Normal Benefit definition

Normal Benefit means the benefits set forth in Section 3.1.

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Normal Benefit means with respect to a Participant the greater of (i) the monthly benefit amount payable to such Participant as a Life Annuity commencing at the Participant’s Normal Retirement Date determined by reducing the Target Benefit of such Participant as specified on Exhibit A by such Participant’s Benefit Offset Amount or (ii) such Participant’s Minimum Normal Benefit, if any.

Normal Benefit means the normal benefit amount specified in the Benefit Schedule as adjusted from time to time to account for and reflect Actual Deferrals and changes made by the Participant in his Option For Payment Of Benefits, or such greater amount as the Administrative Committee may determine in its sole discretion.

Examples of Normal Benefit in a sentence

• The annual benefit will be paid in equal monthly installments commencing the month following Normal Benefit Age and continuing for ten (10) years.

• If the Executive experiences a Disability prior to Separation from Service and Normal Benefit Date, the Employer shall pay the Executive the Deferral Account balance at Disability, plus an additional amount equal to the Contributions remaining to be made in accordance with Article 2.

• If a Change in Control occurs, followed within twenty-four (24) months by a Separation from Service prior to Normal Benefit Date, the Employer shall pay the Executive the Deferral Account balance at Separation from Service, plus an additional amount equal to the Contributions remaining to be made in accordance with Article 2 provided, however, that no earnings per share requirement shall apply.

• Upon Separation from Service after Normal Benefit Date, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service.

• If the Director terminates service as a Director before the Normal Benefit Age for reasons other than death, Disability or following a Change in Control, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

• If the Director has elected payment to be distributed at Normal Benefit Age, the Company shall credit interest to the Deferral Account at a rate based on the yield on the 10 Year Treasury Note, compounded monthly.

• Any changes to the Normal Benefit Age or Timing of Payout must be in accordance with Election Form B.

• If the Director terminates service as a Director and has elected payment to be distributed at Normal Benefit Age, the Company shall credit interest to the Deferral Account at a rate based on the yield on the 10 Year Treasury Note, compounded monthly.

• If the Director terminates service as a Director on or after Normal Benefit Age, the Company shall pay to the Director the benefit described in this Section 4.1 in lieu of any other benefit under this Agreement.

• Upon Termination of Service for Disability prior to the Normal Benefit Age, the Company shall pay to the Director the benefit described in this Section 4.3 in lieu of any other benefit under this Agreement.

More Definitions of Normal Benefit

Normal Benefit in Section 1(H) of the Agreement is replaced in its entirety with: “ ‘Normal Benefit’ shall mean an amount equal to the 2008 Year-End Balance increased by interest compounded annually on the 2008 Year-End Balance at a rate equal to the ▇▇▇▇▇’▇ ▇▇ Corporate Bond Index corporate bond rate as of the December 31 immediately preceding January 1, 2009 and each January 1 thereafter from January 1, 2009 until such amounts are paid to the Executive Employee. In the event that December 31 is not a day on which the ▇▇▇▇▇’▇ ▇▇ Corporate Bond Index corporate bond rate is published, the rate which shall be used shall be the ▇▇▇▇▇’▇ ▇▇ Corporate Bond Index corporate bond rate published as of the closest date immediately preceding such December 31. In the event that the ▇▇▇▇▇’▇ ▇▇ Corporate Bond Index ceases to be published or it is no longer possible to determine such rate, a comparable corporate bond rate determined by the Company shall be used.”

Normal Benefit means the entire remaining principal and interest balance of the Trust, payable in the installments described in Section 3.1, below.

Normal Benefit means an amount equal to the 2008 Year-End Balance increased by interest compounded annually on the 2008 Year-End Balance at a rate equal to the Moody’s Aa Corporate Bond Index corporate bond rate as of the December 31 immediately preceding January 1, 2009 and each January 1 thereafter from January 1, 2009 until such amounts are paid to the Executive Employee.

Normal Benefit means with respect to a Participant the greater of (i) the monthly benefit amount payable to such Participant as a Life Annuity commencing at the Participant's Normal Retirement Date determined by reducing the Target Benefit of such Participant as specified on Exhibit A by such Participant's Benefit Offset Amount or (ii) such Participant's Minimum Normal Benefit, if any.