Example ContractsClausesEarly Retirement Benefit
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Early Retirement Benefit. In the event the Participant’s Commencement Date precedes his Normal Retirement Date, his Retirement Benefit shall be the amount determined under [Section 3.1] of the Plan, reduced by the standard early retirement reduction factors set forth in Rider No. 1 to the Crown Cork & Seal Company, Inc. Pension Plan (or any successor plan thereto) for the period by which his Commencement Date precedes his Normal Retirement Date.

Retirement Benefit. Notwithstanding any provision of the Plan to the contrary, Stecko’s Retirement Benefit under [Section 2.1] shall be equal to the product of Stecko’s final average compensation, multiplied by his years of service, multiplied by (.0167). For purposes of this [Appendix A]: # “final average compensation” shall mean Stecko’s average base salary plus average bonus in the three of his final five years of service during which his base salary and bonus, determined independently, were highest; and # “years of service” shall equal five (5) plus the elapsed time from until Stecko’s termination of service. Stecko’s Retirement Benefit shall not be reduced by his PCA Pension Plan Benefit, Pactiv Pension Plan Benefit or Pactiv SERP Benefit, and shall be nonforfeitable without regard to his reason for terminating Service. If distribution of Stecko’s Retirement Benefit commences prior to age 62, a 4% per year reduction will apply.

Retirement Benefit. If the Executive provides prior written notice to the CEO of the Company of his intent to retire from his employment with the Company during the Employment Term, then notwithstanding that he does not have five years of service with Valley and his written notice does not meet the required period for notice, the Executive’s retirement shall be treated as a qualified Retirement under the Stock Plans and his award agreements. With respect to any performance restricted stock units, the units will remain outstanding after the executive’s retirement from his employment with the Corporation and the Bank and vest, or be forfeited, in accordance with the terms of the applicable award agreement and Stock Plan. If the Executive retires or announces his retirement prior to the meeting of the Compensation and Human Resources Committee awarding bonuses for 2017 performance, he nonetheless will be entitled to an equity award and cash bonus for his service in , the amount of which shall be in the discretion of the Compensation and Human Resources Committee.

Amount of Early Retirement Supplemental Benefit. The monthly supplemental retirement benefit payable to a Participant who retires prior to Normal Retirement Date shall be an amount equal to 1/12th of 55 percent of the Highest Average Three-Year Compensation, reduced by all of the following that are applicable:

Early Retirement Employee. If a Change of Control (as such term is defined in Paragraph 6(c)(ii) below) occurs during the Term of this Agreement, the Executive may elect by written notice given to the Bank at any time within six (6) months after such Change of Control to terminate the employment of the Executive by the Bank whereupon the Executive will become an "Early Retirement Employee" and will be entitled to receive such payments as are provided hereafter in this Paragraph 6. Such election and the termination of the Executive's employment shall become effective on the first day of the second calendar month commencing after delivery of such notice (the "Early Retirement Effective Date").

Subject to [Subparagraph III(F)], should the Executive elect Early Retirement or be discharged without cause by the Bank subsequent to the Early Retirement Date [Subparagraph I(D)" data-ad-field-json='{"name":"[Subparagraph I(D)","canGuess":{"name":false,"type":true}}'>​], the Executive shall be entitled to receive a reduced annual benefit amount as set forth in [Exhibit A-22]2]], based on the Executive’s age at Early Retirement. Said payments to commence thirty (30) days following the Executive’s Early Retirement Date. Such payments shall be made in equal monthly installments [1/12th of the annual benefit for a period of thirteen (13) years]. Upon completion of the aforestated payments and commencing the next month subsequent thereto, the Executive shall be entitled to receive a reduced Index Retirement Benefit [Subparagraph I(F)" data-ad-field-json='{"name":"[Subparagraph I(F)","canGuess":{"name":false,"type":true}}'>​] amount as set forth in [Exhibit A-22]2]], based on the Executive’s age at Early Retirement, which benefit shall be paid to the Executive until his death at which time said benefit shall cease. For the avoidance of doubt, when Early Retirement occurs prior to age sixty-five (65), the reduced annual benefit as set forth in [Exhibit A-22]2]], based on the Executive’s age at Early Retirement, will apply to the age sixty-six (66) benefit listed on [Exhibit A-11]1]], to the age sixty-six benefit listed on [[Exhibit A-1A]A]]A], and to the Index Retirement Benefit listed on [Exhibit A-33]3]].

Early Retirement Date. The ’s Service terminates on or after the ’s Early Retirement Date and the Company receives a valid unrevoked Release Agreement from the . “Early Retirement Date” is the date that is # on or prior to the ’s termination of Service, # at or after attaining age 45 and prior to attaining age 55 and completing at least 15 years of Service (which 15 years need not be continuous), # if the ’s termination of Service is voluntary, at least six months after the commenced discussions with the Company’s Chief Executive Officer or most senior human resources executive regarding the ’s consideration of termination, and # the following additional requirements are satisfied, to the extent applicable: # if the ’s Early Retirement Date occurs prior to the ’s attainment of age 48, the was providing Service for at least the first 24 months of the Performance Period, # if the ’s Early Retirement Date occurs prior to the ’s attainment of age 52 and on or after attainment of age 48, the was providing Service for at least the first 18 months of the Performance Period, and # if the ’s Early Retirement Date occurs prior to the ’s attainment of age 55 and on or after attainment of age 52, the was providing Service for at least the first 12 months of the Performance Period.

Early Retirement Distribution. A Participant who remains in the employ of the Employer until his Early Retirement Age (and is not entitled to a distribution by reason of an Involuntary Termination pursuant to [Section 5.3(a)]) will receive an Early Retirement Benefit equal to the vested balance of his Account as of the date of his Retirement. Payment of the Early Retirement Benefit will begin on the first day of the second calendar month following the date of the Participant's Retirement; provided, that the Participant timely elected (or was deemed to have timely elected) to receive an Early Retirement Benefit pursuant to [Section 3.1(b)] and did not subsequently elect to defer such payment pursuant to [Section 5.7]. Except as provided in [Section 10.3], distribution of the Early Retirement Benefit will be made in the form of equal annual installments through the date the Participant attains age eighty (80). Distributions will be made in the form of cash or Stock, depending on the Participant's investment crediting rates as provided in [Section 4.4]. The commencement of the payment of the Early Retirement benefit will be subject to the six (6) month delay applicable to Key Employees under [Section 5.4].

Early Retirement Eligibility Date means the earliest date on which a Participant may terminate employment with the Affiliated Companies with either a normal retirement benefit or a subsidized early retirement benefit from a defined benefit plan sponsored by an Affiliated Company.

The “Index Retirement Benefit” for the Executive for any year shall be equal to the amount shown on [Exhibit A-33]3]] of this Agreement.

Supplemental Retirement Benefit. A Participant’s `Supplemental Retirement Benefit’ means the difference between the Participant’s Modified Accrued Benefit and the sum of the Participant’s Accrued Benefit and the Participant’s Foreign Plan Benefit, expressed in terms of a single-life annuity effective as of the first day of the month next following the Participant’s Normal Retirement Date.

Normal Retirement Benefit. The Participant has been designated as a Group C Participant and shall be entitled to a Retirement Benefit calculated in accordance with the applicable provision of [Section 3.1] of the Plan. In addition to the offsets specified in [Article III] of the Plan, the Participant’s Retirement Benefit shall be calculated with an offset for the amount of any employer-funded benefit earned by the Participant under any other retirement plan sponsored by the Company or its subsidiaries, whether domestic or foreign.

Adjustments for Early Retirement. In the event a Participant incurs a Separation from Service prior to the Participant’s Normal Retirement Date, the Participant’s Supplemental Retirement Benefit shall be adjusted in the same manner that the Participant’s Accrued Benefit under the Pension Plan would be adjusted had such Participant elected to receive his Accrued Benefit under the Pension Plan # in the same form that the Participant elected to receive his Supplemental Retirement Benefit and # commencing on the later of the first day of the month next following his # Separation from Service or # 55th birthday.

Early Retirement Benefit: A Participant may retire after his 55th birthday and the date of completion of at least three (3) Years of Credited Service, but prior to his Normal Retirement Date, and be entitled to receive his Accrued Benefit (“Early Retirement Benefit”) commencing as of the first day of the calendar month coinciding with or next following the Participant’s 60th birthday. Alternatively, a Participant may elect to commence his Early Retirement Benefit (excluding any Pre-[Section 409A] Benefit) as of the first day of the calendar month coinciding with or next following his Retirement, or as of the first day of any subsequent calendar month which precedes his Normal Retirement Date, provided # that any election to commence the Participant’s Early Retirement Benefit prior to his Normal Retirement Date shall comply with the election rules set forth below and # that the Participant’s Early Retirement Benefit, paid in the normal form, shall be reduced five-twelfths of one percent (5/12 of 1%) for each full month or portion thereof by which the commencement of the Early Retirement Benefit precedes the Participant’s Normal Retirement Date.

Early Voluntary Termination Benefit. If Early Voluntary Termination occurs, the Employer shall pay the Executive the vested portion of the Deferral Account balance. This benefit shall be paid in quarterly installments between 2 years and 10 years, at the selection of the Executive, and shall commence the first day of the immediately subsequent quarter following Separation from Service. During the payment period, interest shall be credited on the unpaid portion of the Deferral Account balance as described in [Section 3.1(b)(ii)]. The quarterly payments shall be amortized in such a way so as to produce equal payments over the remaining payment period. This will require quarterly reamortization for changes in the Crediting Rate.

Retirement means # the Termination of Employment of a Participant pursuant to which such Participant is eligible for an “Early Retirement Benefit” or “Normal Retirement Benefit” under the Pension Plan, and # the Termination of Employment of a Participant pursuant to which such Participant is eligible for a subsidized early retirement benefit, or a “normal” retirement benefit payable to an employee who terminates employment after attaining age 65, under any defined benefit pension plan sponsored by an Affiliated Company (other than the Pension Plan).

effect on the same date as the corresponding increase under the GE Pension Plan, GE Excess Benefit Plan or GE Executive Special Early Retirement Option and Plant Closing Retirement Option Plan.

A Participant who, if he separated from service, would not yet be eligible for Early Retirement under [Article 3] or Normal Retirement under [Article 4], and who becomes Disabled, shall be eligible to receive a Disability Retirement Benefit.

Retirement. This Agreement shall be terminated upon the early or normal retirement of the Officer under the benefit plan(s) in which the Officer participates pursuant to [Section 6] of this Agreement.

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