Additional Pension Benefits definition

Additional Pension Benefits means a lump-sum cash amount equal to the present value of the excess of (1) the actuarial equivalent of the benefit under the Corporation’s Retirement Program if the Executive had continued to be employed and entitled to age and service credit for eligibility and benefit purposes during the 36-month period immediately following such termination (utilizing actuarial assumptions no less favorable to the Executive than those in effect under the Corporation’s Retirement Program immediately prior to the date of Termination), over (2) the aggregate benefit actually payable under the Retirement Program and any successor retirement program of the Corporation. For purposes of such calculation, the following assumptions shall apply: (1) that the Executive would continue to he compensated during the 36-month period following termination at an annual rate of compensation equal to that used to calculate the payments provided by Section 6(a)(i) above; (2) that the Executive is fully vested in the benefit payable under the Retirement Program; and (3) that the aggregate benefit that would have been paid under the Retirement Program is as of either the normal or early retirement date for which the Executive would have qualified, if the Executive were still employed on that date, whichever would produce the highest present value amount payable under this paragraph.
Sample 1
Additional Pension Benefits means a lump-sum cash amount equal to the present value of the excess of (1) the actuarial equivalent of the benefit under the Corporation's Retirement Program if the Executive had continued to be employed and to be entitled to age and service credit for eligibility and benefit purposes during the 36-month period immediately following such termination (utilizing actuarial assumptions no less favorable to the Executive than those in effect under the Corporation's Retirement Program immediately prior to the date of termination), over (2) the aggregate benefit actually payable under the Retirement Program and any successor retirement program of the Corporation. For purposes of such calculation, the following assumptions shall apply: (1) that the Executive would continue to be compensated during the 36-month period following termination at an annual rate of compensation equal to that used to calculate the payments provided by paragraph 6(a)(i) above; (2) that the Executive is fully vested in the benefit payable under the Retirement Program; and (3) that the aggregate benefit that would have been paid under the Retirement Program is as of either the normal or early retirement date for which the Executive would have qualified, if the Executive were still employed on that date, whichever would produce the highest present value amount payable under this paragraph. Notwithstanding the foregoing, "Additional Pension Benefits" shall be reduced by the present value of the incremental benefit payable under the Corporation's Executive Retirement Plan by reason of an involuntary termination following a change in control.
Sample 1

Examples of Additional Pension Benefits in a sentence

  • A Contractual Additional Pension Contributions Member must take his or her pension benefits under Rule 31 at the same time as he or she takes the Additional Pension Benefits arising from his or her Contractual Additional Pension Contributions if they are in respect of the same Service.

  • The payment of a Contribution Refund or a Cash Transfer Sum under Rule 27.11 extinguishes the Member’s entitlement to any Additional Pension Benefits under this Scheme in respect of his or her Contractual Additional Pension Contributions.

  • If a Contractual Additional Pension Contributions Member elects to take his or her Additional Pension Benefits earlier or later than the age notified to the Member by the Public Sector Pensions Authority on the Member’s Joining Date, the benefits are to be reduced or increased as applicable by the Public Sector Pensions Authority, after receiving the advice of the Scheme Actuary.

  • If the Public Sector Pensions Authority is satisfied that a Contractual Additional Pension Contributions Member meets the Lower Tier Ill-Health Criteria under Rule 37.1 his or her Additional Pension Benefits are to be awarded by calculating Service on a pro-rata basis but using the accrual rate applicable for the age at which the member had contracted to take his or her benefits.

  • Determine the appropriate pensionable pay and any Additional Pension Benefits (APBs) due for each year of remediable service.

  • A Member’s overall pension entitlement, including any Additional Pension Benefits, are subject to the maximums set out in Rules 2.5 and 2.6.

  • There is no commentary on the treatment of temporary promotion where an FRA has used their discretion to award Additional Pension Benefits (APBs) in the legacy schemes.

  • ADDITIONAL PENSION BENEFITS ("APBs") Additional Pension Benefits (“APBs”) are a form of contributions-based pension paid in addition to the main final salary NFPS pension.

  • It has been suggested that increased release of noradrenalin during abstinence contributes to the impaired impulse control.

  • A Member’s overall pension entitlement, including any Additional Pension Benefits, are subject to the maximums set out in Rule 2.4.

Related to Additional Pension Benefits

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

  • Termination Benefits means the benefits described in Section 4.1(b).

  • 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;

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

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

  • Pension Benefits Act means The Pension Benefits Act of Ontario and regulations thereunder as amended from time to time.

  • Additional Benefits means those benefits in addition to the rights and remedies available under the Australian Consumer Law.

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

  • Canadian Defined Benefit Pension Plan means a Canadian Pension Plan that contains or has ever contained a “defined benefit provision” as such term is defined in Section 147.1(1) of the Income Tax Act (Canada).

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

  • Change in Control Benefits means the following benefits:

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

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

  • Pension Benefit Plan means at any time any employee pension benefit plan (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained by any member of the Controlled Group for employees of any member of the Controlled Group; or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the Controlled Group for employees of any entity which was at such time a member of the Controlled Group.

  • Disability Benefit means the benefit set forth in Article 8.

  • 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.

  • superannuation benefits means pensions, gratuities and other allowances payable on resignation, retirement or death;

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Company Pension Plan means each: (a) Company Employee Plan that is an “employee pension benefit plan,” within the meaning of Section 3(2) of ERISA; or (b) other occupational pension plan, including any final salary or money purchase plan.

  • Additional gap medical benefits means the benefits (if any) payable in respect of medical expenses that are more than the schedule fee and which otherwise meet the requirements of the fund’s no or known gap policy, provided always that the medical expenses relate to a professional service that:

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

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

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

  • 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.

  • Disability benefits means any cash payments which are payable to a covered individual for all or part of a period of disability pursuant to P.L.1948, c.110 (C.43:21-25 et al.).