EBR Benefit definition

EBR Benefit means the Pension Limitation amount as of the applicable determination date, taking into account all prior payments to the Participant, if any.
Sample 1

Examples of EBR Benefit in a sentence

  • Correspondingly, prior to the Plan Year in which occurs the Participant’s selected Subsequent Vesting Date, the Participant may elect a new Subsequent Vesting Date to apply to any EBR Benefit accrued in subsequent Plan Years; provided that the elected new Subsequent Vesting Date is no earlier than twenty-four (24) months from the previous Subsequent Vesting Date.

  • The EBR Benefit will be calculated as of the date on which the Participant is determined by the Board to be Disabled, and the Cooperative will distribute the EBR Benefit to the Participant within sixty (60) days, but in no event less than two and a half (2 ½) months following the end of the calendar year in which the Participant was determined by the Board to be Disabled.

  • In addition, any subsequent EBR Benefit shall be offset to take into account any EBR Benefit previously paid to the Participant by adding the differences between the accrued benefits determined for each of the items (i) and (ii) described in the Pension Limitation definition for the previous payments to the amount under (ii) in the Pension Limitation definition for the current payment.

  • If this method is elected, the EBR Benefit shall be credited to anaccount to be paid on the Participant’s applicable Vesting Date.

  • A Participant’s EBR Benefit shall only be paid in the event that the Participant remains an employee of the Cooperative on the applicable Vesting Date of such EBR Benefit or experiences a Qualifying Termination pursuant to Subsection 4(b).

  • The EBR Benefit shall be paid as a single lump sum as of the vesting date defined on any Addendum to this Plan.

  • In the event of a Participant’s death prior to his attainment of the applicable Vesting Date, his accrued but unvested EBR Benefit shall vest and be paid to the Participant’s Beneficiaries.

  • A Participant’s eligibility for the EBR Benefit under this Plan shall not be transferrable to another employer.

  • A Participant’s vested EBR Benefit shall be paid as a single lump sum that is the Actuarial Equivalent of the Pension Limitation.

  • If the Cooperative elects this determination methodology, the Participant’s EBR Benefit shall be redetermined each Plan Year thereafter up to the Plan Year preceding the Participant’s applicable Vesting Date.

Related to EBR Benefit

  • Retirement Benefit means the benefit set forth in Article 5.

  • 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.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Disability Benefit means the benefit set forth in Article 8.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

  • Termination Benefit means the benefit set forth in Article 7.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Service benefit means the credit toward retirement benefits as determined by the

  • Change in Control Benefit means the benefit described in Section 2.4.

  • relevant benefit means any benefit specified in paragraph 21(2); and

  • Actuarial equivalent means a benefit of equal value when