Annual benefits definition

Annual benefits means the dollar value of consideration paid by TurboChef for the last complete calendar year on behalf of the Executive, or to provide the Executive with, the following employee benefits (as reasonably determined by one or more officers of TurboChef other than Executive): medical insurance, dental insurance, vision insurance, short-term disability insurance, long-term disability insurance, life insurance and accidental death benefits. In addition, TurboChef shall make any “Gross-Up Payment” called for under § 4(f) to Executive within five business days after the date such excise tax is determined to be payable. Executive waives Executive’s rights, if any, to have such payment taken into account in computing any other benefits payable to, or on behalf of, Executive by TurboChef. In addition, all outstanding stock options, restricted stock units or other equity awards shall immediately vest and become exercisable or paid out, and the agreements or certificates representing such awards shall be deemed amended as necessary to permit such accelerated vesting or pay out.
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Annual benefits means the annual benefits payable to a Participant under all defined benefit plans (whether terminated or not) of the Employer as determined under regulation § 1.415-7(b)(3); and the term Current Accrued Benefit means a Participant’s accrued benefit under a defined benefit plan, determined as if the Participant had separated from service as of the close of the last Limitation Year beginning before January 1, 1987, when expressed as an annual benefit within the meaning of Code §415(b)(2). In determining a Participant’s Current Accrued Benefit, the Administrator will disregard any changes to the Plan after May 5, 1986, and any cost of living adjustment after May 5, 1986. The Current Accrued Benefit will only be used as set forth above if the defined benefit plans individually and in the aggregate satisfied the requirements of Code §415 for all Limitation Years beginning before January 1,1987.
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Annual benefits means the amount of Accrued Benefit attributable to Employer contributions which would be payable annually in the form of a Life Annuity as of the date of determination, except however, that if the Participant has not yet terminated employment with the Employer and has not yet reached his Normal Retirement Age, the Annual Benefit shall mean the amount of Accrued Benefit attributable to Employer contributions projected to such Participant's Normal Retirement Age assuming the Participant will continue working and Compensation will remain the same until the Participant's Normal Retirement Age.
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Examples of Annual benefits in a sentence

  • Annual benefits, payable monthly for life, are based on length of service and on average final compensation (an annualized average of the employee’s highest 12 consecutive quarters of compensation).

  • Annual benefits, payable monthly for life, are based on length of service on average final compensation (an annualized average of the employee's highest 12 consecutive quarters of compensation).

  • Annual benefits are reduced for early retirement or beneficiary benefits.

  • Annual benefits are the ben- efits to be paid yearly in the form of a straight life annuity (with no extra benefits) under a plan to which employees don't contribute and under which no rollover contributions are made.Business.

  • Annual benefits are equal to the final average salary multiplied by years of service divided by 55.

  • Refusal of the application shall not affect its filing date which shall remain valid notwithstanding the refusal.

  • Annual benefits, payable monthly for life, are based on length of service and on average final compensation (an annualized average of the employee's highest 12 consecutive quarters of compensation).

  • Annual benefits, payable monthly for life, are based on length of service and on average final compensation.

  • Retiree Benefits – Annual benefits and administration payments are estimated at $0.2 million which are provided for in the defined benefit obligation liability.

  • Annual benefits are calculated based on projected retirement assets.


More Definitions of Annual benefits

Annual benefits shall be defined as being that sum which is equal to seventy percent (70%) of the annual salary being paid to the Employee during the last year the Employee has been in the Corporation's employ prior to his retirement date as hereinafter set forth, or prior to his death or disability as hereinafter set forth, reduced by a sum equal to the total amount otherwise being received by the Employee each year from the Savings Bank Employees Retirement Association and the portion of Social Security related solely to contributions made by the Corporation, and the term "salary" shall not include any total disability payments under the Corporation's long term disability program. The adjustment is to be made annually by reducing the following year's annual benefits by the total sums received by the Employee during the previous twelve (12) months from both the Savings Bank Employees Retirement Association and the portion of Social security related solely to contributions made by the Corporation. The period of employment that shall, be utilized to determine the aforegoing is the continuous period of employment of the Employee with the Corporation as it is presently constituted and subsequent to any merger with another banking institution or take-over of any type of the Corporation.
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Annual benefits means the retirement benefit under the system which is
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Annual benefits means the dollar value of consideration paid by TurboChef for the last complete calendar year on behalf of the Executive, or to provide the Executive with, the following employee benefits (as reasonably determined by one or more officers of TurboChef other than Executive): medical insurance, dental insurance, vision insurance, short-term disability insurance, long-term disability insurance, life insurance and accidental death benefits. In addition, TurboChef shall make any “Gross-Up Payment” called for under § 4(f) to Executive within five business days after the date such excise tax is determined to be
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Related to Annual benefits

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Employment benefits means all benefits provided or made

  • Mutual Benefits means the transient and steady-state support that the integrated generation and Transmission Systems in PJM and New York provide to each other inherently by virtue of being interconnected as described in Section 35.4 of this Agreement.

  • Change in Control Benefits means the following benefits:

  • 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;

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

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

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

  • Medical Benefits means the monthly fair market value of benefits provided to the Employee and the Employee’s dependents under the major medical, dental and vision benefit plans sponsored and maintained by the Company, at the level of coverage in effect for such persons immediately prior to the Employee’s termination of employment date. The “monthly fair market value” of such benefits shall be equal to the monthly cost as if such persons elected COBRA continuation coverage at such time at their own expense.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

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

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

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

  • Medical Benefits Schedule means the Medicare Schedule of Benefits produced by the Department of Health to which all fees and benefits relate for inpatient hospital services.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Gap medical benefits means the benefits (if any) payable in respect of medical expenses that are less than, greater than or equal to the schedule fee, provided always that the medical expenses relate to a professional service that:

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Severance Period means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control and (ii) the Executive’s death.

  • Covered benefits or “benefits” means those health care services to which a covered person is entitled under the terms of a health benefit plan.

  • Vested Benefits means amounts that are vested or that Executive is otherwise entitled to receive, without the performance by Executive of further services or the resolution of a contingency, under the terms of or in accordance with any investment and savings plan or retirement plan (including any plan providing retiree medical benefits) of the Company or its affiliates, and any ERPs or ESPs related thereto, and any deferred compensation or employee stock purchase plan or similar plan or program of the Company or its affiliates.

  • 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.

  • Annual Compensation means an amount equal to the greater of:

  • 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.).