Common use of Statutory Clause in Contracts

Statutory. The later of age 65 or the 5th anniversary of participation in the Plan. For this purpose only, participation is assumed to commence as of the first day of the first Plan Year in which the Employee became a Participant. ☐ b. Age (not to exceed 65). If the age selected is less than 55 or less than the earliest retirement age that is reasonably representative of the typical retirement age for the industry in which the Plan Participants work, then, effective May 22, 2007, the Normal Retirement Age shall be changed to the following later age: ☐ b.1. age (not less than 55). (The age selected must not be earlier than the earliest retirement age that is reasonably representative of the typical retirement age for the industry in which the Plan Participants work. Age 62 or older automatically meets this requirement.) If b.1. is also checked, the effective date of the change to the Normal Retirement Age is