Cumulative Accrued Benefit definition

Cumulative Accrued Benefit means the sum of the present value of an Employee's accrued benefits under a defined benefit plan (for an unaggregated plan) or under all defined benefit plans included in an Aggregation Group (for aggregated plans), determined under the actuarial assumptions set forth in such Plan or Plans, as of the most recent plan valuation date used by the Plan actuary within the 12-month period ending on the Determination Date as if the Employee voluntarily terminated service as of such valuation date. The accrued benefit of any Employee who is not a Key Employee shall be determined under the method used for accrual purposes for all plans in the Aggregation Group or, if there is no such method, as if such benefit accrued not more rapidly than the slowest accrual rate permitted under Code section 411(b)(1)(c).

Cumulative Accrued Benefit means the sum of the present value of a Special Member’s accrued benefits under a defined benefit plan (for an unaggregated plan) or under all defined benefit plans included in an Aggregation Group (for aggregated plans), determined under the actuarial assumptions provided in the plan or plans, as of the most recent plan valuation date within a 12-month period ending on the Determination Date as if the participant voluntarily terminated service—

Cumulative Accrued Benefit means, for a Participant, the sum of the value of their defined contribution accounts under all defined contribution plans (including this Plan) included in an Aggregation Group, plus the present value of their accrued benefits under all defined benefit plans included in an Aggregation Group, provided that there will not be taken into account any amount for (I) a Participant who has not performed any services for an Affiliated Employer at any time during the five-year period ending on the Determination Date or (2) a non-Key Employee who was a Key Employee in any prior Plan Year, and provided further that there will be taken into account any distributions from any such plan, including any terminated plan that would be included in an Aggregation Group had it not terminated, made during the five-year period ending on the Determination Date and any contributions due but unpaid as of the Determination Date. The value of the Account balance and the present value of accrued benefits will be determined as of the most recent Determination Date, except as provided in Code Section 416 and regulations thereunder for the first and second Plan Years. The accrued benefit in a defined benefit plan of an employee other than a Key Employee will be determined under (a) the method, if any, uniformly applied for accrual purposes under all plans maintained by the Affiliated Employers, or (b) if there is no such method, as if the benefit accrued not more rapidly than the slowest accrual rate permitted under the fractional accrual rate of Code Section 41 l(b)(l)(C).

Examples of Cumulative Accrued Benefit in a sentence

• Cumulative Accrued Benefit means the sum of the present value of an Employee's accrued benefits under a defined benefit plan (for an unaggregated plan) or under all defined benefit plans included in an Aggregation Group (for aggregated plans), determined under the actuarial assumptions set forth in such plan or plans, as of the most recent plan Valuation Date within a 12-month period ending on the Determination Date as if the Employee voluntarily terminated service as of such Valuation Date.

• Cumulative Accrued Benefit means the sum of the present value of an Employee’s accrued benefits under a defined benefit plan (for an unaggregated plan) or under all defined benefit plans included in an Aggregation Group (for aggregated plans), determined under the actuarial assumptions set forth in such plan or plans, as of the most recent plan Valuation Date within a 12-month period ending on the Determination Date as if the Employee voluntarily terminated service as of such Valuation Date.

• If the Plan is being considered in an Aggregation Group, the Employee's or former Employee's Cumulative Accrued Benefit shall be the sum of the present values of his accrued benefits under all defined benefit plans included in the Aggregation Group under consideration (as determined under the rules above).

• For purposes of computing the Employee's or former Employee's Cumulative Accrued Benefit, he shall be treated as if he voluntarily terminated his service as of such valuation date (as of the Determination date, in the case of the plan's first year).

• If the plan is being considered in an Aggregation Group, the Participant's or former Participant's "Cumulative Accrued Benefit" shall be the sum of the present values of the Partici- pant's accrued benefits under all defined benefit plans included in the Aggregation Group under con- sideration (as determined under the rules above), using the same actuarial assumptions for all such plans.

More Definitions of Cumulative Accrued Benefit

Cumulative Accrued Benefit is, with respect to a defined benefit plan

Cumulative Accrued Benefit means the sum of the present value of an Associate's accrued benefits under a defined benefit plan (for an unaggregated plan) or under all defined benefit plans included in an Aggregation Group (for aggregated plans), determined under

Cumulative Accrued Benefit means the sum of the present value of an Employee's accrued benefits under a defined benefit plan (for an unaggregated plan) or under all defined benefit plans included in an Aggregation Group (for

Cumulative Accrued Benefit means the present value of a

Cumulative Accrued Benefit means the sum of the present value of a Participant's accrued benefits under a defined benefit plan (for an unaggregated plan) or under all defined benefit plans included in an Aggregation Group (for aggregated plans), determined under the actuarial assumptions set forth in that plan or plans, as of the most recent plan valuation date within a 12-month period ending on the Determination Date as if the Participant voluntarily terminated service as of such valuation date. (c) Accounts and benefits are calculated by including all amounts attributable to both employer and employee contributions. (d) Accounts and benefits are increased by the aggregate distributions during the five-year period ending on the Determination Date made with respect to a Participant under the plan or plans as the case may be, or under a terminated plan which, if it had not been terminated, would have been required to be included in the Aggregation Group. Section C-5.

Cumulative Accrued Benefit means, with respect to a Participant, the sum of the value of his defined contribution accounts under all defined contribution plans (including this Plan) included in an Aggregation Group, plus the present value of his accrued benefits under all defined benefit plans included in an Aggregation Group, provided that there shall not be taken into account any amount with respect to (1) a Participant who has not performed any services for an Affiliated Employer at any time during the five-year period ending on the Determination Date or (2) a non-Key Employee who was a Key Employee in any prior Plan Year, and provided further that there shall be taken into account any distributions from any such plan, including any terminated plan that would be included in an Aggregation Group had it not terminated, made during the five-year period ending on the Determination Date and any contributions due but unpaid as of the Determination Date. The value of the

Cumulative Accrued Benefit means the sum of: