Retirement Benefit Payment definition

Retirement Benefit Payment means any payment to which the Participant is entitled pursuant to Section 5.1.
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Examples of Retirement Benefit Payment in a sentence

  • The Normal Retirement Benefit shall be payable to the Employee in equal monthly installments, for a period of fifteen (15) years (one-hundred eighty (180) payments) (the “Normal Retirement Benefit Payment Period”).

  • The Normal Retirement Benefit shall commence within thirty (30) days of the Employee’s Normal Retirement Date (with the date of the initial payment within such period determined by the Corporation in its sole discretion) and shall continue until the expiration of the Normal Retirement Benefit Payment Period.

  • In addition, subject to the provisions of Section 1(d) below, Executive shall receive with each Retirement Benefit Payment a tax-gross-up payment (each, a “Gross-Up Payment”) in an amount necessary to provide Executive with sufficient cash, after all applicable taxes on the Gross-Up Payment, to pay all applicable taxes on the Retirement Benefit Payment.

  • Notwithstanding any provision herein to the contrary, to the extent required by Code Section 409A, the final Retirement Benefit Payment under Section 1(a) above (in connection with Executive’s termination of employment with the Company) and related Gross-Up Payment shall be made on the date six months after such termination of employment.

  • If an Event of Insolvency occurs after the Retirement Benefit Commencement Date, then in lieu of any Retirement Benefit Payments due on, or payable after such Date, the Participant shall be entitled to (i) a Guaranteed Primary Benefit Payment for each month beginning on or after such Date and beginning on or before the earlier of the Causal Termination Date or the Guaranteed Full Payout Date; and (ii) an Insolvency Retirement Benefit Payment for the first month beginning after the close of each Plan Year.

  • A modification to the Retirement Benefit Payment Schedule may be made any time after the Participant attains age 50.

  • A Participant shall receive his or her Retirement Benefit Payment in a lump sum, unless such Participant elected, in connection with his or her commencement of participation in the Plan, to receive a Retirement Benefit Payment in the form of up to twenty (20) equal annual installments.

  • If a Member who is receiving --------------------------------- monthly benefit payments on account of his or her Normal Retirement, Deferred Retirement or Vested Retirement Benefit Payment Date described in Section 8.1 is reemployed by the Company as a Casual Employee, such monthly benefit payments will be suspended after the Member completes 950 Hours of Service during a Rehire Anniversary Year.

  • Such offset will be made for a Member who is reemployed by the Company after his or her Normal Retirement, Deferred Retirement or Vested Retirement Benefit Payment Date described in Section 8.1 for each month the Member is engaged in "Section 203(a)(3)(B) Service," as defined in the Act.

  • If a Member who is receiving monthly ------------------------ benefit payments on account of his or her Normal Retirement, Deferred Retirement or Vested Retirement Benefit Payment Date described in Section 8.1 is reemployed by the Company as an Employee, such monthly benefit payments will be suspended upon the Member's reemployment.

Related to Retirement Benefit Payment

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

  • 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;

  • 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.

  • 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.

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

  • 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.

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

  • 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.

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

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

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

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

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

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

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Employment benefits means all benefits provided or made

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Relevant Benefits means any pension (including an annuity), lump sum or gratuity given or to be given on retirement or on death, or by virtue of a pension sharing order or provision, or in anticipation of retirement, or, in connection with past service, after retirement or death;

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

  • relevant benefit means any benefit specified in paragraph 21(2); and

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • 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).

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.