The Employer shall have the right to adopt a MERS Bridged Benefit Program (see Section 26 of the MERS Plan Document) to be effective December 1, 2019, under which the multiplier applied to credited service earned after the effective date will be 2.0% and the “frozen FAC” option will apply.
Accrued Benefit have the meanings specified in ERISA.
Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.
Plan Benefit means the benefit payable to a Participant as calculated in Article V.
Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.
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.