ANNUAL ANNUITY EQUIVALENT Sample Clauses

ANNUAL ANNUITY EQUIVALENT. 2 1.4. BENEFICIARY....................................................... 2 1.5. CALENDAR YEAR..................................................... 2 1.6.
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ANNUAL ANNUITY EQUIVALENT for a 401(k) plan or other defined contribution plan shall be equal to the annual benefit that would be payable pursuant to a single life annuity with equal annual payments, commencing on the Normal Retirement Age and continuing for the Executive's life, that could be purchased with the amount assumed to be available for such purchase pursuant to this Section 1.3. The annual benefit payable under such annuity shall be determined as of the Payment Date, using the Agreed-Upon Methodologies. For purposes of this Section 1.3, the amount available for the purchase of said annuity shall be assumed to be the total of: (i) all amounts actually contributed by the employer as matching contributions or other contributions to the defined contribution plan on the Executive's behalf (which contributions shall not include the so-called "individual contributions" on the Executive's behalf (it being understood that such "individual" contributions are made by the employer pursuant to a salary reduction agreement with the Executive)), plus (ii) earnings on those contributions. For purposes of calculating any amount of earnings that are to be deemed to have been earned during any future period, such earnings shall be deemed to be equal to the amount which would have been earned if the balance in the account as of such date of calculation had been invested at a 6% rate of interest, compounded annually, until the Normal Retirement Age. Nothing in this Section 1.3 shall require the Executive to actually purchase an annuity or to actually surrender any life insurance contract at retirement.
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ANNUAL ANNUITY EQUIVALENT for the Company’s defined contribution plans shall be equal to the annual benefit payable from a single life annuity on the Executive’s life as of the time for which the value is to be calculated, which value shall be determined on the basis of the discount rates, mortality tables and other assumptions expressed in Section 417(e) of the Code. For purposes of this Section 1.3, the amount available to invest in said annuity shall be deemed to be the total of: (i) all amounts actually contributed by the Company as matching contributions to the defined contribution plan on the Executive’s behalf, plus (ii) earnings on those matching contributions. Such earnings shall be deemed to be equal to the amount which would have been earned if the balance in the account (including amounts deemed to have been earned thereon pursuant to this Section 1.3) had been invested at the ten year average of the ten (10) year Treasury Bond rate (5.917%). Nothing in this Section 1.3 shall require the Executive to actually purchase an annuity or to actually surrender any life insurance contract at retirement.
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ANNUAL ANNUITY EQUIVALENT. 1.6. BENEFICIARY
Sample 1
ANNUAL ANNUITY EQUIVALENT. (a) for the Pension Plan shall be equal to the annual benefit payable under the Pension Plan if all Pension Plan benefits were being paid as a single life annuity; and (b) for a defined contribution plan shall be equal to the annual benefit payable from a single life annuity on the Executive's life from a company holding at least an AA rating from Xxxxx'x, Standard & Poor's or an equivalent rating service. For purposes of this section, the amount available to invest in said annuity shall be assumed to be the total of the employer's matching contributions to the defined contribution plan on the Executive's behalf, calculated as all amounts actually contributed by the employer as matching contributions to the defined contribution plan plus earnings.
Sample 1

Related to ANNUAL ANNUITY EQUIVALENT

  • ANNUITY PAYMENT OPTIONS a. Life Annuity / Life Annuity with Certain Period -- Fixed and/or Variable Annuity Payments will be made for the lifetime of the Annuitant with no Certain Period, or life and a 10 year Certain Period, or life and a 20 year Certain Period.

  • Actuarial Equivalent The Actuarial Equivalent of the payments from the SERP determined under that Plan and this subsection shall be determined by taking into account the reduction for early commencement of benefits imposed by that Plan and by using reasonable actuarial assumptions. For purposes of determining the lump sum actuarial equivalent, the corresponding actuarial assumptions provided in the Retirement Plan (or, to the extent not provided in that Plan, as provided under GATT) shall be used.

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Annual Equity Award With respect to each Company fiscal year commencing during the Term, the Executive shall be eligible to receive an annual equity compensation award (each such award, an “Annual Equity Award”). The form and terms and conditions of each Annual Equity Award shall be determined by the Board (or the Compensation Committee of the Board) in its discretion and shall be set forth in one or more written award agreements between the Company and the Executive.

  • Annuity Unit Value The initial Annuity Unit Value for each Subaccount was arbitrarily set at $10 on the Business Day the Subaccount began operations. At the end of each subsequent Business Day, the Annuity Unit Value for each Subaccount is equal to (A x B) x C, where:

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • Initial Equity Award Upon or as soon as practicable after the Effective Date, the Company will award Executive restricted stock units and stock options to purchase shares of the Company’s common stock, with an aggregate grant date fair market value as determined by the Board for accounting purposes of $1,200,000. Such restricted stock units or stock options, as applicable, to vest ratably over 4 years (25% each year). Allocation between restricted stock units and stock options to be determined by the Board.

  • 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

  • VALUE OF PARTICIPANT'S ACCRUED BENEFIT If a distribution (other than a distribution from a segregated Account) occurs more than 90 days after the most recent valuation date, the distribution will include interest at: (Choose (a), (b) or (c))

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