Examples of Formula Benefit in a sentence
The District will continue to participate in the California Public Employees’ Retirement System (PERS) with benefits as currently provided at the 2.5% @ 55 Formula Benefit Level for employees hired prior to March 19, 2012.
The District will continue to participate in the Public Employees’ Retirement System (PERS) with benefits as currently provided at the 2.5% @ 55 Formula Benefit Level for employees hired prior to March 19, 2012.
FAE Benefit means the frozen Final Average Earnings Formula Benefit, accrued as of December 31, 2014 under the terms of the UTC PPP, transferred to the Plan as of the Spin-off date, with no additional benefit accruals under the Plan.
CB Benefit means the frozen Cash Balance Formula Benefit, accrued as of December 31, 2019, under the terms of the UTC PPP, together with interest, transferred to the Plan as of the Spin-off date, with no additional benefit accruals under the Plan.
Each Participant’s SPP Benefit is equal to the sum of the benefits under Section A-4.1, Section A-4.2 and Section A-4.3.A-4.1 Traditional Formula Benefit.
Compute the single lump sum present value of the amounts actually payable to the Participant from the Pension Plan and from the Excess Plan under the rules of the Pension Plan for converting a FAE Formula Benefit into a single lump sum.
Compute the single lump sum present value of the amounts actually payable to the Participant from the Qualified Pension Plan under the rules of the Qualified Pension Plan for converting a FAE Formula Benefit into a single lump sum.
Employees hired March 19, 2012 or thereafter, will participate in PERS with benefits provided in the contract with PERS at the 2% @ 60 Formula Benefit Level.
The adjustment in a particular year shall be calculated as the Formula Benefit including all previous adjustments, adjusted by the percentage change in the value of the Consumer Price Index over the 12 months ending on the immediately preceding March 31, plus or minus any Carry Forward addition or deduction from the immediately preceding year as described in (iv) below and, subject to the limits described in (ii).
Employees hired March 19, 2012 or thereafter will participate in PERS with benefits provided in the contract with PERS at the 2% @ 60 Formula Benefit Level.