Example ContractsClausestermination benefitVariants
Termination Benefit
Termination Benefit contract clause examples

Termination Benefit. Upon the Participant’s Separation from Service for reasons other than death or Retirement, he or she shall be entitled to a Termination Benefit. The Termination Benefit shall be equal to the vested portion of the Retirement/Termination Account and the unpaid balances of any Specified Date Accounts. The Termination Benefit shall be based on the value of that Account(s) as of the end of the month in which Separation from Service occurs or such later date as the Committee, in its sole discretion, shall determine, and will be paid the following month. Payment of the Termination Benefit for a Specified Employee will be valued the last day of the sixth month following Separation from Service and made or begin in the seventh month following the month in which Separation from Service occurs.

Retirement Benefit. Upon the Participant’s Separation from Service due to Retirement, he or she shall be entitled to a Retirement Benefit. The Retirement Benefit shall be equal to the vested portion of the Retirement/Termination Account and # if the Retirement/Termination Account is payable in a lump sum, the unpaid balances of any Specified Date Accounts, or # if the Retirement/Termination Account is payable in installments, any Specified Date Accounts with respect to which payments have not yet commenced. The Retirement Benefit shall be based on the value of that Account(s) as of the end of the month in which Separation from Service occurs or such later date as the Committee, in its sole discretion, shall determine, and will be paid the following month. Payment of the Retirement Benefit to a Specified Employee will be valued on the last day of the sixth month following Separation from Service and made or begin in the seventh month following the month in which Separation from Service occurs. If the Retirement Benefit is to be paid in the form of installments, any subsequent installment payments to a Specified Employee will be paid on the anniversary of the date the initial installment was made.

Termination Benefit. If a Participant experiences a Separation from Service that does not qualify as a Retirement, the Participant shall receive his or her vested Account Balance in the form of a lump sum payment (the “Termination Benefit”). A Participant’s Termination Benefit shall be calculated as of the close of business on or around the Benefit Distribution Date for such benefit, which shall be # the first day after the end of the 6-month period immediately following the date on which the Participant experiences such Separation from Service if the Participant is a Specified Employee, and # for all other Participants, the date on which the Participant experiences a Separation from Service.

Termination Benefit. If a vested Participant experiences a Separation from Service, Employer shall pay to the Participant the monthly Supplemental Retirement Benefit calculated under Section 6.2 multiplied by the Participant’s vested percentage under Section 3.3 except:

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