Flat Benefit Sample Clauses

Flat Benefit. A Nonintegrated Benefit Formula under Part 4 of the target benefit plan Agreement that provides for a Stated Benefit equal to a specified percentage of Average Compensation. See Section 2.5(c)(1)(i).
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Flat Benefit. The Employer may elect under Part 4, #13.a.(1) of the Agreement to apply a Flat Benefit formula that provides a Stated Benefit equal to a specified percentage of Average Compensation. A Participant’s Stated Benefit determined under the Flat Benefit formula will be reduced pro rata if the Participant’s projected Years of Participation are less than 25 Years of Participation. For a Participant with less than 25 projected Years of Participation, the base percentage and the excess percentage are reduced by multiplying such percentages by a fraction, the numerator of which is the Participant’s projected Years of Participation, and the denominator of which is 25.
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Flat Benefit. 1. % (base benefit percentage) of each Participant's Average Annual Compensation, plus For purposes of the preceding paragraph, the maximum excess allowance is equal to the lesser of (i) the base benefit percentage or (ii) the applicable factor determined from Table I or II at the end of this section, multiplied by 35. The applicable factor is the factor derived from the applicable tables below based on the Normal Retirement Age under the Plan, as specified in Section V of this Adoption Agreement (determined without regard to any Years of Participation requirement), and the Plan's Normal Form of Benefit, as specified in Section VII of this Adoption Agreement. If the Employer elects as an integration level Section VI(C)(4) or (5), Table II shall apply; otherwise, Table I shall apply.
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Flat Benefit. NOTE: In order to be a safe harbor plan under the Code Section 401(a)(4) Regulations, a Participant must be required to complete a minimum of 25 years of Credited Service to receive an unreduced benefit. Therefore, to be a safe harbor plan using a Flat Benefit formula with a fractional accrual method, Question 21.b.1. must be completed with an insertion of no less than 25 years of Credited Service.
Sample 1
Flat Benefit. NOTE: A Participant must be required to complete a minimum of 25 years of Credited Service to receive an unreduced benefit. Therefore, if a fractional accrual method is being used, Question 20.g.1. must be completed with an insertion of no less than 25 years of Credited Service.
Sample 1
Flat Benefit. Each Participant's stated benefit is equal to % of Average Annual Compensation (reduced pro rata for the Participant's Years of Projected Participation less than 25) payable annually as a straight life annuity beginning at Normal Retirement Age.
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Related to Flat Benefit

  • Net Benefit A Net Benefit for a particular fund or, in the case of a multi-class fund, a class results when aggregate Benefits exceed aggregate Losses (i.e., net redemptions on a day the fund’s or class’s NAV is understated or net subscriptions on a day the fund’s or class’s NAV is overstated) during the Error Period.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • 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.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • 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

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