Benefit Reductions Sample Clauses

The Benefit Reductions clause defines the circumstances under which an individual's benefits under a plan or agreement may be decreased. Typically, this clause outlines specific events or conditions—such as receiving other forms of compensation, reaching a certain age, or changes in employment status—that trigger a reduction in benefits. By clearly specifying when and how benefits may be reduced, this clause helps manage expectations and prevents disputes over entitlements, ensuring that the plan remains sustainable and fair for all parties involved.
Benefit Reductions. The “Reduced Amount” shall be either (x) the largest portion of the CiC Payment that would result in no portion of the CiC Payment (after reduction) being subject to the Excise Tax, or (y) the total of the CiC Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Participant’s receipt, on an after-tax basis, of the greater economic benefit. If a reduction in CiC Payment is required pursuant to clause (x) of the preceding sentence, the reduction shall be made (i) first by reducing the cash payments provided pursuant to Section 6 that are exempt from Section 409A (if necessary, to zero); (ii) then, if further reductions are necessary, benefits provided under Section 6(c)(vi), then Section 6(c)(v), then Section 6(c)(iv), which are exempt from Section 409A, shall be reduced (if necessary, to zero); (iii) then, if still further reductions are necessary, the cash payments provided pursuant to Section 6 that are not exempt from Section 409A shall be reduced (if necessary, to zero); and (iv) finally, if still further reductions are necessary, the benefits provided under Section 6(c)(vi), then Section 6(c)(v), then Section 6(c)(iv), which are not exempt from Section 409A shall be forfeited.
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Benefit Reductions a. The Monthly Benefit Amount shall be reduced by the Other Income Sources as de fined in Item 1. b. The Monthly Benefit Amount shall also be reduced to the ex tent that the sum of the Monthly Benefit Amount and Other Income Sources (as defined in Item 1) ex ceeds 70% of the Member’s Monthly Salary. c. During Residual Disability, the benefit p ayable will be the Monthly Benefit Amount reduced by the Other Income Sources multiplied by the Income Loss Percentage, subject to the limits described in b. above. When a monthly payment is less than $25.00 the frequency of payment shall be changed to th e periodic payment intervals of every other month, quarterly, semi -annually, or annually, based on the discretion of the Company. Any Other Income Sources shall be deemed received by the Member even though determination of such other benefits or income ma y not have been completed, where it is reasonable to believe that the Member would be eligible for such other benefits or income. The anticipated eligibility of Social Security benefits will not be considered if the Member follows the following guidelin es: If it is reasonable that the Member would be entitled to disability benefits under the Federal Social Security Act, the Company will require the Member to: i. apply for Social Security benefits within 30 days after receipt of written notice from the Company requesting the Member to apply for such benefits; and ii. give satisfactory proof within 45 days after receipt of the Company’s notice that the Member has applied for these benefits within the 30 day period; and iii. if the original application is denied, request reconsideration of the application for Social Security benefits, within 60 days from the date of the denial letter from the Social Security Administration; and iv. give satisfactory proof within 75 days from the date of the denial letter from the Social Security Administration that the Member has requested a reconsideration within the 60 day period; and v. if the reconsideration of the application is denied, request an appeal within 60 days of the date of the reconsideration denial letter from the Social Securit y Administration; and vi. give satisfactory proof within 75 days from the date of the reconsideration denial letter from the Social Security Administration that the Member has requested an appeal within the 60 day period; and vii. an agreement, signed by the Member , that will reimburse the Company for ex cess benefits received if Social Sec...
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Benefit Reductions. If, during the Service Period, any benefits under any pension, welfare or fringe benefit plan or program of the Company in which Executive is participating immediately prior to November 11, 1996, other than long-term disability benefits and the perquisites set forth on Schedule I to the Amended Agreement, are reduced or are not available to Executive for any reason (whether because he is providing services to the Company on a part-time basis, because the Company changes any such plan or program covering its executive officers, because he is no longer an officer of the Company, or otherwise), the Company shall provide Executive additional compensation or benefits having an after-tax economic value to Executive equal to the after-tax economic value to him of such benefit reduction or unavailable benefit.
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Benefit Reductions a. The Monthly Benefit Amount shall be reduced by the Other Income Sources as defined in Item 1. b. The Monthly Benefit Amount shall also be reduced to the ex tent that the sum of the Monthly Benefits Amount and Other Income Sources (as defined in Item 1) ex ceeds 70% of the Member’s Monthly Salary. c. During Residual Disability, the benefit payable will be the Monthly Benefit Amount reduced by the Other Income Sources multiplied by the Income Loss Percentage, subject to the limits described in b. above.
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Benefit Reductions. If you are still actively working at age 75 (or if you first become eligible for coverage at age 75) your coverage amount will begin reducing according to the following schedule: NOTE: Your spouse’s optional life coverage terminates at age 70. If your spouse is age 70 when you first become eligible for coverage, no coverage is available for your spouse.
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Benefit Reductions a. The Weekly Benefit Amount shall be reduced by the Other Income Sources as defined in Item 1. b. The Weekly Benefit Amount shall also be reduced to the extent that the sum of the Weekly Benefits Amount and Other Income Sources (as defined in Item 1) exceeds 70% of the Member’s Weekly Salary. c. During Residual Disability, the benefit payable will be the Weekly Benefit Amount reduced by the Other Income Sources multiplied by the Income Loss Percentage, subject to the limits described in b. above.
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Benefit Reductions. The weekly benefit is reduced by any amount payable to the disabled member as a disability benefit by the Workers' Compensation Act or similar statute. If a member is receiving disability or retirement income from other sources, the weekly benefit will be further reduced so that the total amount of disability and retirement income receivable by or on behalf of the member from all sources does not exceed one hundred percent (100%) of his weekly rate of earned income in force on the date he became totally disabled if the benefit payable to the member is taxable. If the benefit payable to the member is non-taxable, the one hundred percent (100%) will be applied to his weekly rate of earned income reduced by income tax deductions.
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Related to Benefit Reductions

  • Optional Reductions The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to time permanently reduce the Aggregate Revolving Commitments to an amount not less than the Outstanding Revolving Amount of Revolving Loans, Swing Line Loans and L/C Obligations; provided that (i) any such notice shall be received by the Administrative Agent not later than 1:00 p.m., five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $2,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Aggregate Revolving Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Revolving Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Revolving Amount of Swing Line Loans would exceed the Swing Line Sublimit.

  • Reduction of Compensation If the Firm fails to meet the submission date by less than thirty days for the draft report and/or working papers submitted to the Office of the State Auditor for review and approval or by less than thirty days from the completion date for the final reports and/or corrections to the working papers prescribed herein, the District may, with the consent of the Office of the State Auditor, reduce the agreed compensation by an amount not to exceed ten percent of the total contract price for the applicable fiscal year. If reports and/or corrections to the working papers are overdue by 30 days or more, the District may reduce, with the consent of the Office of the State Auditor, the agreed compensation by an amount not to exceed twenty percent of the total contract price for the Rev. 10/20 applicable fiscal year.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • Automatic Reduction Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.

  • Voluntary Employee Contributions (a) Subject to the governing rules of the relevant superannuation fund, an Employee may, in writing, authorise their Employer to pay on behalf of the Employee a specified amount from the post- taxation wages of the Employee into the same superannuation fund as the Employer makes the superannuation contributions provided for in clause 24.2. (b) An Employee may adjust the amount the Employee has authorised their Employer to pay from the wages of the Employee from the first of the month following the giving of three months’ written notice to their Employer. (c) The Employer must pay the amount authorised under clauses 24.4(a) or 24.4(b) no later than 28 days after the end of the month in which the deduction authorised under clauses 24.4(a) or 24.4(b) was made.