Actuarially equivalent benefits definition

Actuarially equivalent benefits means benefits which are of equal value when computed upon the basis of actuarial tables adopted by the board, except that, in case of disability retirement, the options authorized by KRS 61.635 shall be computed by adding ten (10) years to the age of the member. No disability retirement option shall be less than the same option computed under early retirement;
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Examples of Actuarially equivalent benefits in a sentence

  • Actuarially equivalent benefits shall be determined under the factors set forth for determining actuarial equivalency in the first paragraph of Section 2.3(k) of Part B of the Pension Plan.

  • Spring applications received after the Final Submission Deadline will not be included in the commencement ceremony program.The Graduation Application is available on the Student Tab of MyCCA from the "Steps to Graduate" button.

  • Actuarially equivalent benefits under the Plan for options other than Option I shall be determined using the UP-1984 Mortality Table with a 3-year setback and the Uniform Seniority Table and an 8% interest rate.

  • Actuarially equivalent benefits shall be benefits equivalent in value when computed for both males and females on the basis of a seven and one-half percent (7-1/2%) interest rate and the UP-1984 Mortality Table.

  • Actuarially equivalent benefits may have different benefit formulas but result in the same financial value under a given set of actuarial assumptions.

  • Actuarially equivalent benefits and the monthly amount of supplemental retirement income that could be provided for a participant on a life annuity basis with the participant’s profit sharing plan employer account or with the participant’s other Bell & Howell retirement plan accumulation will be determined on the basis of such reasonable actuarial tables, factors and assumptions as the plan administrator may adopt for these purposes and apply on a uniform basis.

  • Actuarially] equivalent[ benefits]" means a benefit[benefits which are] of equal value when computed upon the basis of actuarial tables adopted by the board.

  • Actuarially equivalent benefits under the Plan shall be determined using the applicable interest rate and applicable mortality rate specified under Section 417(e)(3) of the Code for the January immediately preceding the month in which the benefit under the Plan is to commence.

  • Actuarially equivalent benefits shall be determined using the actuarial equivalent factors determined under the Plan.

Related to Actuarially equivalent benefits

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

  • Actuarial equivalent means a benefit of equal value when

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

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

  • 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.

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

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • 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;

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

  • 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.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

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

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

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

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

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • relevant benefit means any benefit specified in paragraph 21(2); and

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Relevant Benefits means any pension, annuity, lump sum, gratuity or other like benefit given or to be given on retirement or death, or in anticipation of retirement.

  • Single Life Annuity means an annuity payable for the life of a Participant.

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.