FAP Benefit definition

FAP Benefit means the portion of a Participant’s Excess Benefit determined pursuant to Section 3(a) of the Excess Plan.
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FAP Benefit means the Final Average Pay Benefit, as such term is defined in the Qualified Plan.
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FAP Benefit means the benefit described in Section 3.01, reduced, as provided in Section 3.11, to the extent that a Participant has elected to receive his or her Contributions with Interest as a lump sum payment.
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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.

Related to FAP Benefit

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

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

  • 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.

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

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

  • 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.

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

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

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

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

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

  • 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;

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

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • 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).

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

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

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

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

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Actuarial equivalent means a benefit of equal value when

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

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

  • 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.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.