Service Retirement Pension definition

Service Retirement Pension means a Pension payable to a Participant whose Termination occurs on or after his Service Retirement Eligibility Date.
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Examples of Service Retirement Pension in a sentence

  • The Service Retirement Pension shall equal 0.8% (eight-tenths of one percent) of Final Average Compensation at retirement multiplied by years of Credited Service, increased, if necessary, to make the Reserve Value of the Pension equal to the Member’s Accumulated Contributions as of the Effective Retirement Date.

  • A Service Retirement Pension shall be granted to each Member who retires on or after the Service Retirement Date.

  • Notwithstanding the foregoing, the annual Service Retirement Pension payable to a member who was hired prior to July 1, 1999, shall not be less than the annual Service Retirement Pension of a Police Sergeant who retired as of July 1, 1999.

  • The member’s monthly Service Retirement Pension, calculated in accordance with the provisions of subsection (b), above, shall be added together with an amount that is equal to the average of the member’s monthly employee assessment, required by Section 2-402, above, for the thirty-six (36) month period immediately prior to the member’s retirement.

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  • If a member elects to take the DROP, his or her Service Retirement Pension shall be adjusted as follows: Upon retirement, the eligible member’s Service Retirement Pension shall be calculated as provided in Section 2-411 above, and further adjusted as provided in Section 2-418, if applicable, except that, for purposes of the calculation under Section 2-411, the member’s active service shall be reduced by the number of months elected by the member hereunder.

  • The Bishop (and his successor) is the only member of the Corporation Sole.

  • The Service Retirement Pension of a Participant whose Termination occurs on or after his Service Retirement Eligibility Date shall be 2.7% of his Final Average Earnings multiplied by the lesser of (a) his years of Credited Service or (b) 25 years, plus 1% of his Final Average Earnings multiplied by his years of Credited Service in excess of25 but no more than 35.

  • Notwithstanding any other provisions of this Article 4, upon Termination other than as a result of his death, a Participant may elect to receive a refund of his Accumulated Contributions in lieu of a Service Retirement Pension or Deferred Retirement Pension, including minimum Pensions addressed in 4.5. Furthermore, if he elects to receive such refund, then no Survivor Pension shall be payable to his survivors.

  • Military Service; Retirement Pension and PayTo the extent included in federal taxable income, compensation received from a pension or other retirement pay from the federal government for service in the military, as computed under United States Code, title 10, sections 1401 to 1414, 1447 to 1455, and 12733, is a subtraction.

Related to Service Retirement Pension

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • war disablement pension means any retired pay or pension or allowance payable in respect of disablement under an instrument specified in section 639(2) of the Income Tax (Earnings and Pensions) Act 2003;

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Earliest Retirement Age means the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

  • Late Retirement Date means the first day of the month coinciding with or next following a Participant's actual Retirement Date after having reached his Normal Retirement Date.

  • Eligible Retirement Plan means an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, that accepts the Distributee's Eligible Rollover Distribution. However, in the case of an Eligible Rollover Distribution to the surviving Spouse, an Eligible Retirement Plan is an individual retirement account or individual retirement annuity.

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: Age at Voluntary Termination Number of Years of Advance Notice 58 or younger 59 60 or older 3 years 2 years 1 year By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Normal Retirement Age means the Executive's 65th birthday.

  • Disability retirement for plan 1 members, means the period

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Retirement Age means the earlier to occur of:

  • Postponed Retirement Date means the first day of the month coincident with or next following a Participant’s date of actual retirement which occurs after his Normal Retirement Date.

  • Qualified Retirement means the Participant’s voluntary termination of Service after reaching age 65 and completing 10 years of service with the Company, its Subsidiaries or predecessors.

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.