Examples of SERP Retirement Benefit in a sentence
Such Participant's SERP Retirement Benefit under Section 4.1(b) shall, at the time of the Subsequent Retirement, be determined by including all periods of employment up to the Subsequent Retirement, without regard to any previous retirement, as if the Participant first started receiving benefits under the Retirement Plan as of the time of his or her Subsequent Retirement.
Notwithstanding Section 4.1(c), if an executive, at the time of his or her designation as a Participant, is currently receiving benefits under the Retirement Plan, he shall not receive any SERP Retirement Benefit until such time as such Participant's employment terminates following his or her designation as a Participant ("Subsequent Retirement").
The SERP Retirement Benefit payable to, or on behalf of, a Participant under this Section 4.1 shall be paid as of the same date, in the same benefit payment form and to the same person as his or her benefit under the Retirement Plan or Deferred Compensation Plan, and no payment shall be made to, or on behalf of, a Participant under this Section 4.1 unless a benefit is paid to him or her or on his or her behalf under the Retirement Plan.
Notwithstanding anything herein to the contrary, the maximum number used in subclause (C) of the immediately preceding sentence shall be ten (10) and the minimum number used in subclause (c) of the immediately preceding sentence shall be four (4), so that the maximum SERP Retirement Benefit shall be 65% of Final Base Salary and the minimum SERP Retirement Benefit shall be 26%.
The SERP will provide Executive with an annual benefit ("SERP Retirement Benefit") equal to the product of (A) six and one-half percent (6 1/2%), multiplied by (B) Executive's Base Salary at the time of his retirement, death or other termination of employment with the Company ("Final Base Salary"), multiplied by (C) the amount of years (or portions thereof) that Executive shall have been employed by Company commencing on the Effective Date.
In addition to the forgoing, the SERP provides that Executive or his beneficiary shall receive at least ten (10) years of the vested SERP Retirement Benefit, as set forth in more particularity in Paragraph 1.9 hereof.
Upon retirement at a Postponed Retirement Date, a Participant shall become entitled to receive an amount equal to 1/12th of the Participant's SERP Retirement Benefit, payable monthly during the Participant's lifetime.
For purposes of determining the Participant's Accrued SERP Retirement Benefit, 70% of Final Average Salary shall be reduced by the Early Retirement Factor when the Participant's retirement income under the Pension Plan commences prior to the Participant's attainment of age 62.
Upon retirement at his Normal Retirement Date, a Participant shall become entitled to receive an amount equal to 1/12th of the Participant's SERP Retirement Benefit, payable monthly during the Participant's lifetime.
Subject to Section 3.4 hereof, no amendment or termination of the SERP shall operate to deprive the Executive or his/her Surviving Spouse of any SERP Retirement Benefit calculated as of the effective date of the amendment or termination (based upon the Executive’s Credited Service and Final Average Compensation as of such date).