Early Retirement Percentages definition

Early Retirement Percentages. (as defined in Section 5.02 of the First Security Supplemental Executive Retirement Plan) will be treated as continuing to increase at a rate of 3% per year for each year prior to age 50) and (b) the actual vested benefit, if any, of the Executive under the Retirement Plan and the SERP, determined as of the Date of Termination (with the foregoing amounts to be computed on an actuarial present value basis, based on the assumption that the Executive's compensation in each of the three years following such termination would have been that required by Section 4(b)(i) and Section 4(b)(ii), and using actuarial assumptions no less favorable to the Executive than the most favorable of those in effect for purposes of computing benefit entitlements under the Retirement Plan and the SERP at any time from the day before the Effective Date) through the Date of Termination; (ii) for three years following the Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive's family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive's employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer-provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility, and for purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until three years following the Date of Termination and to have retired on the last day of such period; (iii) the Company shall, at its sole expense as incurred, provide the Executive with outplacement services the scope and provider of which shall be selected by the Executive in the Executive's sole discretion; and (iv) to the extent not theretofore paid or provided, the ...

Early Retirement Percentages. (as defined in Section 5.02 of the First Security Supplemental Executive Retirement Plan) will be treated as continuing to increase at a rate of 3% per year for each year prior to age 50) and (b) the actual vested benefit, if any, of the Executive under the Retirement Plan and the SERP, determined as of the Date of Termination (with the foregoing amounts to be computed on an actuarial present value basis, based on the assumption that the Executive's compensation in each of the three years following such termination would have been that required by Section 4(b)(i) and Section 4(b)(ii), and using actuarial assumptions no less favorable to the Executive than the most favorable of those in effect for purposes of computing benefit entitlements under the Retirement Plan and the SER-P at any time from the day before the Effective Date) through the Date of Termination;

Examples of Early Retirement Percentages in a sentence

• I'll be satisfied when I can: • Process retirement for a member who is eligible based on the following: - Minimum number of payments and years of service - Reduced pension based on rules Business Rules • If member retirement date is before 7.25.99, they are only eligible to retire at age 60, 62, and 65 • Early Retirement Percentages: - 60% at age 60 - 68% at age 61 - 76% at age 62 - 84% at age 63 - 92% at age 64 • 100% at age 65 Req.