Pension Supplement. The Executive shall be entitled to receive a Supplemental Retirement Benefit under the Sempra Energy Supplemental Executive Retirement Plan, as in effect from time to time (“SERP”), determined in accordance with this Section 5(c), in the event that the Executive is a “Participant” (as defined in the SERP) as of the Date of Termination. Such Supplemental Retirement Benefit shall be determined by crediting the Executive with additional months of Service (if any) equal to the number of full calendar months from the Date of Termination to the date on which the Executive would have attained age 62. The Executive shall be entitled to receive such Supplemental Retirement Benefit without regard to whether the Executive has attained age 55 or completed five years of “Service” (as defined in the SERP) as of the Date of Termination. The Executive shall be treated as qualified for “Retirement” (as defined in the SERP) as of the Date of Termination, and the Executive’s Vesting Factor with respect to the Supplemental Retirement Benefit shall be 100%. The Executive’s Supplemental Retirement Benefit shall be calculated based on the Executive’s actual age as of the date of commencement of payment of such Supplemental Retirement Benefit (the “SERP Distribution Date”), and by applying the applicable early retirement factors under the SERP, if the Executive has not attained age 62 but has attained age 55 as of the SERP Distribution Date. If the Executive has not attained age 55 as of the SERP Distribution Date, the Executive’s Supplemental Retirement Benefit shall be calculated by applying the applicable early retirement factor under the SERP for age 55, and the Supplemental Retirement Benefit otherwise payable at age 55 shall be actuarially adjusted to the Executive’s actual age as of the SERP Distribution Date using the following actuarial assumptions: (i) the applicable mortality table promulgated by the Internal Revenue Service under Section 417(e)(3) of the Code, as in effect on the first day of the calendar year in which the SERP Distribution Date occurs, and (ii) the applicable interest rate promulgated by the Internal Revenue Service under Section 417(a)(3) of the Code for the November next preceding the first day of the calendar year in which the SERP Distribution Date occurs. The Executive’s Supplemental Retirement Benefit shall be determined in accordance with this Section 5(c), notwithstanding any contrary provisions of the SERP and, to the extent subject to Secti...
Pension Supplement. If Ceridian terminates Executive's employment without cause prior to Executive's 65th birthday, Ceridian shall provide to Executive, out of its general assets, a monthly supplemental retirement benefit in an amount equal to the actuarial equivalent of the difference, if any between:
Pension Supplement. In addition to the Severance Amount, the Vesting, the COBRA Benefits and the Insurance Payment, the Company shall pay to Executive (or his trust or estate, as applicable) a lump sum cash payment (the “Pension Supplement”), if applicable, in an amount equal to the lump sum value of the retirement pension to which Executive would have been entitled under the Company’s pension plan, excess benefit plan and supplemental retirement plan, if any, if Executive’s employment had continued for an additional period of twenty four (24) months, reduced by the present value (determined as of Executive’s normal retirement date) of Executive’s actual benefits under the Company’s pension plan, excess benefit plan and supplemental retirement plan. The Pension Supplement shall be paid to Executive during the sixty-five (65) day period following the date on which Executive’s Separation from Service occurs.
Pension Supplement. The Company shall pay the Executive a lump sum payment (the "Pension Supplement") in an amount equal to the present value (as determined in accordance with the terms of Pacific Enterprises' supplemental executive retirement plan) of the benefits to which the Executive would be entitled under the Company's defined benefit pension and retirement plans (the "Pension and Retirement Plans") if he had continued working for the Company for an additional two (2) years, and had increased his age by two (2) years as of the Date of Termination but not beyond the Mandatory Retirement Age; provided, however, that in the event of a Termination following a Change in Control, such number of years shall be three (3) but not beyond the Mandatory Retirement Age.
Pension Supplement. The CITY will provide a pension supplement of three percent (3%) or fifty dollars ($50) per month, whichever amount is less, beginning in the thirty-seventh (37th) month of retirement. This supplement shall continue on an annual basis with increases effective on the pension anniversary date.
Pension Supplement. The Company shall pay the Executive's benefits under Section 3.1 of the Sempra Energy Supplemental Executive Retirement Plan (the "SERP") in the form of a lump sum; provided, however, that (A) the Company shall provide the Executive with such additional years of age and service credit for purposes of the calculation of retirement benefits under the SERP as if he had remained employed for no less than two (2) years, and (B) the applicable early retirement factor determined in accordance with Appendix A of the SERP shall be applied to the Executive's age and years of service only after he is credited with the additional age and service described above; and the Executive's termination shall be a "Qualifying Termination" as defined in the Split Dollar Life Insurance Agreement entered into between the Executive and the Company. Accelerated Vesting and Payment of Long-Term Incentive Awards. Notwithstanding the provisions of any applicable equity-based compensation plan or award agreement to the contrary, all equity-based Incentive Compensation Awards (including, without limitation, stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance share awards, awards covered under Section 162(m) of the Code, and dividend equivalents) held by the Executive shall immediately vest and become exercisable or payable, as the case may be, as of the Date of Termination, to be exercised or paid, as the case may be, in accordance with the terms of the applicable Incentive Compensation Plan and Incentive Compensation Award agreement, and any restrictions on any such Incentive Compensation Awards shall automatically lapse; provided, however, that any stock options granted on or after June 26, 1998 shall remain outstanding and exercisable until the earlier of (A) the later of sixty months (60) months following the Date of Termination or the period specified in the applicable Incentive Compensation Award agreements or (B) the expiration of the original term of such Incentive Compensation Award (it being understood that all Incentive Compensation Awards granted prior to or after June 26, 1998 shall remain outstanding and exercisable for a period that is no less than that provided for in the applicable agreement in effect as of the date of grant). Any such equity-based Incentive Compensation Awards tied to performance criteria shall be assumed to have been achieved at target levels. The Company shall pay to the Executive, with respect to all...
Pension Supplement. The Board shall annually budget, for each full-time teacher who is on the August contractual payroll, monies for the purpose of supplementing the teacher's pension through the purchase of a tax-sheltered annuity (TSA) or the purchase of service time in the MPSERS at the teacher's option, as permitted by the Office of Retirement Services. For teachers with nine (9) or fewer years in the Dearborn system, this pension supplement shall amount to $1,650 annually. Beginning with the teacher's tenth (10) year of service and capped at forty (40) years of service, the pension supplement shall amount to $1,650 plus 0.1985% (.001985) of the current Master's Maximum salary on the career faculty salary schedule for each year of full-time instructional service in the Dearborn system. The teacher shall authorize equal monthly TSA payroll deductions by August 1. The TSA benefit shall be prorated for a teacher hired at a time other than the beginning of the Fall semester. A teacher who has not previously authorized a TSA payroll deduction equal to or in excess of the teacher’s TSA benefit under this provision by August 1 shall forfeit the TSA benefit for the upcoming contractual year.
Pension Supplement. The Board shall annually budget, for each full-time teacher who is on the August contractual payroll, monies for the purpose of supplementing the teacher's pension through the purchase of a tax sheltered annuity (TSA) or the purchase of service time in the MPSERS at the teacher's option, as permitted by the Office of Retirement Services. For teachers with nine (9) or fewer years in the Dearborn system, this pension supplement shall amount to $1,650 annually. Beginning with the teacher's tenth (10) year of service and capped at forty (40) years of service, the pension supplement shall amount to $1,650 plus 0.1985% (.001985) of the current Master's Maximum salary on the Career Faculty Salary Schedule for each year of full-time instructional service at the College and in the Dearborn Public School District. The teacher shall authorize equal monthly TSA payroll deductions by August 1. The TSA benefit shall be prorated for a teacher hired at a time other than the beginning of the Fall semester. A teacher who has not previously authorized a TSA payroll deduction equal to or in excess of the teacher’s TSA benefit under this provision by August 1 shall forfeit the TSA benefit for the upcoming Contractual Year. A newly hired teacher who has not authorized a TSA payroll deduction equal to or in excess of the teacher’s TSA benefit under this provision by October 1, if hired effective with the Fall semester, or March 1, if hired effective with a Winter semester, shall forfeit the TSA benefit for that Contractual Year.
Pension Supplement. The Executive shall be entitled to receive a “Supplemental Retirement Benefit” under the Sempra Supplemental Executive Retirement Plan, as in effect from time to time (“SERP”), determined in accordance with this Section 5(b), in the
Pension Supplement. Effective June a pension supplement of five dollars ($5.00) per month per year of service will be available to employees between the ages of sixty-two (62) and (65)with twenty (20) years seniority. This supplement will not be reduced by any benefit a qualified employee is eligible for.
