Early or Normal Retirement Sample Clauses
The Early or Normal Retirement clause defines the conditions under which an employee may retire before or at the standard retirement age. It typically outlines eligibility criteria, such as minimum age or years of service, and details the benefits or pension calculations applicable in each scenario. This clause ensures both the employer and employee understand the options and consequences of retiring early versus at the normal retirement age, providing clarity and predictability regarding retirement planning and benefit entitlements.
Early or Normal Retirement. A Participant who Separates from Service pursuant to an Early Retirement or a Normal Retirement shall receive or shall begin receiving the Retirement Benefit on the first day of the month coincident with or next following the earlier of (A) the date of the Participant’s death or (B) the date that the Participant attains age 70.
Early or Normal Retirement. In the event the Director Separates From Service pursuant to the terms of Paragraph 1.8 or 1.11 relating to Early or Normal Retirement, then (excluding a termination under the provisions of paragraphs 3.3 or 4 below), upon such Separation from Service, Director shall be entitled to be paid an annual Director Benefit equal to the Applicable Percentage of the Director Benefit based on Years of Service [i.e. AP% X ($1,000 X Years of Service)]. Payment of this annual amount shall be made in twelve (12) substantially equal monthly installments on the first day of each month, with payments commencing the month following the month in which Director Separates from Service, continuing monthly thereafter until Director’s death (with 2% annual increase).
Early or Normal Retirement. If the Grantee is a Key Employee as of the date of the Grantee’s Separation from Service, the Grantee shall not be entitled to payment of his or her vested RSRs (and related Dividend Equivalents) pursuant to this Section until the earlier of (and payment shall be made upon or promptly after, and in all events within thirty (30) days after, the first to occur of) (a) the date which is six (6) months and one day after the Grantee’s Separation from Service, or (b) the date of the Grantee’s death. The provisions of the preceding sentence shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A of the Code. In determining the Grantee’s eligibility for Early or Normal Retirement, service is measured by dividing (a) the number of days the Grantee was employed by the Company or a subsidiary in the period commencing with his or her last date of hire by the Company or a subsidiary through and including the date on which the Grantee is last employed by the Company or a subsidiary, by (b) 365. If the Grantee ceased to be employed by the Company or a subsidiary and was later rehired by the Company or a subsidiary, the Grantee’s service prior to the break in service shall be disregarded in determining service for such purposes; provided that, if the Grantee’s employment with the Company or a subsidiary had terminated due to the Grantee’s Early Retirement, Normal Retirement, or by the Company or a subsidiary as part of a reduction in force (in each case, other than a termination by the Company or a subsidiary for Cause) and, within the two-year period following such termination of employment (the “break in service”) the Grantee was subsequently rehired by the Company or a subsidiary, then the Grantee’s period of service with the Company or a subsidiary prior to and ending with the break in service will be included in determining service for such purposes. In the event the Grantee is employed by a business that is acquired by the Company or a subsidiary, the Company shall have discretion to determine whether the Grantee’s service prior to the acquisition will be included in determining service for such purposes.
Early or Normal Retirement. If the Participant's Separation from -------------------------- Service is on account of Normal Retirement Age or satisfaction of the Early Retirement requirements, if applicable, the Plan Administrator will direct the Trustee to pay the Participant's Nonforfeitable Account Balance in a form elected by the Participant, on the distribution date the Employer specifies in Adoption Agreement Section
Early or Normal Retirement. Conditions for Participants employed at the end of the Plan Year. (Options 2. and 3. could cause the Plan to violate coverage requirements under Code Section 410(b).)