Examples of FAP Benefit in a sentence
Upon the conversion of any Participant’s Accrued Benefit in a Basic Plan from a FAP Benefit to an AB II Benefit or from an AB I Benefit to an AB II Benefit, any benefit under the Plan shall, except as provided below, also be converted upon such date according to the conversion procedures set forth in the relevant Basic Plan, including determination of an Opening Balance.
For Participants in the FAP Benefit of the NiSource Pension Plan, the benefits payable under Sections 4.2 through 4.7 shall be increased in the same percentage and at the same time as cost of living adjustments are made to the pensions of salaried employees of the Company or an Affiliate under the NiSource Pension Plan, or any other Qualified Pension Plan.
Such Vested Deferred FAP Benefit shall be payable in the Normal Form and shall commence, at the election of the Participant, on the first day of any month after attaining eligibility for Early Retirement Date but not later than Normal Retirement Date.
Any Admin Employee who first becomes a Participant on or after January 1, 1999 shall be eligible to receive a Pension Equity Benefit and ineligible to receive a FAP Benefit, and his Pension Benefit shall be calculated exclusively under the Pension Equity Benefit provisions of the Plan.
The amount of such a Participant's FAP Benefit shall be the amount of his Normal Retirement Benefit calculated up to his Early Retirement Date and reduced by five-twelfths of one percent (5/12 of 1%) for each month by which the Participant's Early Retirement Date precedes the first day of the month nearest the Participant's sixty-second (62nd) birthday.
In accordance with the methodology provided in the applicable Basic Plan, a Participant with an AB Benefit shall be entitled to benefit under the Plan equal to the greater of (1) the AB Account under the Plan or (2) the sum of the AB Account under the Plan (determined without regard to the Opening Balance calculation) plus the portion of the FAP Benefit that is calculated in accordance with the Plan as of the date of conversion to the AB Benefit as set forth in Section 4.4.
Section 8.4A If the Participant was not eligible for Early Retirement but had completed ten (10) years of Credited Service at the time of his death, the monthly amount of the Survivor Benefit payable to a Beneficiary shall be equal to forty percent (40%) of the Participant's monthly Normal Retirement Benefit (based solely on the FAP Benefit provisions) accrued at the date of his death, or twenty-five dollars ($25), if greater.
FAP Benefit Only A Participant who separates from employment after having become vested in his FAP Benefit in accordance with Section 4.1 shall be entitled to a Vested Deferred FAP Benefit.
Notwithstanding anything in the Plan to the contrary, the value of all prior distributions from the Plan shall reduce the Actuarial Equivalent value of the Accrued Benefit for a Rehired Participant, and any of his FAP Benefit, Pension Equity Benefit, and any Cash Balance Benefit under the Plan, according to the source of the prior distribution.
Section 8.4B If the Participant was eligible for Early Retirement on the date of his death, the monthly amount of the Survivor Benefit payable to an eligible Beneficiary shall be equal to fifty percent (50%) of the Participant's monthly Normal Retirement Benefit (based solely on the FAP Benefit provisions) accrued at the date of his death, or twenty-five dollars ($25), if greater.