Normal Retirement Defined Benefit Clause Samples

Normal Retirement Defined Benefit. (i) Subject to Section 3(g) hereof, upon Normal Retirement, the Participant shall be entitled to a normal retirement Defined Benefit, expressed as a monthly single life annuity under Section 4(a)(ii) hereof, equal to one-twelfth (1/12) of the sum of (A) two and one-half percent (2.5%) of Final Pay for each completed Year of Service, up to a maximum of twenty-four (24) Years of Service (or sixty percent (60%) of Final Pay), and (B) one percent (1%) of Final Pay for each Year of Service beyond twenty-four (24) Years of Service that is completed after the Participant attains Normal Retirement Age, up to a maximum of five (5) Years of Service (or five percent (5%) of Final Pay) (collectively, the “Normal Retirement Defined Benefit”). To avoid any doubt with respect to the foregoing sentence, the sum of items (A) and (B) above shall not exceed sixty-five percent (65%) of the Participant’s Final Pay. (ii) Notwithstanding anything to the contrary contained in subparagraph (i) of this paragraph (a), for purposes of calculating the Participant’s Normal Retirement Defined Benefit, the Participant shall be deemed to have twenty-four (24) Years of Service as of February 14, 2007; provided, however, that, if the Participant voluntarily terminates his or her employment with the Employer for any reason other than because of (A) the relocation by the Employer of his or her employment to a location more than 50 miles from the Participant’s place of employment immediately prior to the relocation, (B) a 10% or greater reduction by the Employer in the Participant’s Total Pay for any year from the prior year’s Total Pay, but disregarding any reduction in bonus or incentive compensation payments which occurs in accordance with the terms of any written bonus or incentive compensation program, or (C) a change by the Employer to the Participant’s position that results in the Participant not being deemed an executive officer of the Employer, then this subparagraph (ii) shall be of no force or effect and the Participant’s Normal Retirement SERP Benefit shall be calculated based on actual Years of Service. (iii) The Normal Retirement Defined Benefit shall be distributed in accordance with the election made by the Participant pursuant to Section 4 hereof and shall be made or begin not later than the 15th day of the third (3rd) calendar month following Normal Retirement.
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Related to Normal Retirement Defined Benefit

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

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

  • 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.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.