Accrued Benefit Clause Samples
The Accrued Benefit clause defines the amount of benefits that a participant has earned in a retirement or pension plan up to a specific date. Typically, this is calculated based on factors such as years of service, salary history, or a predetermined formula, and it determines what the participant is entitled to receive if they leave the plan before full retirement age. The core function of this clause is to ensure participants have a clear understanding of their vested interests and to protect their earned benefits, even if their employment ends prior to retirement.
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Accrued Benefit. 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20
Accrued Benefit. 1.15 (1.05) Actual Deferral Percentage ("ADP") Test......................14.08 (14.06) Administrative Committee.......................................1.06 (1.02) Adoption Agreement.............................................1.04 (1.01) Annual Addition.............................................3.19(a) (3.08) Average Contribution Percentage Test.........................14.09 (14.08) Beneficiary....................................................1.11 (1.03) Break in Service for Eligibility Purposes......................2.03 (2.01) Break in Service for Vesting Purposes..........................5.07 (5.03) Cash-out Distribution..........................................5.04 (5.01) Code...........................................................1.25 (1.06) Code Section 411(d)(6) Protected Benefits....................13.02 (13.01) Compensation...................................................1.12 (1.03) Compensation for Code Section 401(k) Purposes.............14.03(f) (14.02) Compensation for Code Section 415 Purposes..................3.19(b) (3.08) Compensation for Top Heavy Purposes......................1.33(B)(3) (1.10) Contract(s)................................................11.03(c)(11.02)
Accrued Benefit. An employee who has an accrued benefit under the Financial Security Plan shall retain such accrued benefit under the Plan subject to the current provisions of the Plan.
Accrued Benefit. 1.15 (1.05) Actual Deferral Percentage ("ADP") Test............................14.08 (14.06) Adoption Agreement...................................................1.04 (1.01) Advisory Committee...................................................1.06 (1.02) Annual Addition...................................................3.19(a) (3.07) Average Contribution Percentage Test...............................14.09 (14.07) Beneficiary..........................................................1.11 (1.03) Break in Service for Eligibility Purposes............................2.03 (2.01) Break in Service for Vesting Purposes................................5.07 (5.03) Cash-out Distribution................................................5.04 (5.01) Code.................................................................1.25 (1.06) Code ss.411(d)(6)
Accrued Benefit. Upon the death of a Vested Participant prior to his Annuity Starting Date, the death benefit shall be determined on the basis of the Participant's vested Accrued Benefit.
Accrued Benefit. The Accrued Benefit for each employee in the service of the Company on or after January 1, 1991 will be equal to $20.00 per month for each year of Credited Past Service and $25.00 per month for each year of Credited Future Service.
Accrued Benefit. The term "accrued benefit" shall mean the value of a participant's account or accounts with respect to all funds in this Plan.
Accrued Benefit. As used herein, the term “Accrued Benefit” shall mean the Normal Retirement Benefit (before applying the offsets in Section 2.01(a)(1), (2), (3) and (4) to which the Executive would be entitled under Section 2.01 commencing at the Normal Retirement Date assuming continuation of service by the Executive to the Normal Retirement Date based on the Benefit Computation Base on the date the Accrued Benefit is determined (the “Determination Date”), multiplied by a fraction, not to exceed one (1), the numerator of which is the actual number of months of employment with the Corporation (including partial months for month of hire and month of termination) and the denominator of which is three hundred (300) months, and reduced by:
Accrued Benefit. As of any date the Executive’s Accrued Benefit is equal to the amount determined by multiplying (i) 10 times (ii) 33% of the Executive’s Salary from the Company for the twelve months immediately before the termination date times (iii) a fraction. The numerator of the fraction is the Executive’s Years of Service (not to exceed twenty) and the denominator of the fraction is twenty.
Accrued Benefit. If the Employee’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Employee (or to the Employee’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement) and unused vacation that accrued through the Date of Termination on or before the time required by law but in no event more than thirty (30) days after the Employee’s Date of Termination; and (ii) any vested benefits the Employee may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Benefit”).