Discounted Vested Monthly Benefit

Discounted Vested Monthly Benefit. An amount determined by discounting Employee's Vested Monthly Benefit to present value based on the number of months between (a) the Employee's age at the time of [his OR her] Separation From Service or, if [he OR she] elects to defer payment or commencement pursuant to subparagraph 6(d) of this Agreement, the date of payment or commencement, and (b) the date of Employee's 65th birthday. The discount rate to be used for this purpose shall be equal to the yield to maturity, at the date in (a),... above, of U.S. Treasury Notes with a maturity date nearest the date of the Employee's 65th birthday View More

Discounted Vested Monthly Benefit. An amount determined by discounting Employee's Vested Monthly Benefit to present value based on the number of months between (a) the later of (i) Employee's age at the time of his or her termination of employment or (ii) the date on which Employee attains age 55, and (b) the date of Employee's 65th birthday. The discount rate to be used for this purpose shall be equal to the yield to maturity, at the date of termination of Employee's employment, of U.S. Treasury Notes with a maturity date... nearest the date of the Employee's 65th birthday View More

Discounted Vested Monthly Benefit. Shall mean an amount determined by discounting the Executive's Vested Monthly Benefit to present value based on the number of months between (a) the Executive's age at the date of his termination of employment or, if he elects to defer payment or commencement pursuant to subparagraph 4(f)(ii) of this Agreement, the date of payment or commencement, and (b) the date of his 65th birthday. The discount rate to be used for this purpose shall be equal to the yield to maturity, at the date in (a),... above, of U.S. Treasury Notes with a maturity date nearest the date of the Executive's 65th birthday. View More