Postponed Retirement Date Sample Clauses

Postponed Retirement Date. With the consent of the University, a Member may postpone retirement on a year-to-year basis after attaining the Normal RetirementDate ("Postponed Retirement Date"). Retirement may not be postponed beyond years following the Normal Retirement Date. Should retirement be postponedby mutualconsent beyond the Normal Retirement Date, the Member will be required to either:
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Postponed Retirement Date. 27.3.1 A Member may postpone retirement after attaining the Normal Retirement Date.
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Postponed Retirement Date a) A Member who remains in the service of the Company after Normal Retirement Date may elect to continue participation in the Plan.
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Postponed Retirement Date. At the request of the Company and with his consent a Member may postpone his retirement to the first day of any month after his Normal Retirement Date, but in no event may the Member defer his retirement beyond the 1st day of the month in which he attains age 69.
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Postponed Retirement Date. A Member may remain in the Service of the University following the Member's Normal Retirement Date. In no event may the commencement of such Member's pension be postponed later than the end of the calendar year in which the Member attains age 71, or such later date as may be permitted under the Income Tax Act. A Member who remains in the Service of the University following Normal Retirement Date will be required, EITHER (a) to elect to commence pension payments in accordance with Section 7, in which event the Member will not be required or allowed to make further contributions to the Plan nor will such period of Service count as Pensionable Service for the calculation of retirement benefits; OR (b) to elect to continue to make contributions to the Plan in accordance with Section 4, in which event such period of Service for which contributions are made will count as Pensionable Service for the calculation of retirement benefits at the Postponed Retirement Date. The Member may choose to make additional voluntary contributions to the Plan, subject to the requirements of Section 4.02 hereof, but such contributions will not be matched by University contributions.
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Postponed Retirement Date. An Employee who has completed at least two (2) consecutive years of Plan membership may elect to postpone his retirement and to continue to accrue benefits under the Plan. In no event shall an Employee postpone commencement of his Pension Benefit beyond the earlier of:
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Postponed Retirement Date. (1) A Member who continues employment beyond the Member’s Normal Retirement Date with a Participating Employer must continue to contribute and accrue benefits under the Plan until the Member Terminates Service or is deemed to Terminate Service pursuant to Subsection (2), whichever first occurs, and, subject to Subsection (2), commence the payment of a pension on the first day of the following or any subsequent month;
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Related to Postponed Retirement Date

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Pre-Retirement Death Benefits Should the Executive die while --------- ----------------------------- in the service of the Bank and prior to the occurrence of his 55th birthday, the Bank will pay $2,070 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Executive. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any payments remaining unpaid at the Executive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Executive's estate.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Normal Termination Date Unless earlier terminated pursuant to Section 3(b) or Section 5, the Options shall terminate on the tenth anniversary of the Grant Date (the “Normal Termination Date”), if not exercised prior to such date.

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