Normal Pension Clause Samples

Normal Pension. Pension payable for life with the provision that, upon death, the beneficiary will receive the excess, if any, of the accumulated member contributions with interest over the sum of the pension payments made.
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Normal Pension. A Member is eligible for a Normal Pension as of his Normal Retirement Date which is the first day of the calendar month which next follows the latest of: (a) Attainment of sixty-five (65) years of age; and (b) Termination of Continuous Service prior to the date upon which distributions to such Member must commence pursuant to Section 6.11, and (c) Except as may be permitted by Section 7.2(b), completion of an application for Normal Pension.
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Normal Pension. Each Member who terminates employment with the Company and qualifies for a Normal Pension on or after the date of ratification (“Date of Ratification”) of the Collective Bargaining Agreement, shall be entitled to receive a monthly amount, in the applicable form described in Section 5.4, equal to: (a) for a Member who is classified by the Company as a Plant Services Employee and who retires on or after the Date of Ratification, $25.00 multiplied by the Member’s years and fractions of years of Credited Service, and (b) for a Member who is classified by the Company as a Maintenance Employee and who retires on or after the Date of Ratification, $55.00 multiplied by the Member’s years and fractions of years of Credited Service (effective for retirements occurring after August 17, 2017).
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Normal Pension. An Employee who is eligible for a pension pursuant to Paragraph 1 of Article IV shall be entitled upon his retirement at or after his Normal Retirement Date and on or after the Effective Date to receive a monthly pension equal to (a) $60.00 (effective for retirements occurring after August 17, 2017), multiplied by the Employee's years of credited service reduced by (b) the immediate annuity equivalent of the Employee's Additional Employer Contributions Account under the Bridgestone Americas , Inc. Employee Savings Plan for Bargaining Unit Employees (the "Savings Plan") as of the date his pension commences hereunder. For purposes of this calculation, the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee's pension commences hereunder shall mean the actual amount in such Account as of such date plus any amount withdrawn from such Account prior to such date for any reason (including a hardship withdrawal pursuant to Section 6.7 of the Savings Plan, any amount withdrawn from such Account pursuant to a qualified domestic relations order or a deemed withdrawal upon default of a loan from such Account to the Employee) with interest imputed on any withdrawn amount from the date of any such withdrawal through the date the Employee's pension commences hereunder at the rate of 7.75% per annum compounded monthly. The immediate annuity equivalent of the Employee's Additional Employer Contribution Account under the Savings Plan shall be the amount in such Account as of the date the Employee's pension commences hereunder (determined as described in the preceding sentence) converted to an annuity payable as a single life and five year certain annuity to the Employee commencing as of the date the Employee's pension commences hereunder using an interest rate of 7.75% and the 1983 Group Annuity Mortality Table, Male. In no event will this reduction exceed $7 multiplied by the Employee's years of credited service. For purposes of this Paragraph, the amount of an Employee's Normal Pension shall be the greater of the Early Pension calculated under Paragraph 2 of this Article V or the Normal Pension calculated at normal retirement age. Such pension shall be subject to the provisions of Paragraph 5 of this Article V, and shall commence in the month following that in which the Employee retires if an application is made therefor in the month of retirement. In the event application is not made in the month of retirement, the pensi...
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Normal Pension. The Parties, during this collective agreement, agree to investigate the cost benefits of converting from an to Pension Plan including the cost sharing of converting previous service for Local employees, and should it be deemed appropriate by the Corporation and Local that joint submission be made to the Provincial government and Board of Directors requesting their approval to offer an Plan to eligible Homes for the Aged employees, with consideration to convert past service under the existing Plan to an Plan. VACATION SCHEDULING MARCH BREAK AND
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Normal Pension a. A Participant may retire on a Normal Pension on the first day of any month after he/she has attained his/her Normal Retirement Date, provided he/she has filed an application for benefits prior to the commencement of his/her pension. b. The Normal Pension shall be a monthly amount equal to one and 85/100 percent (1.85%) of the Participant's Final Average Earnings multiplied by his/her Credited Service with the Employer as a full-time municipal Employee, subject to a maximum yearly pension of fifty- five percent (55%) of his/her Final Average Earnings. One-twelfth (1/12th) of this amount will be paid monthly. The monthly pension may be provided, in full or in part, from an annuity purchased under the terms of a Prior Group Annuity Contract. c. Effective October 1, 2001, the Normal Pension shall be a monthly amount equal to two and one-tenth percent (2.1%) of the Participant's Final Average Earnings multiplied by his/her credited service with the Employer, as a full-time municipal employee, subject to a maximum yearly pension of sixty-three percent (63%) of his/her Final Average Earnings. One-twelfth (1/12th) of this amount will be paid monthly. The monthly pension may be provided, in full or part from an annuity purchased under the terms of a Prior Group Annuity Contract.
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Normal Pension. The term “
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Related to Normal Pension

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • 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.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.