Defined Benefit Program definition

Defined Benefit Program means payments for life 95— 5 — AB 15091 derived from the ‘‘accumulated annuity deposit2 contributions’’ of a member.3 (b) ‘‘Annuity,’’ with respect to the Defined Benefit4 Supplement Program, means an alternative payment5 arrangement wherein a benefit based on the balance of6 credits in a member’s Defined Benefit Supplement7 account is paid monthly rather than in a lump-sum.8 SEC. 7. Section 22105.5 is added to the Education9 Code, to read:10 22105.5. ‘‘Annuity beneficiary’’ means the person or11 persons designated by a member pursuant to Section12 25011 or 25018 to receive an annuity under the Defined13 Benefit Supplement Program upon the member’s death.14 SEC. 8. Section 22107 of the Education Code is15 amended to read:16 22107. ‘‘Beneficiary’’ (a) ‘‘Beneficiary,’’ with respect17 to the Defined Benefit Program, means any person or18 entity receiving or entitled to receive an allowance and19 or lump-sum payment pursuant to this part under the20 Defined Benefit Program because of the disability or21 death of a member.22 (b) ‘‘Beneficiary,’’ with respect to the Defined Benefit23 Supplement Program, means any person or entity24 receiving or entitled to receive a final benefit under the25 Defined Benefit Supplement Program upon the death of26 a member.27 SEC. 9. Section 22108 of the Education Code is28 amended to read:29 22108. (a) ‘‘Benefit’’ or ‘‘benefits’’ ‘‘benefits,’’ with30 respect to the Defined Benefit Program, means any31 monthly payment due a retired member, disabled32 member, or beneficiary, and includes lump-sum33 payments due on account of death.34 (b) ‘‘Benefit’’ and ‘‘benefits,’’ with respect to the35 Defined Benefit Supplement Program, means an amount36 equal to the balance of credits in a member’s Defined37 Benefit Supplement account.38 SEC. 10. Section 22122.7 is added to the Education39 Code, to read: 95AB 1509 — 6 —1 22122.7. ‘‘Defined Benefit Supplement2 contributions’’ means member contributions and
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Defined Benefit Program. ’ means the Defined Benefit Program provided in the State Teachers’ Retirement Plan as set forth in this part.
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Examples of Defined Benefit Program in a sentence

  • Source: PERS Schools Pool Actuarial Valuation; STRS Defined Benefit Program Actuarial Valuation.

  • The STRS Board has sole authority to determine the actuarial assumptions and methods used for the valuation of the STRS Defined Benefit Program.

  • These new assumptions were first reflected in the STRS Defined Benefit Program Actuarial Valuation, as of June 30, 2016 (the “2016 STRS Actuarial Valuation”).

  • Since the benefits provided through the SBPA are not a part of the projected benefits included in the actuarial valuations summarized above, the SBPA reserve is subtracted from the STRS Defined Benefit Program assets to arrive at the value of assets available to support benefits included in the respective actuarial valuations.

  • One person who, at the time of election, is an active member of the Defined Benefit Program or an active participant of the Cash Balance Benefit Program employed by a school district that provides instruction for grades K to 12, inclusive, or a county office or education.

  • One person who, at the time of election, is an active member of the Defined Benefit Program or an active participant of the Cash Balance Benefit Program employed by a school district that provides instruction for grades K to 12, inclusive, or a county office of education, in a position other than a school administrator that requires a services credential with a specialization in administrative services.

  • The actuary for the STRS Defined Benefit Program notes in the 2019 STRS Actuarial Report that, since such report is dated as of June 30, 2019, the significant declines in the investment markets that have occurred in the first half the 2020 calendar year are not directly reflected in the 2019 STRS Actuarial Report.

  • The actuary notes that such declines will almost certainly impact the future of the STRS Defined Benefit Program funding, and that, all things being equal, it is expected that the actuarial valuation for the fiscal year ending June 30, 2020 will show a greater increase in the projected State contribution rate (and possibly the employer rate) and a possible decline in the funded ratio.

  • Based on the multi-year CalSTRS Experience Analysis (spanning from July 1, 2015, through June 30, 2018) (the “2020 Experience Analysis”), on January 31, 2020, the STRS Board adopted a new set of actuarial assumptions that were first reflected in the STRS Defined Benefit Program Actuarial Valuation, as of June 30, 2019 (the “2019 STRS Actuarial Valuation”).

  • The employee may elect membership in the Defined Benefit Program pursuant to Education Code §22515 at any time while employed to perform creditable service (see Section 1.c. Permissive Election of Membership in the Defined Benefit Program).

Related to Defined Benefit Program

  • Defined Benefit Plan means each Benefit Plan which is subject to Part 3 of Title I of ERISA, Section 412 of the Code or Title IV of ERISA.

  • Medical benefit plan means a plan established and maintained by a carrier, a voluntary employees' beneficiary association described in section 501(c)(9) of the internal revenue code of 1986, 26 USC 501, or by 1 or more public employers, that provides for the payment of medical benefits, including, but not limited to, hospital and physician services, prescription drugs, and related benefits, for public employees or elected public officials. Medical benefit plan does not include benefits provided to individuals retired from a public employer or a public employer's contributions to a fund used for the sole purpose of funding health care benefits that are available to a public employee or an elected public official only upon retirement or separation from service.

  • Defined Benefit Plan Fraction means a fraction, the numerator of which is the projected annual benefit (determined as of the close of the relevant Plan Year) of the Participant under all Defined Benefit Plans maintained by one or more Related Companies, and the denominator of which is the lesser of (i) the product of 1.25 multiplied by the dollar limitation in effect under Section 415(b)(1)(A) of the Code for the Plan Year, or (ii) the product of 1.4 multiplied by the amount which may be taken into account under Section 415(b)(1)(B) of the Code with respect to the Participant for the Plan Year.

  • Defined Benefit Fraction means a fraction, the numerator of which is the sum of the Member's Projected Annual Benefits under all qualified defined benefit plans (whether or not terminated) maintained by the Employer, and the denominator of which is the lesser of (i) one hundred twenty-five percent (125%) of the dollar limitation determined for the Limitation Year under sections 415(b)(1)(A) and (d) of the Code and (ii) one hundred forty percent (140%) of the Highest Average Compensation, including any adjustments under section 415(b)(5) of the Code, both in accordance with subsection 3.30.020(e)(10) below. Notwithstanding the above, if the Member was a Member as of the first day of the first Limitation Year beginning after December 31,1986 in one (1) or more qualified defined benefit plans maintained by the Employer which were in existence on May 6, 1986, the denominator of this fraction shall not be less than one hundred twenty-five percent (125%) of the sum of the Annual Benefits under such plans which the Member had accrued as of the close of the last Limitation Year beginning before January 1, 1987, disregarding any changes in the terms and conditions of the plans after May 5, 1986. The preceding sentence applies only if the qualified defined benefit plans individually and in the aggregate satisfied the requirements of Code section 415 for all Limitation Years beginning before January 1, 1987.

  • Medical Benefits Schedule means the Medicare Schedule of Benefits produced by the Department of Health to which all fees and benefits relate for inpatient hospital services.

  • Canadian Defined Benefit Pension Plan means a Canadian Pension Plan that contains or has ever contained a “defined benefit provision” as such term is defined in Section 147.1(1) of the Income Tax Act (Canada).

  • Additional gap medical benefits means the benefits (if any) payable in respect of medical expenses that are more than the schedule fee and which otherwise meet the requirements of the fund’s no or known gap policy, provided always that the medical expenses relate to a professional service that:

  • Group health benefit plan means any health care plan, subscription contract, evidence of

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in value in the aggregate as are payable thereunder prior to a Change in Control.

  • Health benefit plan means a policy, contract, certificate or agreement offered or issued by a health carrier to provide, deliver, arrange for, pay for or reimburse any of the costs of health care services.

  • Canadian Defined Benefit Plan means a Canadian Pension Plan, which contains a “defined benefit provision,” as defined in subsection 147.1(1) of the ITA.

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • Health benefits plan means a benefits plan which pays or

  • Retiree means any person who has begun accruing a retirement

  • Gap medical benefits means the benefits (if any) payable in respect of medical expenses that are less than, greater than or equal to the schedule fee, provided always that the medical expenses relate to a professional service that:

  • Retiree Health Plan means an "employee welfare benefit plan" within the meaning of Section 3(1) of ERISA that provides benefits to individuals after termination of their employment, other than as required by Section 601 of ERISA.

  • Basic health benefit plan means any plan offered to an individual, a small group,

  • Company Benefit Plan has the meaning specified in Section 4.13(a).

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).

  • Welfare Benefit Plan means each welfare benefit plan maintained or contributed to by the Company, including, but not limited to a plan that provides health (including medical and dental), life, accident or disability benefits or insurance, or similar coverage, in which Executive was participating at the time of the Change in Control.

  • Qualified Benefit Plan has the meaning set forth in Section 3.20(c).

  • Company Benefit Plans has the meaning set forth in Section 3.16(a).

  • Medical Benefits means the monthly fair market value of benefits provided to the Employee and the Employee’s dependents under the major medical, dental and vision benefit plans sponsored and maintained by the Company, at the level of coverage in effect for such persons immediately prior to the Employee’s termination of employment date. The “monthly fair market value” of such benefits shall be equal to the monthly cost as if such persons elected COBRA continuation coverage at such time at their own expense.

  • Compensation and Benefit Plans has the meaning set forth in Section 5.03(m)(i).

  • Retiree Welfare Plan means, at any time, a Welfare Plan that provides for continuing coverage or benefits for any participant or any beneficiary of a participant after such participant's termination of employment, other than continuation coverage provided pursuant to Section 4980B of the IRC and at the sole expense of the participant or the beneficiary of the participant.

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.