Basic Retirement Benefit definition

Basic Retirement Benefit means the annual benefit to which a Participant is entitled from the Basic Retirement Plan, in the form of a single life annuity commencing on his Retirement Date and ending on the first day of the month during which his death occurs. The Basic Retirement Plan Benefit assumes immediate commencement of benefits with applicable early payment reductions as may be applied under the Basic Retirement Plan.

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Basic Retirement Benefit means the retirement benefits payable in accordance with the terms of the Plan including any Prior Pension Plan benefit but excluding any supplementary retirement benefit and excluding any benefits provided through voluntary contributions.

Basic Retirement Benefit means the benefit payable under the Retirement Plan to a SERP Member.

Examples of Basic Retirement Benefit in a sentence

It supersedes and replaces all other previous contracts of employment as issued by the Company or its affiliates, including benefit grants such as BRB (Basic Retirement Benefit).
The employee’s Basic Retirement Benefit shall increase effective June 1, 2023 by recomputing the Basic Retirement Benefit using a benefit rate of eighty-nine dollars and forty-five cents ($89.45).
The employee’s Basic Retirement Benefit shall increase effective June 1, 2026 by recomputing the Basic Retirement Benefit using a benefit rate of ninety-five dollars ($95.00).
The employee’s Basic Retirement Benefit shall increase effective June 1, 2025 by recomputing the Basic Retirement Benefit using a benefit rate of ninety-three dollars and ten cents ($93.10).
The employee’s Basic Retirement Benefit shall increase effective June 1, 2024 by recomputing the Basic Retirement Benefit using a benefit rate of ninety-one dollars and twenty-five cents ($91.25).

More Definitions of Basic Retirement Benefit

Basic Retirement Benefit means the annual benefit to which a Participant is entitled in total from the Retirement Plan, The Quaker 415 Excess Benefit Plan, The Quaker Eligible Earnings Adjustment Plan, any qualified defined benefit pension plan maintained by the Company or an Affiliated Company, including but not limited to the Fisher-Price Pension Plan, and any nonqualified defined benefit pension plan maintained by the Company or an Affiliated Company, which purpose is to provide benefits not permitted under a qualified defined benefit pension plan pursuant to limits on benefits or earnings imposed by the Internal Revenue Code of 1986, as amended, including but not limited to, Section 404(1) thereof. In addition to the foregoing, the Administrator may specify that the pension benefit equivalent (based upon lump sum-annuity factors consistent with those under the Retirement Plan) of any defined contribution plan account balance to which a Participant is entitled shall be included as part of the Participant's Basic Retirement Benefit. The preceding sentence may not be applied following a Change in Control. The Basic Retirement Benefit shall be based upon payments to a Participant in the form of a single life annuity commencing on his Retirement Date under the Program, with applicable reductions for early commencement based upon such adjustment factors as are applied under the Retirement Plan.

Basic Retirement Benefit means the monthly normal retirement age benefit accrued under the Retirement Plan on the Closing Date based upon the employee's credited service under the Retirement Plan through the Closing Date, exclusive of the subsidized value of any early retirement benefit, early retirement supplements, pension enhancements related to Medicare eligibility, retiree benefit increases, or any other benefit, supplement or subsidy under the Retirement Plan that the employee would have earned in addition thereto had he continued employment with the Sellers.