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.
Normal Retirement Benefit means the benefit described in Section 2.1.
Early Retirement Benefit means the retirement benefit payable to a member following early
Plan Benefit means the benefit payable to a Participant as calculated in Article V.
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.
Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.
Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.
Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.
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;
Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.
Termination Benefit means the benefit set forth in Article 7.
Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.
Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—
Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.
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).
Disability Benefit means the benefit set forth in Article 8.
Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.
Service benefit means the credit toward retirement benefits as determined by the
Actuarial equivalent means a benefit of equal value when
SERP has the meaning assigned thereto in Section 5(c) hereof.
relevant benefit means any benefit specified in paragraph 21(2); and
Change in Control Benefit means the benefit described in Section 2.4.
Annuity Benefit means a benefit payable by us as described in Part VII.
Basic Plan means as to any Member or Vested Former Member the defined benefit pension plan of the Company or an Affiliated Employer intended to meet the requirements of Code Section 401(a) pursuant to which retirement benefits are payable to such Member or Vested Former Member or to the Surviving Spouse or designated beneficiary of a deceased Member or Vested Former Member.
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.