Common use of Retirement Dates Clause in Contracts

Retirement Dates. (a) Commencing January 1, 1988, the normal retirement date for all employees participating in this Plan shall be the earlier of the first (1st) day of the month following attainment of sixty (60) years of age, or the first (1st) day of the month following attainment of fifty-five (55) years of age and completion of five (5) years of employ-ment. For purposes of determining the completion of five (5) years of employment, the years of employment of an employee of Old American Insurance Company prior to November 1, 1991 shall not be taken into account. (b) For the purposes of this Plan, a participant who reaches his normal retirement date shall be deemed to have retired on such date and shall thereupon become entitled to the retirement benefits herein, except as provided in Subparagraph (c). The value of all contributions allocated to his respective accounts shall be one hundred percent (100%) vested. (c) A participant may continue his employment for purposes herein beyond his normal retirement date, and the participant will commence receiving benefits on his actual retirement date; provided, however, distributions to a five percent (5%) owner of the Company as defined in the Internal Revenue Code shall commence no later than April 1st of the calendar year following the calendar year in which he attains age seventy and one-half (70 1/2), and distributions to other participants shall commence no later than April 1st of the year in which such other participant attains the age of seventy and one-half (70 1/2), unless such other participant shall have attained age seventy and one-half (70 1/2) prior to January 1, 1988 and was not a five percent (5%) owner at any time during the period beginning with the Plan year ending with the year in which he attained age sixty-six and one-half (66 1/2) and any subsequent year. Contri-butions may be continued until such actual retirement date at the option of the participant. Effective January 1, 1989, the minimum distribution and the minimum dis-tribution incidental benefit requirements of Internal Revenue Code Proposed Regulations 1.401(a)(9)-1 and 1.401(a)(9)-2 are hereby incorporated by reference. Effective January 1, 1997, for participants other than a five percent (5%) owner of the Company, distributions shall commence no later than April 1st of the calendar year following the later of: (i) the year in which the participant attains age 70 1/2, or (ii) the year in which the participant retires.

Retirement Dates. (a) Commencing January 1, 1988, the normal retirement date for all employees participating in this Plan shall be the earlier of the first (1st) day of the month following attainment of sixty (60) years of age, or the first (1st) day of the month following attainment of fifty-five (55) years of age and completion of five (5) years of employ-employ- ment. For purposes of determining the completion of five (5) years of employment, the years of employment of an employee of Old American Insurance Company prior to November 1, 1991 shall not be taken into account. (b) For the purposes of this Plan, a participant who reaches his normal retirement date shall be deemed to have retired on such date and shall thereupon become entitled to the retirement benefits herein, except as provided in Subparagraph (c). The value of all contributions allocated to his respective accounts shall be one hundred percent (100%) vested. (c) A participant may continue his employment for purposes herein beyond his normal retirement date, and the participant will commence receiving benefits on his actual retirement date; provided, however, distributions to a five percent (5%) owner of the Company as defined in the Internal Revenue Code shall commence no later than April 1st of the calendar year following the calendar year in which he attains age seventy and one-half (70 1/2), and distributions to other participants shall commence no later than April 1st of the year in which such other participant attains the age of seventy and one-half (70 1/2), unless such other participant shall have attained age seventy and one-half (70 1/2) prior to January 1, 1988 and was not a five percent (5%) owner at any time during the period beginning with the Plan year ending with the year in which he attained age sixty-six and one-half (66 1/2) and any subsequent year. Contri-Contri- butions may be continued until such actual retirement date at the option of the participant. Effective January 1, 1989, the minimum distribution and the minimum dis-dis- tribution incidental benefit requirements of Internal Revenue Code Proposed Regulations 1.401(a)(9)-1 and 1.401(a)(9)-2 are hereby incorporated by reference. Effective January 1, 1997, for participants other than a five percent (5%) owner of the Company, distributions shall commence no later than April 1st of the calendar year following the later of: (i) the year in which the participant attains age 70 1/2, or (ii) the year in which the participant retires.