Defined benefit retirement plan definition

Defined benefit retirement plan or "defined benefit plan" means a plan within the retirement

Defined benefit retirement plan or "defined benefit plan" means a plan within the retirement systems provided for pursuant to 19-2-302 that is not the defined contribution retirement plan.

Defined benefit retirement plan. The Corporation has a defined benefit retirement plan covering substantially all of its employees. The benefits are based on years of service and the employees' compensation. The Corporation's funding policy is to contribute annually the maximum amount that can be deducted for federal income tax purposes. Contributions are intended to provide not only for benefits attributed to service but also for those expected to be earned in the future. The following table sets forth the Plan's funded status and amounts recognized in the balance sheets at December 31: 1997 1996 ---- ---- (In Thousands) Actuarial present value of: Accumulated benefit obligation, including vested benefits of $1,694,000 and $1,714,000 $(1,702) $(1,726) ======= ======= Projected benefit obligation for service rendered to date $(2,583) $(2,336) Plan assets at fair value 2,401 2,187 ------- ------- Plan assets less than projected benefit obligation (182) (149) Unrecognized net gain from experience different from that assumed (130) (145) Unrecognized net transition asset (28) (29) ------- ------- Accrued pension cost $ (340) $ (323) ======= ======= Pension expense included the following components for the years ended December 31: 1997 1996 1995 ---- ---- ---- (In Thousands) Service cost, benefits earned during the year $ 98 $ 110 $ 101 Interest cost on projected benefit obligation 166 157 143 Actual return on plan assets (212) (164) (204) Net amortization 51 15 73 ----- ----- ----- $ 103 $ 118 $ 113 ===== ===== ===== Assumptions used in the accounting were: 1997 1996 1995 ---- ---- ---- Discount rates 7.5% 7.5% 7.5% Rates of increase in compensation levels 4.0 4.0 4.0 Expected long-term rate of return on assets 7.5 7.5 7.5 Assets in the Plan consist primarily of U.S. Government securities, U.S. Government security mutual funds and certificates of deposit. JUNIATA VALLEY FINANCIAL CORP. AND ITS WHOLLY-OWNED SUBSIDIARY, THE JUNIATA VALLEY BANK NOTES TO CONSOLIDATED FINANCIAL STATEMENTS EMPLOYEE BENEFITS (CONTINUED)

Examples of Defined benefit retirement plan in a sentence

• Defined benefit retirement plan In 1986, the Company established a retirement plan (the “Plan”) covering substantially all employees.

• Defined benefit retirement plan obligationsThe group’s net obligation in respect of defined benefit retirement plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine the present value and the fair value of any plan assets is deducted.

• By the definition of Y (n), m(s) is clearly an increasing function of s.

• Plan Year: January 1 through December 31 Taxpayer 43-0727853 Plan Number: 001 Number (EIN): Type of Plan: Defined benefit retirement plan under which the amount of benefits Participants may become entitled to is specified in the Plan.

• Defined benefit retirement plan According to the plan, the payment received by employees upon retirement is calculated by multiplying the average salary of the six months before retirement by the points acquired based on the number of service years.

More Definitions of Defined benefit retirement plan

Defined benefit retirement plan means the retirement plan established in AS 39.35.095 - 39.35.680;

Defined benefit retirement plan means the Retirement Plan for Employees of Wood Hole Oceanographic Institution, the defined benefit plan maintained by the Institution for certain eligible employees. The Defined Benefit Retirement Plan was closed to new participants effective January 1, 2010.

Defined benefit retirement plan means the RightCHOICE Defined Benefit Retirement Plan as modified by the Compensation Committee from time to time to the extent such modifications apply to all actively-employed senior executives of RightCHOICE.

Defined benefit retirement plan means the defined benefit retirement plan provided for under Title

Defined benefit retirement plan means the defined benefit retirement plan provided for under Title 19, chapter 3, or the defined benefit retirement plan provided for under Title 19, chapter 20.

Defined benefit retirement plan means the retirement plan established

Defined benefit retirement plan means the retirement plan established in AS 14.25.009 - 14.25.220;