has completed ten (10) Years of Service as a Participant and has attained age 55.

  • Terminated Participant means a person who has been a Participant, but whose employment has been terminated other than by death, Total and Permanent Disability or retirement.

  • 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.