Definition of Post-2004 Accrued Benefit

  1. Post-2004 Accrued Benefit means an annual supplemental retirement benefit in an amount determined by: multiplying (i) the Benefit Percentage (determined as of the date of termination of employment) times (ii) the Executives Final Average Compensation (determined as of the date of termination of employment); then, multiplying such result by the Vested Percentage (determined as of the date of termination of employment); and then subtracting from such result the following: the annual amount payable (before earnings reductions) to the Executive as a family Social Security retirement benefit at age sixty-five (65) (or such later age as full Social Security benefits would become payable to the Executive under then-applicable law, it being understood that this deduction will be made even if benefits are not yet being paid to the Executive); the annual pension payable to the Executive from any defined benefit plan of the Company or any prior employer of the Executive (using the annual pension amount as in effect as of December 31, 2006), and the aggregate Annual Annuity Equivalent for any and all defined contribution plans, including 401(k) plans (excluding any amounts attributable to the Executives own contributions) maintained by the Company during the Executives employment (determined as of December 31, 2006). Such result shall then be further reduced by subtracting the Executives Pre-2005 Accrued Benefit in accordance with Section 1.1A. Notwithstanding the forgoing, in the event of the occurrence of any of the circumstances described in Section 1.17.2, the Vested Percentage shall not be adjusted pursuant to Section 1.17.2. For all purposes under this Agreement, the Executives Post-2004 Accrued Benefit shall be paid in the Actuarial Equivalent form of a lump sum. A new Section 1.1A is hereby added to read as follows: 1.1A Pre-2005 Accrued Benefit shall mean an annual supplemental retirement benefit in an amount determined by: multiplying (i) the Benefit Percentage (determined as of December 31, 2004) times (ii) the Executives Final Average Compensation (determined as of December 31, 2004); then, multiplying such result by the Vested Percentage (determined as of December 31, 2004); and then subtracting from such result the following: the annual amount payable (before earnings reductions) to the Executive as a family social security retirement benefit at age sixty-five (65) (or such later age as full Social Security benefits would become payable to the Executive under then-applicable law, it being understood that this deduction will be made even if benefits are not yet being paid to the Executive); the annual pension payable to the Executive from any defined benefit plan of the Company or any prior employer of the Executive (determined using the pension amount as in effect as of December 31, 2004), and the aggregate Annual Annuity Equivalent for any and all defined contribution plans, including 401(k) plans (excluding any amounts attributable to the Executives own contributions) maintained by the Company during the Executives employment (determined as of December 31, 2004). Notwithstanding the forgoing, in the event of the occurrence of any of the circumstances described in Section 1.17.2, the Vested Percentage shall not be adjusted pursuant to Section 1.17.2 For all purposes under this Agreement, the Executives Pre-2005 Accrued Benefit shall be paid in the Actuarial Equivalent form of a lump sum.

Examples of Post-2004 Accrued Benefit in a sentence

  1. 2.2 Lesser Benefit Paid on Early Retirement If the Executive receives a payment under Sections 2.1, 2.3, 2.4 or 2.7 and such payment is made on a date before his Normal Retirement Age, the benefit shall be the benefit that would have been payable if the benefit had been paid at the Executives Normal Retirement Age less 6% of the Post-2004 Accrued Benefit or Pre-2005 Accrued Benefit (as the case may be) for each year by which payment of the benefit is advanced.

Definition of Post-2004 Accrued Benefit in Supplemental Executive Retirement Agreement

Post-2004 Accrued Benefit means an annual supplemental retirement benefit in an amount determined by: multiplying (i) the Benefit Percentage (determined as of the date of termination of employment) times (ii) the Executives Final Average Compensation (determined as of the date of termination of employment); then, multiplying such result by the Vested Percentage (determined as of the date of termination of employment); and then subtracting from such result the following: the annual amount payable (before earnings reductions) to the Executive as a family Social Security retirement benefit at age sixty-five (65) (or such later age as full Social Security benefits would become payable to the Executive under then-applicable law, it being understood that this deduction will be made even if benefits are not yet being paid to the Executive); the annual pension payable to the Executive from any defined benefit plan of the Company or any prior employer of the Executive (using the annual pension amount as in effect as of December 31, 2006), and the aggregate Annual Annuity Equivalent for any and all defined contribution plans, including 401(k) plans (excluding any amounts attributable to the Executives own contributions) maintained by the Company during the Executives employment (determined as of December 31, 2006). Such result shall then be further reduced by subtracting the Executives Pre-2005 Accrued Benefit in accordance with Section 1.1A. Notwithstanding the forgoing, in the event of the occurrence of any of the circumstances described in Section 1.17.2, the Vested Percentage shall not be adjusted pursuant to Section 1.17.2. For all purposes under this Agreement, the Executives Post-2004 Accrued Benefit shall be paid in the Actuarial Equivalent form of a lump sum. A new Section 1.1A is hereby added to read as follows: 1.1A Pre-2005 Accrued Benefit shall mean an annual supplemental retirement benefit in an amount determined by: multiplying (i) the Benefit Percentage (determined as of December 31, 2004) times (ii) the Executives Final Average Compensation (determined as of December 31, 2004); then, multiplying such result by the Vested Percentage (determined as of December 31, 2004); and then subtracting from such result the following: the annual amount payable (before earnings reductions) to the Executive as a family social security retirement benefit at age sixty-five (65) (or such later age as full Social Security benefits would become payable to the Executive under then-applicable law, it being understood that this deduction will be made even if benefits are not yet being paid to the Executive); the annual pension payable to the Executive from any defined benefit plan of the Company or any prior employer of the Executive (determined using the pension amount as in effect as of December 31, 2004), and the aggregate Annual Annuity Equivalent for any and all defined contribution plans, including 401(k) plans (excluding any amounts attributable to the Executives own contributions) maintained by the Company during the Executives employment (determined as of December 31, 2004). Notwithstanding the forgoing, in the event of the occurrence of any of the circumstances described in Section 1.17.2, the Vested Percentage shall not be adjusted pursuant to Section 1.17.2 For all purposes under this Agreement, the Executives Pre-2005 Accrued Benefit shall be paid in the Actuarial Equivalent form of a lump sum.