Minimum Benefit Sample Clauses
The Minimum Benefit clause establishes a guaranteed baseline level of benefits that must be provided under an agreement, regardless of other circumstances. In practice, this means that even if other calculations or conditions would result in a lower benefit, the recipient is assured at least the minimum specified amount—such as a set monthly payment in a pension plan or a minimum payout in an insurance policy. This clause ensures that beneficiaries are protected from receiving less than a predetermined amount, thereby providing financial security and predictability.
Minimum Benefit. If the Employer has adopted Sponsor's paired defined contribution plan number 01001, 01003, 01004, 01005 and/or 01006 in addition to this Plan and the definition of "Eligible Employee" in all paired plans is identical, then Non-Key Employees who are Participants in this Plan shall receive the minimum Top Heavy benefit accrued under this Plan and shall receive no minimum allocation under the paired defined contribution plan or plans. If a Participant in this Plan who is a Non-Key Employee is covered under another qualified plan maintained by the Employer, other than a paired plan of the Sponsor, the minimum Top Heavy allocation or benefit required under section 416 of the Code shall be provided to such Non-Key Employee under:
Minimum Benefit. The amount of the Income Extension Aid benefit as computed under Section 4 (a) (1) shall be subject to a minimum benefit equal to 4 weeks' pay. An employee laid off while in the process of service restoration under Article XIV, Section 2(c) shall qualify for the minimum benefit so long as his or her total service credits (including credits not yet restored) equal 12 months.
Minimum Benefit. Notwithstanding the foregoing provisions of this Paragraph II, in no event shall the annual benefit payable to Executive in any Plan Year during the Payment Period (as defined below) be any less than $49,843.00 (the `Minimum Benefit'). For this purpose, the `Payment Period' shall begin with the Plan Year in which payment to the Executive commences under this Paragraph II and shall end with the Plan Year in which the Executive dies." This Amendment shall be effective on the date hereof. To the extent that any term, provision, or paragraph of said agreement is not specifically amended herein, or in any other amendment thereto, said term, provision, or paragraph shall remain in full force and effect as set forth in said October 20, 1999 Agreement.
Minimum Benefit. Each Non-Key Employee shall receive the minimum benefit required by Section 416(c) of the Code in each Plan Year in which the Plan is a Top-Heavy Plan under the Retirement Plan for Employees of Aetna Services, Inc.
Minimum Benefit. The amount of the Income Extension Aid benefit as computed under Section 4(a)(1) shall be subject to a minimum benefit equal to two weeks’ pay or $2,400.00, whichever is higher.
Minimum Benefit. 16.08.04.01 Notwithstanding anything to the contrary contained in the Schedule of Benefits, it is hereby provided that in no event will an employee's benefit be less than the monthly equivalent of the current weekly benefit paid under the Employment Insurance Act of Canada.
Minimum Benefit. For any Plan Year that the Plan is a Top-Heavy Plan, the sum of the Profit-Sharing Contributions (and forfeitures attributable thereto) and 401(k) Bonus Contributions allocated on behalf of any Participant who is not a Key Employee shall not be less than the lesser of 3% of such Participant' compensation, or in the case where the Employer has no Defined Benefit Plan which designates this Plan to satisfy the requirements of Section 401 of the Code, the largest percentage of Employer Contributions (and forfeitures attributable thereto), as a percentage of the Key Employee's compensation, allocated on behalf of any Key Employee for that year; provided, however, that if the Adoption Agreement provides that 401(k) Bonus Contributions for a Plan Year are allocated only to accounts of Participants who elected Salary Deferral Contributions for the Plan Year, 401(k) Bonus Contributions shall not be taken into consideration in determining whether the account of a Participant who is not a Key Employee has received the required minimum allocation. The minimum allocation is determined without regard to any Social Security contribution. This minimum allocation shall be made even though, under other Plan provisions, the Participant would not otherwise be entitled to receive an allocation, or would have received a lesser allocation for the year because of (a) the Participant's failure to complete 1,000 hours of service (or any equivalent provided in the Plan), or (b) the Participants failure to make mandatory employee contributions, or (c) Compensation less than a stated amount. The provisions of this Section 13.5 shall not apply to any Participant who was not employed by the Employer on the last day of the Plan Year, nor shall they apply to any Participant to the extent the Participant is covered under any other plan or plans the Employer and the Employer has provided in the Adoption Agreement that the minimum allocation or benefit requirement applicable to Top-Heavy Plans will be met in the other plan or plans. The minimum allocation required by this Section 13.5 (to the extent required to be nonforfeitable under Code Section 416(b)) may not be forfeited under Code Section 411(a)(3)(B) or (D).
Minimum Benefit. The Company’s contribution to a Worker Member’s Company Matching Contribution Account shall be increased as necessary so that it equals at least 3 percent (3%) of the Worker Member’s compensation (including Deferral Contributions and Company Matching Contributions, in accordance with Code Section 416) except that this Section 19.2 shall not apply if:
(a) the Worker Member is also a participant in a defined benefit plan of the Company,
(b) the defined benefit plan is a top-heavy plan, and
(c) the Worker Member receives from such defined benefit plan the defined benefit minimum required under Section 416(c)(1) of the Code.
Minimum Benefit.
(a) In no event shall the benefit determined under Section 6.01 or 6.02 and provided to a Member with more than twenty (20) Years of Service be less than $100 per month.
(b) Notwithstanding the foregoing, to the extent an applicable Appendix contains a minimum benefit provision, subparagraph (a) shall not apply and the Member’s minimum benefit shall be determined under the terms of the applicable Appendix.
Minimum Benefit. The benefit provided to the Executive upon Termination of Employment following the merger of the Holding Company with and into Park National Corporation effective as of 6:00 p.m., Eastern Standard Time, on March 9, 2007, shall in no event be less than the amount described in Section 2.5.1 and; provided further, in the event the Executive is eligible to receive the Normal Retirement Benefit described in Section 2.1 and such Normal Retirement Benefit is greater than the Change of Control Benefit, then the Executive shall be paid the Normal Retirement Benefit in accordance with the provisions of Section 2.1.