Examples of EOSP in a sentence
This position is eligible for participation in the Elected Officer Supplemental Program (EOSP).
The EOSP is a non-qualified defined benefit pension plan that substantially augments IR’s qualified pension plan and, as its name denotes, is reserved for elected officers of the company.
Amounts reported in this column reflect the aggregate increase in the actuarial present value of the benefits under the qualified Ingersoll Rand Pension Plan Number One (the “Pension Plan”), Supplemental Pension Plan I, Supplemental Pension Plan II (together with Supplemental Pension Plan I, the “Supplemental Pension Plans”), KMP and EOSP, as applicable.
In no case will the number of years of service credit exceed what is allowable under the EOSP (which is 35 years of service credit).
Service credits earned under the Ingersoll Rand EOSP will transfer to the New Security SERP (you will be provided with a statement documenting this service credit transfer within 30 days after accepting this offer).
In addition, in the event of a Change-in-Control (“CIC”) after New Security has been formally established and you were to experience a loss of job within two years after the CIC (in accordance with the CIC Plan), an additional two years of age and service credit will be added to your EOSP calculation.
You are currently fully vested in the Elected Officer Supplemental Program (EOSP).
Further, as an Officer of the Company, you will be nominated for membership in the company's Elected Officer Supplemental (Pension) Plan, under the terms and conditions of that Plan, except as modified below: The Elected Officer Supplemental Plan (EOSP) provides retirement benefits at normal retirement age, which for Officers is 62, based on a percentage of your defined final earnings (final salary plus the average of the highest five of your last six bonuses).
The EOSP is a non-qualified defined benefit pension plan that substantially augments IR’s qualified pension plan.
The EOSP provides a benefit pursuant to a formula in which 1.9% of an officer’s final average pay is multiplied by the officer’s years of service (up to a maximum of 35 years) and then reduced by the value of other retirement benefits the officer will receive that are provided by Ingersoll Rand under certain qualified and nonqualified retirement plans as well as Social Security.