Credited Interest means interest on Member contributions to the Plan compounded annually from the end of the Plan Year in which contributions were made to the first day of the calendar month in which a determination thereof is to be made. Provided however, that such compounding shall commence from May 1st, 1972 for determinations being made in respect to contributions made prior to that date. The rate of interest used in compounding Credited Interest in any Plan Year shall be the average of the rate in effect on the first day of each month during the previous Plan Year for non-checking savings accounts administered by the Bank with which the Company transacts the majority of its banking business. Effective January 1, 1988, Credited Interest in respect to a Member's required contributions to the Plan shall be calculated on the basis of the yields of five-year personal fixed term chartered bank deposit rates, as determined from CANSIM B14045, published monthly in the Bank of Canada Review, averaged over a reasonably recent period, such averaging period not to exceed twelve (12) months. Interest shall be credited at the end of each Plan Year. The method of crediting interest for each Plan Year shall be as follows:
Credited Interest means interest utilized in determining the minimum death benefit specified in Section 6.02 of Part II of the Plan. Such interest shall be at the rate determined in accordance with the Group Annuity Contract, but not less than 3% per annum compounded annually from the January 1st next following the date such contributions were made to the first day of the month as of which the Credited Interest is being determined for periods prior to January 1, 1976, plus 5% per annum compounded annually for periods beginning on or after January 1, 1976 and prior to January 1, 1988, plus the greater of (i) 5% per annum compounded annually or (ii) the interest rate which would be credited under Part II of the Plan under Step (iv)(A) of Subsection 2.01(b) for periods beginning on or after January 1, 1988.
Credited Interest means interest that is credited to active members’ and inactive members’, accu- mulated retirement contributions, and accumulated annuity deposit contributions at a rate set annually by the board as a plan amendment with respect to the Defined Benefit Program.
Examples of Credited Interest in a sentence
A Member who separates from employment with the Town for reasons other than retirement shall receive a payment equal to the sum of (a) the Member’s contributions to the Plan and (b) three fourths (3/4) of the Credited Interest on such sum to the date of termination.
More Definitions of Credited Interest
Credited Interest means the amount of interest determined in accordance with Article V which is credited to the contributions made by the Company on behalf of the Member.
Credited Interest means interest on a Member’s contributions made to this Plan, calculated as follows:
Credited Interest means interest calculated and applied, for each Plan Year, in such a manner as to comply with Applicable Legislation.
Credited Interest means the interest that shall be credited with respect to Employee contributions and the Credited Interest thereon. On and after July 1, 1969, interest shall be credited as provided in the Group Annuity Contract. Administrative PersonnelFor Administrative Personnel, interest on Employee contributions made on or after January 1, 1986, shall be credited at the rate of 6% per year, compounded annually. Union EmployeesFor Union Employees, interest on Employee contributions made on or after January 1, 1987, shall be credited at the rate of 6% per year, compounded annually. Police EmployeesFor Police Employees, interest on Employee contributions made on or after January 1, 1988, shall be credited at the rate of 6% per year, compounded annually. Interest credited after December 31, 1989 and until December 31, 2012 shall be credited as follows: Interest shall be credited for the number of full months from the January 1 following date of contribution to the date of withdrawal or benefit commencement.
Credited Interest means interest on Member contri- butions to the Plan compounded annually from the end of the Plan Year in which contributions were made to the first day of the calendar month in which a determination thereof is to be made. Provided how- ever, that such compounding shall commence from May 1st, 1972 for determinations being made in respect to contributions made prior to that date. The rate of interest used in compounding Credited Interest in any Plan Year shall be the average of the rate in effect on the first day of each month during the previous Plan Year for non-checking savings accounts administered by the Bank with which the Company transacts the majority of its banking business. Effective January 1, 1988, Credited Interest in respect to a Member’s required contributions to the Plan shall be calculated on the basis of the yields of five-year personal fixed term chartered bank deposit rates, as determined from CANSIM B14045, published monthly in the Bank of Canada Review, averaged over a reason- ably recent period, such averaging period not to exceed twelve (12) months; Interest shall be credited at the end of each Plan Year. The method of crediting interest for each Plan Year shall be as follows:
Credited Interest means interest credited on Required Contributions calculated as set out in Bylaw 7.03(3).
Credited Interest means the rate of return that can reasonably be attributed to the operation of the Trust Fund, based on the interest, dividends and capital gains and losses, both realized and unrealized, earned by the Trust Fund during the Plan Year, less the administrative expenses incurred in the operation of the Trust Fund. Credited Interest shall be calculated and applied to each Member’s Money Purchase Component Account and accounts of the Additional Voluntary Contributions Fund and Special Transferred Contributions Fund, if any, from the first day of the month following the month in which the contribution was made to the first day of the month in which payment is made from the Trust Fund to, or in respect of, that Member. If the value of a Member’s Money Purchase Component Account and voluntary contributions must be calculated part way through a Plan Year, Credited Interest shall be applied for the completed portion of that Plan Year at the most recently calculated rate of return that can reasonably be attributed to the operation of the Trust Fund. Credited Interest shall be allocated no less frequently than annually. For greater certainty, for the calculation of a pension at a Member’s retirement, the balance in the Member’s Money Purchase Account as of the last day of the month immediately preceding the date of retirement shall be used, not the balance as of the December 31st coinciding with or prior to the date of retirement.