BEP Benefit definition

BEP Benefit means the annual retirement benefit payable pursuant to the terms of this Plan.
Sample 1Sample 2Sample 3
BEP Benefit means the annual benefit, if any, payable under the Benefit Equalization Plan adopted by the Bank (the “BEP”), effective January 1, 1996, as it may be amended from time to time.
Sample 1

Examples of BEP Benefit in a sentence

  • Pest Control is optional & provided for Free for Nelson’s owned units.

  • If the Plan is terminated, a determination shall be made of each Participant’s BEP Benefit as of the Plan termination date (determined in accordance with Section 8.2(a)).

  • The Board of Directors reserves the right to amend, modify, restate or terminate the Plan; provided, however, that no such action by the Board of Directors shall reduce a Participant’s BEP Benefit accrued as of the time thereof.

  • Prior to commencement of payment of a Participant’s BEP Benefit, the Participant may elect a different form of annuity, provided that the payment forms are actuarially equivalent.

  • If the TP Employee dies after terminating employment with the Controlled Group but before his BEP Benefit Commencement Date, the amount by which (i) the amount determined under ARTICLE IIC(2)(d) of the Plan exceeds (ii) the remaining Trust Account TP Value, if any, determined under ARTICLE IIC(2)(a) of the Plan.

  • If the Participant’s Termination from Employment occurs more than two years following a Change in Control, the Participant’s BEP Benefit shall be paid in accordance with the Participant’s Payment Election.

  • If the date of the Participant’s Separation From Service is on or after January 1, 2007, the pre-retirement death benefit shall be distributed to the Beneficiary in the form of a single lump sum payment on the first day of the first month following the date of the Participant’s death, notwithstanding any election made by the Participant to credit all or a portion of his BEP Benefit to the BEP—Savings Plan.

  • Participation in the Plan shall terminate upon the Participant’s Separation From Service, except, however, that an individual who is entitled to receive Benefits under the Plan after his or her Separation From Service will continue to be treated as a Participant (other than for BEP Benefit accrual purposes) until his or her full BEP Benefits have been paid or forfeited.

  • The provisions of this Section prohibiting an action by the Board of Directors which would reduce a Participant’s accrued BEP Benefit cannot be amended without the consent of all Participants (including those who have retired).

  • A Participant shall be fully vested in such Participant’s BEP Benefit: provided, however, that the Participant’s rights to benefits under this Plan shall be forfeited under the following circumstances: (i) the Participant’s employment with the Company is terminated on account of an act of fraud, larceny, misappropriation or embezzlement committed against the Company; or (ii) the Participant’s employment with the Company is terminated for any reason, voluntarily or involuntarily.

Related to BEP Benefit

  • 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.

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

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

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

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

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

  • 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.

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

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

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

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

  • Actuarial equivalent means a benefit of equal value when

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

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

  • 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;

  • 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).

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • 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.

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

  • Service benefit means the credit toward retirement benefits as determined by the

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

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

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

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