Accumulated Employee Contributions Benefit definition

Accumulated Employee Contributions Benefit means the benefit derived from Employee Mandatory Contributions. Such benefit, as of any applicable date, is in the form of an annual benefit commencing at Normal Retirement Age and nondecreasing for the life of the Participant and is equal to the amount of the Employee Contribution Benefit divided by the "appropriate conversion factor" with respect to that form of benefit. The "appropriate conversion factor" means the present value of an annuity in the form of that annual benefit commencing at Normal Retirement Age at a rate of $1.00 per year, computed using an interest rate and mortality table which would be used under the Plan under Code §417(e)(3) and Regulations §1.417(e)-1 (as of the "determination date"). If the Accumulated Employee Contribution Benefit is to be determined with respect to a benefit other than an annual benefit in the form of a single life annuity (without ancillary benefits) commencing at Normal Retirement Age, such benefit shall be the actuarial equivalent of such benefit (determined under Code §411(c)(2)(B)), as determined by the Commissioner of Internal Revenue.
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Accumulated Employee Contributions Benefit means, as of any date on or prior to a Participant's Normal Retirement Date, the Actuarial Equivalent of the Employee Contribution Benefit expressed as a monthly retirement benefit payable at the Participant's Normal Retirement Date.
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Examples of Accumulated Employee Contributions Benefit in a sentence

  • Withdrawals from the Accumulated Employee Contributions Benefit are not permitted prior to termination of employment.

  • The Accumulated Employee Contributions Benefit shall be fully Vested at all times.

  • The Employee Mandatory Contributions shall be credited to the Participant's Accumulated Employee Contributions Benefit.

  • A Participant's Accrued Benefit derived from Employer contributions is the excess, if any, of the total Accrued Benefit over the Accumulated Employee Contributions Benefit derived from Voluntary Employee Contributions and Employee Mandatory Contributions.

  • A Participant's Accrued Benefit derived from Employee Contributions shall be equal to the Accumulated Employee Contributions Benefit and Employee Mandatory Contribution Benefit.

  • A Participant's Accrued Benefit derived from Employee Contributions shall be equal to the Accumulated Employee Contributions Benefit.

  • Notwithstanding the above, the "Section 417 interest rate" limitations shall not apply to the extent they would cause a Participant's benefit to be less than the Participant's Accumulated Employee Contributions Benefit or the Participant's top-heavy minimum benefit set forth in Plan Section 5.6.

  • With respect to Plan Years beginning before such date, if the Plan provided for mandatory Employee contributions, then such contributions shall be credited to the Participant's Accumulated Employee Contributions Benefit.

  • A Participant's Accrued Benefit derived from Employer contributions is the excess, if any, of the total Accrued Benefit over the Accumulated Employee Contributions Benefit derived from Employee Contributions.

  • With respect to Plan Years beginning before such date, if the Plan provided for Employee Mandatory Contributions, then such contributions shall be credited to the Participant's Accumulated Employee Contributions Benefit.

Related to Accumulated Employee Contributions Benefit

  • Employee Contribution means any contribution made to the Plan by or on behalf of a Participant that is included in the Participant's gross income in the year in which made and that is maintained under a separate account to which earnings and losses are allocated.

  • Employee Contributions are contributions made by a Participant on an after-tax basis, whether voluntary or mandatory, and designated, at the time of contribution, as an employee (or nondeductible) contribution. Elective deferrals and deferral contributions are not employee contributions. Participant nondeductible contributions, made pursuant to Section 4.01 of the Plan, are employee contributions.

  • 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 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.

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

  • Accumulated contributions means the sum of all

  • Matching Contributions means contributions made by the Employer on account of an "eligible Participant's" Elective Deferrals.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • Employer Contributions means all amounts paid into ASRS by an

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

  • 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.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Company Matching Contributions means any contributions made to the Company Matching Account of a Participant by a Participating Employer as provided for in Section 4.02.

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

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee's account under any plan of an Employer or a Related Company solely on account of "elective contributions" made on his behalf or "employee contributions" made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Company Contributions means the contributions made by the Company pursuant to Section 3.3.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

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

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Deferral Contribution means any contribution made to the Plan by the Employer in accordance with the provisions of Section 5.03.

  • 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

  • 414(s) Compensation means any definition of compensation that satisfies the nondiscrimination requirements of Code Section 414(s) and the Regulations thereunder. The period for determining 414(s) Compensation must be either the Plan Year or the calendar year ending with or within the Plan Year. An Employer may further limit the period taken into account to that part of the Plan Year or calendar year in which an Employee was a Participant in the component of the Plan being tested. The period used to determine 414(s) Compensation must be applied uniformly to all Participants for the Plan Year.

  • 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.

  • Elective Deferrals are all Salary Reduction Contributions and that portion of any Cash or Deferred Contribution which the Employer contributes to the Trust at the election of an Eligible Employee. Any portion of a Cash or Deferred Contribution contributed to the Trust because of the Employee's failure to make a cash election is an elective deferral. However, any portion of a Cash or Deferred Contribution over which the Employee does not have a cash election is not an elective deferral. Elective deferrals do not include amounts which have become currently available to the Employee prior to the election nor amounts designated as nondeductible contributions at the time of deferral or contribution.

  • 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.