Commuted Value definition

Commuted Value means the actuarial present value of the pension or other benefit to which an employee, or their spouse or designated beneficiary, if applicable, is or will become entitled and which confirms to generally accepted actuarial principles and is accepted under the Pension Benefits Act, 1987 (Ontario) and regulation thereunder.

Commuted Value means, in relation to benefits that a person has a current or future entitlement to receive, a lump sum amount which is the actuarial present value of those benefits, computed at the rate of interest and using the actuarial tables and such other methods and assumptions adopted for the purposes of the Plan, subject to any requirements of the Pension Benefits Act and the Income Tax Act.

Commuted Value means, in relation to a benefit that a member has a present or future entitlement to receive, the actuarial present value of the benefit determined, at the date of calculation, in accordance with

Examples of Commuted Value in a sentence

• The eligible Spouse can elect to continue the monthly payments or to receive the Commuted Value of the remaining payments.

• If there is no Beneficiary, the Commuted Value of the remaining payments shall be paid in a lump sum cash payment to the estate of the Member.

• The surviving Spouse can elect to continue the monthly payments or elect to receive the Commuted Value of the remaining payments.

• Where the Spouse dies after the Member dies, the Commuted Value of the unpaid portion of the 84 monthly payments guaranteed to be paid to the Member shall be paid to the estate of the Spouse in a lump sum.

• Commutation of Small PensionsIn the event that one of the following conditions is met: (i) the annual pension payable at the Member’s Normal Retirement Date is not more than 4% of the YMPE in the year of the Member’s termination; or (ii) the Commuted Value of the pension to which the Member is entitled is less than 20% of the YMPE in the year of the Member’s termination the University has sole discretion to pay the benefit in a single lump sum cash payment to the member.

More Definitions of Commuted Value

Commuted Value means the value calculated in the prescribed manner and as of a fixed date of a pension, a deferred pension, a pension benefit or an ancillary benefit.

Commuted Value of a pension benefit means the lump sum, Actuarially Calculated, so as to be equivalent in value to the pension and related ancillary benefits.

Commuted Value means the value of a benefit determined in accordance with the Pension Benefits Standards Act;

Commuted Value means, in relation to benefits that a person has a present or future entitlement to receive, a lump sum amount which is the actuarial present value of those benefits computed using rates of interest, the actuarial tables and other assumptions that are adopted by the Board on the recommendation of the Actuary for purposes of the Plan, subject to any requirements of the Employment Pension Plans Act and the Income Tax Act.

Commuted Value means the value of a member’s pension benefit, calculated in the manner prescribed under the Pension Benefit Act (Ontario).

Commuted Value means a lump-sum amount which is the actuarial present value of a Member’s benefits computed at the rate or rates of interest and using the actuarial tables adopted by the Pension Committee on the recommendation of the Actuary, subject to the provisions of the Pension Benefits Act and the Income Tax Act.

Commuted Value means, in relation to benefits that a person has a present or future entitlement to receive, a lump sum amount which is the actuarial present value on any specified date of those benefits computed at the rate of interest and using the actuarial tables and other assumptions as may be adopted by the Company or an authorized officer of the Company, subject to the requirements of the Act and the Income Tax Act.