Minimum Pension definition
Examples of Minimum Pension in a sentence
The Social Security ▇▇▇ ▇▇▇▇ requires that the deferred pension in excess of the Guaranteed Minimum Pension, in respect of pensionable service since 1 January 1985, will be increased by the lower of the increase in the Retail Price Index or 5% per annum, over the period of deferment.
During Executive’s life, the amount of the Minimum Pension shall be equal to $20,000 per month beginning at such actual retirement date consisting of the sum of any monthly benefits accrued or payable under any qualified or non-qualified pension plans covering the Executive during his employment with the Company and/or Z▇▇▇ Industries, Inc., a Pennsylvania corporation, (including, without limitation, the Jacuzzi Brands Inc.
The Social Security ▇▇▇ ▇▇▇▇ requires that the deferred pension in excess of the Guaranteed Minimum Pension will be increased by the lower of the increase in the Retail Price Index or 5% per annum, over the period of deferment.
However, if Executive or his spouse is entitled to a greater benefit under the terms of the Executive Retirement Plans (actuarially calculated using the actuarial factors then applying in the Company’s defined benefit plan), then Executive or his spouse shall receive the benefits payable under the Executive Retirement Plans in lieu of the Minimum Pension.
If You Leave The Company Minimum Pension At Normal Retirement Normal Retirement Date Other Early Retirement Other Information Pension Examples Previous Plans (before January 1958) Service And Credited Service Special Early Retirement Letters of Understanding All employees of the London Brewery share in the Goal of being the absolute leader in our industry.
Notwithstanding anything else contained herein to the contrary, the Company shall have no obligation to the Executive pursuant to Section 8(b) (or otherwise to pay the Minimum Pension) unless and until such release has been received by the Company, fully executed by the Executive, and such release has become irrevocable by Executive in accordance with all applicable law.
The cap on the Minimum Pension Disability Policy (G▇▇▇▇▇▇ ▇▇▇▇▇▇▇ formula) will be upgraded by $50 on May 1, 2005 and by $50 on May 1, 2009.
In a dispute regarding the pension asset transfer, the independent actuary shall determine only the Minimum Pension Transfer Amount and shall not interpret or resolve any dispute under Government Contracts, government contracting regulations or Section 6.2(a)(v)(B).
Supplemental Executive Retirement Plan (the “Jacuzzi SERP”) and the Z▇▇▇ Supplemental Pension Plan (the “Z▇▇▇ SUPP”)) and/or the actuarial equivalent of such benefits, in the form of a joint and survivor annuity for the benefit of Executive and Executive’s spouse, if the benefits are not paid monthly, (collectively, the “Executive’s Retirement Plans”) plus such additional monthly amounts as may be necessary to provide for the Minimum Pension.
Furthermore, in the event of breach of the covenants contained in Section 10, 11 or 12 by the Executive, while he is receiving amounts under Section 8 hereof, Executive shall not be entitled to receive any future amounts pursuant to Section 8 hereof (including, without limitation, any remaining payments pursuant to the Minimum Pension provisions of Section 5(c).