Payment Age definition
Examples of Payment Age in a sentence
Purchase Payments can be made at any time after the Contract Date, but must be received before the Purchase Payment Age Limit as shown on the Contract Data Page.
Such benefit amount shall be paid out ratably over a period of five (5) years, commencing at Payment Age.
Unless otherwise referenced on the Contract Data Page, Purchase Payments can be made at any time after the Contract Date, but must be received at Our Annuity Service Center before the Purchase Payment Age Limit, as shown on the Contract Data Page.
Commencing the first day of the month following the Employee’s Payment Age, the Bank shall pay the Employee the Normal Retirement Benefit in twelve (12) equal monthly installments.
Age at Payment Age at Retirement 60 61 62 63 64 65 61 61.5 62 41.0 64.2 63 20.5 42.8 66.9 64 20.5 21.4 44.6 69.6 65 20.5 21.4 22.3 46.4 72.3 66 20.5 21.4 22.3 23.2 48.2 75.0 67 20.5 21.4 22.3 23.2 24.1 50.0 68 20.5 21.4 22.3 23.2 24.1 25.0 69 20.5 21.4 22.3 23.2 24.1 25.0 70 20.5 21.4 22.3 23.2 24.1 25.0 [COMMENT: The above table is illustrative of a scaling down of payments to a retiring partner.
Subject to the provisions of Section 409A of the Code, in the event the Bank terminates the Agreement while the Employee is employed by the Bank but prior to the Employee’s becoming entitled to receive Normal Retirement Benefit payments or other Plan Distributions, the Bank shall pay the Employee each annual portion of the aggregate benefit amount set forth in Section 3.5 in twelve (12) equal monthly installments, commencing upon the first day of the month following the Employee’s Payment Age.
As used in Options 4 and 5, adjusted age is the age of an annuitant on his or her birthday nearest the date of settlement minus the adjustment shown below: Year of First Payment Age Adjustment 2010-2019 1 2020-2029 2 2030-2039 3 2040-2049 4 2050-2059 5 2060-2069* 6 * For each succeeding decade, the age adjustment continues to increase by 1.
In the event the Employee incurs an involuntary Termination of Employment prior to Retirement Age or a Change in Control for any reason other than Cause (or as a result of the Employee’s death or Disability), or a voluntary Termination of Employment for Good Reason, the Bank shall pay the Employee each annual portion of the aggregate benefit amount set forth in Section 3.4 in twelve (12) equal monthly installments, commencing upon the first day of the month following the Employee’s Payment Age.
As used in Options 4 and 5, Adjusted Age is the age of an annuitant on his or her birthday nearest the date of settlement minus the adjustment shown below: Year of First Payment Age Adjustment 2010-2019 0 2020-2029 1 2030-2039 2 2040-2049 3 2050-2059 4 2060-2069* 5 * For each succeeding decade, the age adjustment continues to increase by 1.
Except as otherwise provided in Articles III and IV, upon the first to occur of (i) the Executive’s achieving Retirement Age while employed by the Bank or (ii) a Change in Control while the Executive is employed by the Bank, the Executive shall be paid an annual benefit of $250,000 (the “Normal Retirement Benefit”) for a period of five (5) years, commencing the first day of the month following the Executive’s Payment Age.