Retirement Benefit Amount definition

Retirement Benefit Amount means the benefit payable under the Plan in accordance Section 2.4 herein.
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Retirement Benefit Amount means the amount determined in accordance with Section 2.5(c) of the Plan.
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Examples of Retirement Benefit Amount in a sentence

  • Such Retirement Benefit Amount shall be paid in the form of a lump sum payment equal to the present value of the Retirement Benefit Amount payable under Section 2.4 discounted as provided at Section 2.2(a).

  • Such Retirement Benefit Amount shall be paid at the election of the Participant in the form of a lump sum payment equal to the present value of the Retirement Benefit Amount payable under Section 2.4 discounted as provided at Section 2.2(a).

  • In the event of the Disability of a Participant, such Participant will be paid the Retirement Benefit Amount specified at Article II, Section 2.4; commencing as soon as administratively feasible following certification of such Disability, provided that such Participant shall have attained the Retirement Date.

  • The Retirement Benefit Amount shall be equal to the product of: (i) the Retirement Benefit Percentage specified at Section 2.4(b), and (ii) the Monthly Retirement Benefit specified at Section 2.4(c) herein.

  • Notwithstanding any provisions of the Plan to the contrary, the Retirement Benefit Amount payable upon Retirement shall not be paid to a Participant or Beneficiary prior the third anniversary of the Effective Date of the Plan, except in the case of the death or Disability of the Participant or a Change in Control of the Bank.

  • Upon the death of a Participant who is not receiving benefit payments under the Plan prior to his or her death who as of the date of death otherwise meets the requirements of the Plan, regardless of whether he or she meets the minimum age set forth at Section 2.1, the Savings Bank shall pay to the Beneficiary designated in writing by the Participant, the Retirement Benefit Amount set forth at Article II, Section 2.4, during such Beneficiary’s lifetime.

  • Except as provided for under Section 2.2 of the Plan, a Participant who has not earned at least five (5) Years of Service with either or both the Company or the Bank shall have a percentage equal to 0% with respect to his Retirement Benefit Amount from the Company and/or the Bank.

  • For purposes of calculating a Participant’s Retirement Benefit Amount with respect to either the Company or the Bank, any compensation paid to the Director under any stock-based plan or bonus arrangement (including the Bank’s Strategic Business Planning Incentive Compensation Program) shall be excluded in the determination of the retainers and fees paid to the Director.

  • A Participant’s Retirement Benefit Amount with respect to the Bank equals the total highest retainer, regular and special meeting fees, as well as fees for Executive Committee meetings of the Bank, paid to a Director by the Bank during any twelve (12) consecutive month period during the 24 month period prior to his Termination of Service, death or Disability or Change in Control, as applicable.

  • A Participant’s Percentage of the Retirement Benefit Amount equals 2.5% times the number of Years of Service the Participant has earned serving as a member of the Board of Directors of the Company and/or the Bank, as applicable, provided the Participant’s percentage calculated under this provision shall not exceed 80%.

Related to Retirement Benefit Amount

  • Retirement Benefit means the benefit set forth in Article 5.

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • 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.

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

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

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

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

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

  • 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).

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

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

  • 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.

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

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Disability Benefit means the benefit set forth in Article 8.

  • 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.

  • Matching Contribution means Employer contributions made to this Plan or any other defined contribution plan by reason of Thrift Contributions or Elective Deferrals under this Plan.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.

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