Special Basic Early Retirement Benefit definition

Special Basic Early Retirement Benefit means a benefit commencing on the Special Early Retirement Date equal to the basic Plan benefit which would have been accrued in respect of the Special Early Retiree on the Special Early Retirement Date if (A) for purposes of qualifying for immediate commencement of a pension hereunder, his age and his Years of Service were each five years greater than they in fact are on the Special Early Retirement Date, (B) for purposes of computing his tentative total benefit, the number of credited Years of Service that he will have completed by his Normal Retirement Date was greater by five then it in fact is on the Special Early Retirement Date, and (C) the number of his Years of Actual Plan Participation and Years of Possible Plan Participation were each greater by five than they in fact are on the Special Early Retirement Date. If on the Special Early Retirement Date a Special Early Retiree has not in fact attained age 57, his Special Basic Early Retirement Benefit shall be reduced by 5/12ths of one percent for each month by which the Special Early Retirement Date precedes the first day of the month coinciding with or next following the date on which the Special Early Retiree will attain age 57.
Sample 1

Related to Special Basic Early Retirement Benefit

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

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

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

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

  • Early Retirement Age means the date that the Executive has attained age 55 and completed seven Years of Service.

  • 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.

  • Early Retirement Date means the Retirement, as defined below, of the Executive on a date which occurs prior to the Executive attaining sixty-two (62) years of age, but after the Executive has attained fifty-five (55) years of age.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Termination Benefit means the benefit set forth in Article 7.

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

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • 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.

  • Early Retirement means retirement, with consent of the Committee at the time of retirement, from active employment with the Company and any Subsidiary or Parent Corporation of the Company.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

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

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

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Retirement Age means the earlier to occur of:

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Special benefit means a particular and distinct benefit over and above general benefits conferred on real property located in the district or to the public at large. General enhancement of property value does not constitute “special benefit.”

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Actuarial equivalent means a benefit of equal value when

  • 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).

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

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).