Grandfathered Benefit definition

Grandfathered Benefit means either the Basic Grandfathered Benefit or the Special Grandfathered Benefit, as defined below.

Grandfathered Benefit means the vested amount of the Participant’s Individual Account as of December 31, 2004, including earnings on such amount thereafter. Such amount shall be determined in accordance with Code Section 409A and any guidance promulgated thereunder.

Grandfathered Benefit means the portion of the Benefit considered deferred under this Plan on or before December 31, 2004 as determined in accordance with Section 409A of the Code and the guidance promulgated thereunder.

Examples of Grandfathered Benefit in a sentence

• If the Participant has not commenced receiving distribution of his or her Special Grandfathered Benefit prior to his or her Maximum Service Date, 3% per annum, compounded annually, for each Plan Year commencing after the Participant’s Maximum Service Date and ending on the date the Participant begins receiving his or her Special Grandfathered Benefit.

• A monthly life annuity benefit which is equal to a percentage of the Participant’s Special Grandfathered Benefit, accrued to the date of actual retirement, based on the Participant’s Age, Average Monthly Compensation and Credited Service (such Average Monthly Compensation and Credited Service being calculated in accordance with the provisions of Part I of the Plan in effect on December 31, 1994), each determined as of the date of the Participant’s early retirement.

• At any time prior to actual retirement, a Participant, with spousal consent if the Participant is married, may elect to receive his or her retirement benefit under one or more of the following settlement options; provided, however, that a Participant may not elect to have the balance of his or her Account, described in Section 4.01, distributed under more than one annuity option, or his or her Grandfathered Benefit distributed under more than one annuity option.

• Prior to January 1, 2005 and while an eligible Employee is Totally Disabled, it shall be assumed for purposes of calculating the Participant’s Special Grandfathered Benefit that the Employee continues to earn monthly one-twelfth of the Compensation paid to the Participant during the 12 complete months prior to the month in which he or she ceased active service because of his or her having become Totally Disabled.

• Each early retiree’s monthly life annuity will be equal to the Actuarial Equivalent of the early retiree’s Accrued Benefit, except that the portion of the Accrued Benefit attributable to the Participant’s Grandfathered Benefit, if any, shall equal the early retiree’s Grandfathered Benefit multiplied by the appropriate percentage.

More Definitions of Grandfathered Benefit

Grandfathered Benefit is defined in paragraph 3.5(ix); (c) "Retirement Date" is defined as the first day of the month coincident with or next following the later of (1) the date on which Executive attains (or in the event of Executive's earlier death, would have attained) age 60 or (2) the date of Executive's retirement from employment with Company; and (d) "Section 409A Payment Date" is defined as the earlier of (1) the date of Executive's death or (2) the date which is six months after the date of termination of Executive's employment with Company.

Grandfathered Benefit means the portion of a Participant’s Plan Benefit that, for purposes of Section 409A, was both earned and vested as of December 31, 2004.

Grandfathered Benefit means the portion of the Member’s pension benefit under Article III, determined as if the Member terminated employment as of December 31, 2004, but only if the Member was vested in such benefit as of December 31, 2004. Such Grandfathered Benefit shall remain exempt from Code Section 409A.

Grandfathered Benefit means any amounts earned and vested under the Plan as of December 31, 2004 within the meaning of Code section 409A and the official guidance thereunder. Except as specified herein, Grandfathered Benefits are subject to the distribution rules set forth in Article 7 of this Plan, including Section 7.8.

Grandfathered Benefit means the vested portion of the benefit payable under the Supplemental Plan assuming the Participant’s determination date is December 31, 2004, increased with interest credits (for a Participant whose benefit under the Supplemental Plan is determined using the cash balance formula under the Qualified Plan) and earnings (for a Participant whose benefit under the Supplemental Plan is determined using the final average pay formula under the Qualified Plan) at the rates determined under the Qualified Plan through any later determination date. A Participant’s Grandfathered Benefit is governed by the terms of the Supplemental Plan in effect as of October 3, 2004 and shall be determined in a manner consistent with Code Section 409A and the guidance thereunder.

Grandfathered Benefit means the portion of a Participant’s vested Account and all other vested accrued benefits under the Plan as of December 31, 2004, and that is treated as grandfathered for purposes of Code Section 409A.

Grandfathered Benefit means that portion of a Participant’s Deferred Cash Account and Deferred Stock Account that is exempt from Code section 409A because it was deferred and vested as of December 31, 2004, as adjusted to reflect any earnings or losses thereto pursuant to Sections 5 and 6.