Benefit Commencement Date before Age 62 Sample Clauses

Benefit Commencement Date before Age 62. Effective for Plan Years beginning before January 1, 2008, if the Participant’s Benefit Commencement Date was before the date the Participant attained age 62, then the Dollar Limitation amount set forth in item (i) of Section 8.1(a) applicable to the Participant at such earlier age is an annual benefit payable in the form of a single life annuity beginning at the earlier age that is the Actuarial Equivalent of the Dollar Limitation applicable to the Participant at age 62. The Dollar Limitation applicable at an age earlier than age 62 is determined as the lesser of (i) the Actuarial Equivalent (at such age) of the Dollar Limitation computed using the interest rate and mortality table (or other tabular factor) specified in Section 7.1(c) and (ii) the Actuarial Equivalent (at such age) of the Dollar Limitation computed using a 5% interest rate and the Applicable Mortality Table. Any decrease in the Dollar Limitation determined in accordance with this Section 8.1(b) shall not reflect a mortality decrement if benefits are not forfeited upon the death of the Participant. Effective for Plan Years beginning on or after January 1, 2008, the Dollar Limitation applicable for a Benefit Commencement Date prior to a Participant’s attainment of age 62 is equal to the lesser of (i) the actuarial equivalent of a straight life annuity commencing on the Participant’s Benefit Commencement Date, using a 5% interest rate and the Applicable Mortality Table, that has the same actuarial present value as a deferred straight life annuity commencing at age 62, and (ii) the amount determined by multiplying the Dollar Limitation by the ratio of the annual amount of the immediately commencing straight life annuity under the Plan at such age to the annual amount of the straight life annuity under the Plan commencing at age 62, with both annual amounts determined without applying the rules of section 415 of the Code. Any decrease in the Dollar Limitation determined in accordance with this Section 8.1(b) shall not reflect a mortality decrement.
Sample 1
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Related to Benefit Commencement Date before Age 62

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Tax Periods Beginning Before and Ending After the Closing Date The Company or the Purchaser shall prepare or cause to be prepared and file or cause to be filed any Returns of the Company for Tax periods that begin before the Closing Date and end after the Closing Date. To the extent such Taxes are not fully reserved for in the Company’s financial statements, the Sellers shall pay to the Company an amount equal to the unreserved portion of such Taxes that relates to the portion of the Tax period ending on the Closing Date. Such payment, if any, shall be paid by the Sellers within fifteen (15) days after receipt of written notice from the Company or the Purchaser that such Taxes were paid by the Company or the Purchaser for a period beginning prior to the Closing Date. For purposes of this Section, in the case of any Taxes that are imposed on a periodic basis and are payable for a Taxable period that includes (but does not end on) the Closing Date, the portion of such Tax that relates to the portion of such Tax period ending on the Closing Date shall (i) in the case of any Taxes other than Taxes based upon or related to income or receipts, be deemed to be the amount of such Tax for the entire Tax period multiplied by a fraction the numerator of which is the number of days in the Tax period ending on the Closing Date and the denominator of which is the number of days in the entire Tax period (the “Pro Rata Amount”), and (ii) in the case of any Tax based upon or related to income or receipts, be deemed equal to the amount that would be payable if the relevant Tax period ended on the Closing Date. The Sellers shall pay to the Company with the payment of any taxes due hereunder, the Sellers’ Pro Rata Amount of the costs and expenses incurred by the Purchaser or the Company in the preparation and filing of the Tax Returns. Any net operating losses or credits relating to a Tax period that begins before and ends after the Closing Date shall be taken into account as though the relevant Tax period ended on the Closing Date. All determinations necessary to give effect to the foregoing allocations shall be made in a reasonable manner as agreed to by the parties.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • Benefit Period Following the Qualifying Period you will receive a monthly income until the earlier of:

  • Annual Leave Accrual If an employee leaves State Classified employment and is later rehired, he/she shall accrue annual leave at the same rate as a new hire. However, once a rehired employee has been in pay status for five (5) years, all previous service time shall be credited for annual leave accrual. The only exception shall be for employees rehired who repay severance pay received.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who:

  • Vacation Leave Accrual ‌ After a full-time employee has been in pay status for eighty (80) non-overtime hours in a calendar month, the employee will accrue vacation leave according to the rate schedule below. Vacation leave accrual for part-time employees will be proportionate to the number of hours the part-time employee is in pay status during the month to that required for full-time employment.

  • Vacation Leave Accrual Rate Schedule Full Years of Service Hours Per Year During the first year of current continuous employment Ninety-six (96) During the second year of current continuous employment One hundred four (104) During the third and fourth years of current continuous employment One hundred twelve (112) During the fifth, sixth, and seventh years of total employment One hundred twenty (120) During the eighth, ninth, and tenth years of total employment One hundred twenty-eight (128) During the eleventh year of total employment One hundred thirty-six (136) During the twelfth year of total employment One hundred forty-four (144) During the thirteenth year of total employment One hundred fifty-two (152) During the fourteenth year of total employment One hundred sixty (160) During the fifteenth year of total employment One hundred sixty-eight (168) During the sixteenth year of total employment and thereafter One hundred seventy-six (176)

  • Death During Benefit Period If the Executive dies after the benefit payments have commenced under this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive's beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

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