Escalation Benefit definition

Escalation Benefit means the category of benefit described in clause 11A as part of the Salary Continuance Benefit under the MKBS Plan referred to in the First Schedule and the MKPS Plan referred to in the Third Schedule.
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Examples of Escalation Benefit in a sentence

  • The Temporary Supplements payable only to age 65 on Special Early Retirement or Partial Disability Retirement will not be taken into account in determining your Escalation Benefit.

  • If your Spouse becomes entitled to a pension on your death, they will continue to receive 60% or 2/3 of your Escalation Benefit (depending on the payment option elected at retirement as described under Pension Payments).

  • Depending on the change in the CPI, your Escalation Benefit may increase every January 1st.

  • On the January 1st following your retirement, the amount of your Basic Pension and Lifetime Supplement will be increased by an amount called your Escalation Benefit.

  • The amount of the Escalation Benefit is tied to the Consumer Price Index (CPI) and is subject to a maximum of 2%.