Account Balance Benefit definition

Account Balance Benefit means the Account Balance Benefit, as such term is defined in the Qualified Plan.
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Account Balance Benefit means the annuity, commencing on the first day of the calendar month coincident with or next following the date the Participant attains his or her Normal Retirement Age, that would be the Actuarial Equivalent of the Participant's Account Balance if the interest rate utilized to calculate such Actuarial Equivalent benefit was equal to the Applicable Interest Rate on the Participant's Termination Date, adjusted as provided in Section 14.09, reduced, as provided in Section 3.11, to the extent that a Participant has elected to receive his or her Contributions with Interest as a lump sum payment. This benefit will include a variable annuity, as described in Article VII, equal to the variable annuity, if any, included in the Participant's FAP Benefit. The remainder of the Participant's Account Balance Benefit shall be a fixed annuity, the present value of which, determined as provided above, will be his or her Account Balance reduced by the present value, determined as provided above, of the variable annuity described in the preceding sentence. "ACCRUED BENEFIT" means the annuity payable at a Participant's Normal Retirement Age, or, if the Participant has already reached his or her Normal Retirement Age, the Participant's current age:
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Examples of Account Balance Benefit in a sentence

  • The Participant’s expected Accrued Benefit Derived from Company Contributions at his Normal Retirement Date under the Pension Plan, assuming that the Participant had elected to make Participant Contributions to the Plan in each Plan Year such contributions as were permitted and that interest credited to the Account Balance Benefit for future years will be at the rate of 7.5%, including the Prior Plan Benefit and the Minimum Benefit.

  • From the Effective Date to December 31, 2007, the interest rate applied for that Plan Year to the Account Balance Benefit under the Pension Plan.

  • Pay Credits: If you are eligible for the Account Balance Benefit formula, pay Credits to your notional account commence the first pay period after you become a Participant (or after your date of hire if you were hired after 1/1/2002 and before 1/1/2008).

  • Account Balance Benefit‌The Account Balance Benefit formula is a notional account that is converted into a single life annuity payable at age 65.

  • Integration with Social Security‌Both the Account Balance Benefit and FAP Benefit formulas integrate or coordinate benefits with Social Security.

  • Conversion from FAP Benefit Formula to Account Balance Benefit Formula for Certain Participants‌If you were actively employed and accruing benefits under the FAP Benefit formula as of December 31, 2016, but had not yet attained age 55 as of such date, then your FAP Benefit accruals ceased as of such date and you will instead accrue Plan benefits under the Account Balance Benefit formula after December 31, 2016.

  • Teacher professional learning means different things to different individuals (Cole, 2012), and this was confirmed by Case A participants.

  • The FAP Benefit you earned prior to January 1, 2017 will be frozen and preserved, meaning that you will not lose any Plan benefit you accumulated prior to your transfer from the FAP Benefit formula to the Account Balance Benefit formula.

  • Prior to January 1, 2016, the five-year installment form shall be actuarially equivalent to the single life annuity for the Traditional Benefit or the lump sum for the Retirement Account Balance Benefit, but using a discount rate assumption of 6.25% and the mortality assumption used by the Company for year-end financial reporting purposes for the calendar year preceding the year in which the five-year installment benefit commences.

  • The Participant's Account Balance Benefit will also be reduced by the employee-derived annuity.

Related to Account Balance Benefit

  • Account Balance means, with respect to a Participant, an entry on the records of the Employer equal to the sum of (i) the Deferral Account balance, (ii) the Company Contribution Account balance, and (iii) the Company Restoration Matching Account balance. The Account Balance shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Service benefit means the credit toward retirement benefits as determined by the

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Termination Benefit means the benefit set forth in Article 7.

  • Adjusted Capital Account Balance means, with respect to each Partner, the balance in such Partner’s Capital Account adjusted (i) by taking into account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6); and (ii) by adding to such balance such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5), any amounts such Partner is obligated to restore pursuant to any provision of this Agreement or by applicable Law. The foregoing definition of Adjusted Capital Account Balance is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

  • Economic Capital Account Balances has the meaning set forth in Section 5.01(g) hereof.

  • Contribution Account means an account, or accounts, into which the Accountholder and employer contributions are deposited by the TPA, and from which HSA dollars are swept into the Cash Account.

  • Economic Capital Account Balance has the meaning provided in Section 5.1(e) hereof.

  • Employer Contributions means all amounts paid into ASRS by an

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Class PO Deferred Amount As to any Distribution Date, the aggregate of the applicable PO Percentage of each Realized Loss, other than any Excess Loss, to be allocated to the Class PO Certificates on such Distribution Date on or prior to the Senior Credit Support Depletion Date or previously allocated to the Class PO Certificates and not yet paid to the Holders of the Class PO Certificates.

  • Matching Account means the account maintained on the books of the Employer for the purpose of accounting for the Matching Amount and for the amount of investment return credited thereto for each Participant pursuant to Article V.

  • Principal Funding Account Balance means, with respect to any date of determination, the principal amount, if any, on deposit in the Principal Funding Account on such date of determination.

  • Matching Contribution means an Employer contribution made to this or any other Defined Contribution Plan on behalf of a Participant on account of an Employee Contribution made by such Participant, or on account of a Participant's Employee Elective Deferral, under a plan maintained by the Employer.