Common use of Defined Benefit Fraction Clause in Contracts

Defined Benefit Fraction. A fraction, the numerator of which is the projected annual benefit of the Participant under all Defined Benefit Plans of the Employer and any Affiliate and the denominator of which is the lesser of: (A) the product of 1.25 multiplied by the maximum dollar limitation determined under Code ▇▇.▇▇. 415(b) and (d); and (B) one hundred forty percent (140%) of the Participant's average Compensation for his high three Plan Years, including any adjustments under Code ss.415(b). Notwithstanding the above, if the Participant 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 or Affiliates which were in existence on May 6, 1986, the denominator of this fraction will not be less than 125% of the sum of the annual benefits under such plans which the Participant had accrued as of the close of the last Limitation Year beginning before January 1, 1987, disregarding any changes in the terms and conditions of the Plan after May 5, 1986. The preceding sentence applies only if the Defined Benefit plans individually and in the aggregate satisfied the requirements of Code ss.415 for all Limitation Years beginning before January 1, 1987.

Defined Benefit Fraction. A The "Defined Benefit Fraction" shall be ------------------------ a fraction, the numerator of which is the projected annual benefit sum of the Participant Participant's Projected Annual Benefits under all Defined Benefit Plans of the Employer and any Affiliate defined benefit plans (whether or not terminated) maintained by the Employer, and the denominator of which is the lesser of: (A) of 125 % of the product of 1.25 multiplied by the maximum dollar limitation determined in effect for the Limitation Year under Code ▇▇.▇▇. 415(bSection 415(b)(1)(A) and (d); and (B) one hundred forty percent (or 140%) % of the Participant's average Highest Average Compensation for his high three Plan Years, (including any adjustments under required by Code ss.415(bSection 415(b)). Notwithstanding the above, if the Participant was a Participant participant as of the first day of the first Limitation Year beginning after December 31, 1986 in one or more Defined Benefit Plans defined benefit plans maintained by the Employer or Affiliates which were in existence on May 6, 1986, the denominator of this fraction will not be less than 125125 % of the sum of the annual benefits under such plans which the Participant had accrued as of the close end of the last Limitation ]-imitation Year beginning before January 1, 1987, 1987 (disregarding any changes in the terms and conditions of the Plan after May 5, 1986). The preceding sentence applies only if the Defined Benefit defined benefit plans individually and in the aggregate satisfied the requirements of Code ss.415 Section 415 for all Limitation Years beginning before January 1, 1987.