Common use of Unit Credit Clause in Contracts

Unit Credit. No Step. Each Participant's stated benefit is equal to % of Average Annual Compensation multiplied by the Participant's Years of Projected Participation, up to a maximum of (no less than 25), payable annually as a straight life annuity beginning at Normal Retirement Age.

Unit Credit. No With Step. Each Participant's stated benefit is equal to % of Average Annual Compensation multiplied by the Participant's Years of Projected Participation, up to a maximum of (no less than 25), will be payable annually as a straight life annuity beginning at Normal Retirement Age, in an amount equal to percent of Average Annual Compensation (R1) per year for the first years of the Participant's Years of Projected Participation (y) and percent (R2) of Average Annual Compensation per year for the next years of the Participant's Years of Projected Participation (such that the total Years of Projected Participation taken into account under R1 and R2 is not less than 33).