Unit Excess Benefit Sample Clauses
The Unit Excess Benefit clause defines the additional benefits or payments that become available when a specified unit, such as an insurance policy or investment account, exceeds a predetermined threshold or limit. In practice, this clause outlines the conditions under which excess benefits are triggered, such as when claims surpass a base coverage amount or when investment returns exceed a set benchmark. Its core function is to provide a clear mechanism for distributing or allocating extra benefits, thereby ensuring that parties understand how and when they may receive additional compensation beyond standard entitlements.
Unit Excess Benefit. The Employer may elect under Part 4, #13.b.(2) of the Agreement or under Part 4, #13.b.(3) of the Nonstandardized Agreement to apply a Unit Excess Benefit formula which provides a Stated Benefit equal to a specified percentage of Average Compensation (“base percentage”) plus a specified percentage of Excess Compensation (“excess percentage”) multiplied by the Participant’s Years of Participation with the Employer.
Unit Excess Benefit. In applying a Unit Excess Benefit formula, the projected Years of Participation taken into account under the formula may not exceed the Participant’s cumulative disparity years. For this purpose, the Participant’s cumulative disparity years equal 35 minus: (I) the years the Participant benefited or is treated as having benefited under this Plan prior to the Participant’s first Year of Participation, and (II) the years credited to the Participant for allocation or accrual purposes under one or more qualified plans or simplified employee pension plans (whether or not terminated) ever maintained by the Employer other than years counted in (I) above or counted toward a Participant’s projected Years of Participation. For purposes of determining the Participant’s cumulative disparity years, all years ending in the same calendar year are treated as the same year.