Common use of Normal or Deferred Retirement Clause in Contracts

Normal or Deferred Retirement. If, upon or after the Employee’s attainment of age 65, the Employee’s employment shall be terminated and he shall be eligible to receive a benefit under The Connecticut Water Company Employees’ Retirement Plan (hereinafter referred to as the “Retirement Plan”), the Employee shall be entitled to receive pursuant to this Agreement a benefit having a value equal to an annual benefit for his life of (a) 60% of the Employee’s Average Earnings reduced by (b) the annual benefit payable to the Employee under the Retirement Plan in the form of a single life annuity for the life of the Employee (whether or not the benefit under the Retirement Plan is actually paid in such form), commencing at the same time as of which benefits commence hereunder, and further reduced by (c) the annual benefit payable to the Employee, under the South Central Connecticut Regional Water Authority Salaried Employees’ Retirement Plan, in the form of a single life annuity for the life of the Employee (whether or not the benefit under such Plan is actually paid in such form) commencing at the same time as of which benefits commence hereunder. Such benefit will be payable in accordance with Section 2 below. The date as of which benefits commence hereunder is the first day of the month following the Employee’s retirement, even though actual payment is delayed in accordance with Section 2 hereof.

Normal or Deferred Retirement. If, upon or after the Employee’s attainment of age 65, the Employee’s employment shall be terminated and he shall be eligible to receive a benefit under The Connecticut Water Company Employees’ Retirement Plan (hereinafter referred to as the “Retirement Plan”), the Employee shall be entitled to receive pursuant to this Agreement a benefit having a value equal to an annual benefit for his life of (a) 60% of the Employee’s Average Earnings reduced by (b) the annual benefit payable to the Employee under the Retirement Plan in the form of a single life annuity for the life of the Employee (whether or not the benefit under the Retirement Plan is actually paid in such form), commencing at the same time as of which benefits commence hereunder, and further reduced by (c) the annual benefit payable to the Employee, Employee under the South Central Connecticut Regional any qualified defined benefit plan maintained by American Water Authority Salaried Employees’ Retirement PlanWorks or any subsidiary thereof, in the form of a single life annuity for the life of the Employee (whether or not the benefit under such Plan is actually paid in such form) commencing at the same time as of which benefits commence hereunder. Such benefit will be payable in accordance with Section 2 below. The date as of which benefits commence hereunder is the first day of the month following the Employee’s retirement, even though actual payment is delayed in accordance with Section 2 hereof.