Formula Benefit definition

Formula Benefit means the benefit that would have been payable annually to or in respect of a Participant under the Retirement Plan without regard to the Tax Limitations.
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Formula Benefit means the Accrued Pension element described in Section 5.02(c).
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Formula Benefit means an annual benefit determined in accordance with the following:
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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.

Related to Formula Benefit

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

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

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

  • 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).

  • 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.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • 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.

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

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

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

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

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

  • Annuity Benefit means a benefit payable by us as described in Part VII.

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

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

  • Actuarial equivalent means a benefit of equal value when

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

  • 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.

  • 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;

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

  • 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.

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

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

  • Final Average Compensation means the average annual

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.

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