SERP Benefit(s) definition

SERP Benefit(s) means any Conditional Annuities, Pension Parity Benefits, Supplemental Benefits and/or Special Supplemental Benefits payable under this Plan.
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SERP Benefit(s) means all benefits payable to a Participant pursuit
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SERP Benefit(s) means benefits to which the Executive is entitled under the Inco SERP.
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Examples of SERP Benefit(s) in a sentence

  • If the Executive elects an annuity payment of the Additional SERP Benefits, the Company shall purchase for the Executive, naming the Executive and/or the Executive’s designee the owner, a paid up annuity from an insurer reasonably acceptable to the Executive, but in any event having an A.M. Best rating of A+ or better (or other comparable rating).

  • The Executive may elect to receive the Additional SERP Benefits in the form of a lump sum payment or an annuity payment, provided the Executive has made proper prior election of such payment form.

  • If the Executive elects a lump sum payment of the Additional SERP Benefits, it shall be calculated in accordance with the provisions of the SERP.

  • Until such time as the judicial order is given effect and is not appealable, the Employer shall continue to pay the SERP Benefits to the Participant or his or her spouse and shall likewise continue to pay his or her legal fees as provided hereunder.

  • If a court of competent jurisdiction in a proceeding to which the Participant is a party finds that a material breach occurred, then future SERP Benefits may be terminated.

  • The Participant shall be responsible for the payment of all applicable local, state and federal taxes associated with the Participant’s participation in the Plan and the receipt of SERP Benefits hereunder, and the Employer shall have the right to deduct from any distributions hereunder any such taxes or other amounts required by law to be withheld therefrom.

  • Payment of SERP Benefits pursuant to such an order may not be made before the earlier of (i) when SERP Benefits are actually paid to the Participant or (ii) a date specified in the order that is not before the earliest date that SERP Benefits could actually begin being paid to the Participant if he or she terminated employment.

  • The SERP Benefits paid hereunder shall be offset, dollar-for-dollar, by an amount equal to fifty-percent (50%) of the Participant's Social Security benefits received (or deemed to have been received) by the Participant and one hundred-percent (100%) of the First United Bank & Trust Pension Plan benefits received by the Participant.

  • SERP Benefits shall not in any manner be subject to the debts, contracts, liabilities, engagements, or torts of any person, nor shall they be subject to attachments or other legal process for or against any person, except to such extent as may be required by law.

  • Any payment of SERP Benefits pursuant to a domestic order will be subject to tax withholding as provided by law.