Vested Monthly Benefit definition

Vested Monthly Benefit means a percentage of the Executive’s Monthly Benefit determined on the basis of the number of the Executive’s completed years of service with the Corporation according to the following schedule: Years of Service Percentage Less than 7 years 0 % 7 years 5 % 8 years 10 % 9 years 15 % 10 years 20 % 11 years 25 % 12 years 30 % 13 years 35 % 14 years 40 % 15 years 50 % 16 years 60 % 17 years 70 % 18 years 80 % 19 years 90 % 20 or more years 100 % A “year of service” for purposes of vesting shall mean a consecutive twelve (12)-month period during which the Executive is employed by the Corporation.
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Vested Monthly Benefit shall be a percentage of Employee’s Monthly Benefit determined on the basis of the number of Employee’s completed years of service during which Employee has been a party to this Agreement or a prior deferred compensation agreement with the Company: Years of Service Percentage Less than 7 years 0 % 7 years 5 % 8 years 10 % 9 years 15 % 10 years 20 % 11 years 25 % 12 years 30 % 13 years 35 % 14 years 40 % 15 years 50 % 16 years 60 % 17 years 70 % 18 years 80 % 19 years 90 % 20 or more years 100 % A year of service for purposes of vesting shall be a consecutive 12-month period.
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Vested Monthly Benefit shall be a percentage of Xxxxxxxxxxx'x Monthly Benefit determined on the basis of the number of Xxxxxxxxxxx'x completed years of service with the Corporation according to the following schedule: Years of Service Percentage ---------------- ---------- Less than 7 years 0% 7 years 5% 8 years 10% 9 years 15% 10 years 20% 11 years 25% 12 years 30% 13 years 35% 14 years 40% 15 years 50% 16 years 60% l7 years 70% 18 years 80% 19 years 90% 20 or more years 100% A year of service for purposes of vesting shall be a consecutive 12-month period during which Xxxxxxxxxxx is employed by the Corporation.
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Examples of Vested Monthly Benefit in a sentence

  • If this election is made, the Vested Monthly Benefit will be paid for two hundred and forty (240) months.

  • If monthly payments are elected, the Vested Monthly Benefit (or the Discounted Vested Monthly Benefit (if payment commences prior to age 65)) will be paid for two hundred and forty (240) months.

  • It shall be assumed that payments of the Vested Monthly Benefit will be made for two hundred and forty (240) months.

  • It shall be assumed that payments of the Discounted Vested Monthly Benefit will be made for two hundred and forty (240) months.

  • Subject to the provisions of Article 7, a ------------------- Participant shall be entitled to his Vested Monthly Benefit upon his Normal Retirement Date, payable over the Payout Period.

  • In the event the Executive voluntarily terminates his employment with the Corporation before reaching age 65, and prior to any Change in Control, the Corporation shall pay to the Executive a Retirement Benefit equal to two-thirds of his Discounted Vested Monthly Benefit commencing upon the last day of the month next following the month in which the date such termination occurs, and shall continue to pay him such amount monthly on the same date of each succeeding month for a total of 240 months.

  • On the last day of the month next following the month in which Employee has a Separation From Service with the Corporation at or after age 65, or upon the last day of the month next following the month in which he reaches age 65 if he is then disabled within the meaning of subparagraph 6(c), the Corporation shall pay to Employee a lump sum cash payment of an amount equal to the present value of his Vested Monthly Benefit.

  • If the Participant's Retirement ------------------------------------------ occurs before reaching his Normal Retirement Date, the Participant shall be entitled to his Vested Monthly Benefit, commencing when he reaches his Normal Retirement Date.

  • On the last day of the month next following the month in which Employee has a separation from service with the Corporation at or after age 65, or upon the last day of the month next following the month in which Employee reaches age 65 if Employee is then disabled within the meaning of subparagraph 3(c), the Corporation shall pay to Employee a lump sum cash payment of an amount equal to the present value of Employee’s Vested Monthly Benefit.

  • In the event Employee has a Separation From Service with the Corporation before reaching age 65 (unless the Employee is terminated by the Corporation for Cause, or if the separation is by reason of disability pursuant to subparagraph 6(c), or by reason of death), then on the last day of the month next following the month of Employee’s Separation From Service, the Corporation shall pay to Employee a lump sum cash payment of an amount equal to the present value of his Discounted Vested Monthly Benefit.


More Definitions of Vested Monthly Benefit

Vested Monthly Benefit shall be a percentage of Employee’s Monthly Benefit determined on the basis of the number of Employee’s years of service beginning and ending on June 30, 2012 (the “Vesting Period”), based on the following schedule: Years of Service Percentage Less than 7 years 0 % 7 years 5 % 8 years 10 % 9 years 15 % 10 years 20 % 11 years 25 % 12 years 30 % 13 years 35 % 14 years 40 % 15 years 50 % 16 years 60 % 17 years 70 % 18 years 80 % 19 years 90 % 20 or more years 100 % A year of service for purposes of vesting shall be a consecutive 12-month period. A partial year of service will be given for any period of service that is less than a consecutive 12-month period, based on a fraction whose numerator is the number of days Employee was employed by the Corporation during that 12-month period and the denominator is 365. If Employee has a partial year of service, determined as stated above, Employee’s Vested Monthly Benefit will also be pro-rated, to give Employee the benefit of the additional partial year of service. (By means of example only, if Employee had 16.25 years of service on June 30, 2012, Employee’s vesting percentage would be 62.5%.) Vesting credit shall not be given for any period of employment after June 30, 2012. Notwithstanding the foregoing, if the Corporation terminates the Employee’s employment for any reason other than Cause or the Employee terminates the Employee’s employment for Good Reason, the Employee’s Vested Monthly Benefit as of the termination shall be deemed to be one hundred percent (100%).
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Related to Vested Monthly Benefit

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

  • 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.

  • 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 Benefit means the benefit described in Section 2.1.

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

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

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

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

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

  • Monthly Earnings means your gross monthly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

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

  • 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.

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

  • 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).

  • 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).

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • 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.

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

  • Benefit Distribution Date means the date upon which all or an objectively determinable portion of a Participant’s vested benefits will become eligible for distribution. Except as otherwise provided in the Plan, a Participant’s Benefit Distribution Date shall be determined based on the earliest to occur of an event or scheduled date set forth in Articles 4 through 9, as applicable.

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

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

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

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