Normal Retirement Benefit definition

Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

Normal Retirement Benefit means the benefit described in Section 2.1.

Normal Retirement Benefit means the benefit described in Section 4.1.

Examples of Normal Retirement Benefit in a sentence

• Benefit: The benefit is the member’s accrued Normal Retirement Benefit as of the date of termination.

• There are two types of Retirement Benefits: Normal Retirement Benefit and Early Retirement Benefit.

• Early Retirement Eligibility Hired before January 1, 2011: Age 55 (50 if hired before June 13, 1997) and 10 years of service Hired on or after January 1, 2011: Age 62 and 10 years of service Early Retirement Benefit Normal Retirement Benefit reduced as follows: Hired before January 1, 2011: If member retires before reaching age 60 with less than 30 years of service, 0.5% for each full month the member is less than age 60 or service is less than 30 years, whichever is less.

• The amount of monthly retirement income payable to a Volunteer Firefighter who retires on or after his or her Normal Retirement Date shall be an amount equal to the number of his or her years of Credited Service as a Volunteer Firefighter multiplied by the Normal Retirement Benefit multiplier specified in Section G2 of the Adoption Agreement multiplied by his or her Average Final Compensation as a Volunteer Firefighter.

• Determining Your Benefit Amount Your Normal Retirement Benefit is based on your benefit amount.

More Definitions of Normal Retirement Benefit

Normal Retirement Benefit means the Retirement benefit determined under Section 5.1 of this Appendix A upon Employee's Retirement on or after his Normal Retirement Date.

Normal Retirement Benefit means the benefit described in Article 3.

Normal Retirement Benefit shall have the meaning set forth in the Pension Plan.

Normal Retirement Benefit has the meaning set forth in Section 3.1.

Normal Retirement Benefit means an annual installment benefit of Twenty-Five Thousand Dollars ($25,000) payable commencing upon the Executive’s Normal Retirement Date as provided in Section 2.1.

Normal Retirement Benefit means the benefit provided to Executive pursuant to Section 2.1 hereof.

Normal Retirement Benefit means a monthly benefit beginning at Normal Retirement and continuing for 180 months or the life of the Member, whichever is the greater. The monthly benefit is an amount calculated by multiplying the Retirement Benefit Percentage times the Member's Basic Compensation at the Member's date of retirement and is not offset by benefits in the Company's qualified thrift plan or Section 401(k) plan, nor by a Member's primary Social Security benefits. However, in the event a defined benefit pension plan is implemented by the Company, the monthly benefits payable under this Plan to those Members who are eligible for benefits under a defined benefit pension plan shall be reduced by the Member's monthly benefits under such pension plan.