Deferred Vested Monthly Supplemental Retirement Income

Deferred Vested Monthly Supplemental Retirement Income. The Actuarial Equivalent (expressed as a monthly amount and determined at the time Key Employee's employment terminates) of the amount equal to (a) minus (b) where: (a) equals the monthly amount of Deferred Vested benefits payable under the Retirement Plan which Key Employee would receive if the Restrictions as reflected in the Retirement Plan and the Code were not in effect and Key Employee had elected to begin receiving his or her Deferred Vested benefit at age 52; and (b) equals the monthly... Deferred Vested benefit payable under the Retirement Plan which Key Employee would receive under the Retirement Plan had Key Employee elected to begin receiving his Deferred Vested benefit at age 52 (assuming no changes in the Restrictions between the date of termination and age 52). If Key Employee has a Spouse or Domestic Partner at the time of termination of employment, Key Employee shall elect at the time of such termination whether to determine the Deferred Vested Monthly Supplemental Retirement Income as an actuarially reduced joint and 50% survivor annuity or as an unreduced single life annuity. This election shall not be binding with respect to amounts to be received by Key Employee under the Retirement Plan. For purposes of determining benefits under (a) and (b) above, any QDRO will be taken into account, such that the total benefits payable under this Agreement will be deemed to be (but will not exceed) those which would be payable absent the QDRO. View More