Deferred Pension Clause Samples

A Deferred Pension clause establishes the right of an employee to receive pension benefits at a future date, typically after reaching a specified age or upon meeting certain service requirements, rather than immediately upon leaving employment. In practice, this means that if an employee leaves a company before retirement age but has met minimum vesting criteria, their pension payments will begin at a later, predetermined time. The core function of this clause is to ensure that employees who do not retire directly from service still retain access to earned pension benefits, thereby providing financial security and recognizing long-term service even if employment ends before retirement.
Deferred Pension. Any employee who is permanently laid off from the Company and whose recall rights have expired or been waived and whose age and seniority total 55 or more at the date of layoff shall be entitled to a deferred pension beginning at the earliest date that he or she would have been eligible to retire had he/she continued to work for the Company. Where such employee has 10 or more years of seniority, such deferred pension shall include any applicable bridging benefits.
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Deferred Pension. An employee who loses his seniority under the labor agreement and who at the date he loses his seniority (i) has 5 years or more of credited service and is not eligible for a pension under any other Section of this Pension Plan, or (ii) has attained the latter of age 65 or the fifth anniversary in which the employee commenced participation in the Pension Plan, shall be eligible for a deferred pension under compliance with the terms of this Section (6), which shall be a monthly pension payment equal to the amount that is assigned to the Benefit Class Code that is applicable to him as provided in Appendix C to this Pension Plan for each year of credited service that he had at the date he lost his seniority. Any deferred pension under this Section (6) shall at the option of the former employee be either (a) a monthly pension effective the first day of the first month after he attains age 65 commencing not earlier than 180 days prior to the date on which such former employee elects to have his deferred pension commence, in the full amount for which he is eligible under this Section (6), or (b) a monthly pension commencing as of the first day of the month after he attains age 60 or files his application for such pension, whichever is later, in an amount equal to the monthly pension provided for in (a) above reduced by a percentage equal to five-ninths of one percent multiplied by the number of months by which he is less than 65 years of age at the date such pension commences, or (c) if he loses his seniority on or after January 1, 1976 and has attained at least age 55 but not 60, a monthly pension commencing as of the first day of the month after he lost his seniority and after his combined years of age and years of credited service (to the nearest 1/12 in each case) total 85 or more, or after he files his application for such pension, whichever is later, in an amount equal to the monthly pension provided for in (a) above, multiplied by a percentage as set forth in the following table: Age When Pension Commences Percentage* 55 42.5 56 46.4 57 50.6 58 55.4 59 60.7 60 66.7 *Prorated for intermediate ages computed to the nearest whole month.
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Deferred Pension. If the Member has completed two years or more of Qualifying Service or a transfer payment in respect of the Member's rights under a Personal Pension Scheme has been received under clause G.1 of the Trust Deed, the Member shall be granted at the Member's option either of the benefits specified at (a) or (b) below. If the Member fails to notify the Trustee in writing of his or her choice within six months of ceasing to be in Pensionable Service, the Member will be deemed to have chosen option (a). (This is without prejudice to the Member's right under s95 1993 Act). (a) A deferred pension commencing at Normal Retirement Date at an annual rate equal to the greater of: (i) A x B; and (ii) (A x (B - C)) + D where:
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Deferred Pension. If a Member's Continuous Service is terminated prior to the Member's Normal or Early Retirement Date for any reason other than death, the Member shall be entitled to receive an annual deferred pension from the Plan. The pension shall be payable in equal monthly installments in accordance with the appropriate form of pension payment in Section 8 (▇▇▇▇▇▇ and Forms of Payment), commencing on the Member's Normal or Early Retirement Date. The pension shall be equal to the amount of the pension accrued by the Member up to the date of the Member's termination of employment, computed pursuant to Section 6 (Retirement Benefits). However, if the Member elects to have his or her pension commence prior to the Normal Retirement Date, the pension shall not be reduced pursuant to paragraph (a) of Section 6.02 (Early Retirement Pension), but rather shall be the Actuarial Equivalent of the pension that would have been payable upon the Member's Normal Retirement Date, subject to paragraph (b) of Section 6.05 (Maximum Retirement Limits Under the Income Tax Act).
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Deferred Pension. IN A Member who of Employment has
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Deferred Pension a pension whose payment is delayed until some time after you have left the pension plan. It cannot be deferred past the end of the year in which you attain age Defined also called a "money purchase" type arrangement, means a pension plan to which contributions of a fixed amount are made. These accumulate until a member retires, at which time their value is used to provide a retirement income. rate of regular monthly remuneration while a member of this plan.
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Deferred Pension. Any employee who is permanently laid off from the Company and whose recall rights have expired or been waived and whose age and seniority total fifty-five (55) or more at the date of layoff shall be entitled to a deferred pension beginning at the earliest date that he or she would have been eligible to retire had he continued to work for the Company. Where such employee has ten or more years of seniority, such deferred pension shall Include any applicable bridging benefits. The Company and the Union have agreed to an extension of recall rights to provide that employees shall have the right to recall equal to two (2) times their seniority to a maximum of six (6) years. Former employees with the right to recall would have the right to turn down recall to a temporary job. Recall rights shall be terminatedautomaticallywhen an employee elects to receive severance pay. Preferential Hiring Employees laid off by the Company shall have preferentialhiring rights for a period of time equal to their recall rights.
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Deferred Pension. The term “
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Related to Deferred Pension

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wi▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.