Common use of Defined Benefit Fraction Clause in Contracts

Defined Benefit Fraction. The Defined Benefit Fraction is a fraction which has as its numerator the Participant's Projected Annual Benefits determined as of the close of the Limitation Year and which has as its denominator the lesser of 125% of the dollar limitation for the Limitation Year determined under Code Section 415(b) and (d), or 140% of the amount taken into account under Code Section 415(b)(l)(B) for such Limitation Year. Notwithstanding the foregoing, with respect to anyone who was a Participant as of the first day of the first Limitation Year beginning after December 31, 1986, in one or more defined benefit plans maintained by the Employer which were in existence on May 6, 1986, the denominator of the defined benefit fraction will not be less than 125% of the Current Accrued Benefit.

Defined Benefit Fraction. The Defined Benefit Fraction is a defined benefit fraction which has as its numerator the Participant's ’s Projected Annual Benefits determined as of the close of the Limitation Year and which has as its denominator the lesser of 125% of the dollar limitation for the Limitation Year determined under Code Section §415(b) and (d§415(d), or 140% of the amount which may be taken into account under Code Section §415(b)(l)(B) for such Limitation Year. Notwithstanding the foregoingHowever, with respect to anyone who was a Participant as of the first day of the first Limitation Year beginning after December 31, 19861987, in one or more defined benefit plans maintained by the Employer which were in existence on May 6, 1986, the denominator of the defined benefit fraction will not be less than 125% of the Current Accrued Benefit.