Grandfathered Benefits definition

Grandfathered Benefits. Grandfathered Benefits means “Accrued Benefits” as described in the Plan in effect as of December 31, 2004 that were earned and vested as of December 31, 2004. All Grandfathered Benefits are governed by and subject to the terms of the Plan in effect as of December 31, 2004 and are not subject to the terms of the Plan as set forth in this amendment and restatement effective January 1, 2005.
Grandfathered Benefits means Benefits originally accrued under the Prior Plan which are credited to the Participant's account in this Plan pursuant to Section 4.3, but only to the extent such Benefits were accrued and vested on December 31, 2004 (together with earnings or losses thereon, whether attributable to periods before or after December 31, 2004, attributable to the Investment Options selected by the Participant).
Grandfathered Benefits means the accrued and vested benefits under the terms of the Prior Plan as of December 31, 2004 as defined for purposes of Section 409A and subject to the terms of the Prior Plan as in effect on October 3, 2004 and as amended thereafter consistent with Section 409A.

Examples of Grandfathered Benefits in a sentence

  • A Participant will not be eligible for this cost of living adjustment if the Participant had ceased accruing additional Special Grandfathered Benefits prior to December 31, 2004 due to the Participant’s retirement, death or other termination of employment prior to December 31, 2004.

  • Notwithstanding anything in Part I of the Plan to the contrary, no additional Special Grandfathered Benefits shall accrue for periods after December 31, 2004.

  • Recognizing that the economics of development will limit the use of deep aquifer water in the near term.Today, OSE administrative procedures require interested parties to submit a notice of intent and to file an exploratory well permit application and proof of publication in the newspaper.

  • There shall be no death benefit payable with respect to the Grandfathered Benefits of any such Participant.

  • Any portion of your SERP payments represented by Grandfathered Benefits will not be delayed by Section 409A.


More Definitions of Grandfathered Benefits

Grandfathered Benefits means any Awards that were earned and vested as of December 31, 2004, within the meaning of Section 409A. Grandfathered Benefits are subject to the distribution rules under the Plan that were in effect on October 3, 2004 and are summarized on Appendix A.
Grandfathered Benefits means the portion of the compensation deferred and vested under the Plan as of December 31, 2004.
Grandfathered Benefits means the amount of annuity benefit, if any, of a Participant under the Plan that was earned and vested as of December 31, 2004 and that the Committee has determined to grandfather within the meaning of Code §409A. Such Grandfathered Benefit shall be based on the present value as of December 31, 2004, of the vested amount to which the Participant would be entitled under the Plan if the Participant voluntarily terminated services without cause on December 31, 2004, and received a payment of the benefits with the maximum value available at the earliest possible date allowed under the Plan following the termination of services. Notwithstanding the foregoing, for any calendar year after December 31, 2004, such Grandfathered Benefit may increase (or decrease) to equal the present value of the benefit the Participant actually becomes entitled to, determined under the terms of the Plan (including the applicable limits under the Code), as in effect on October 3, 2004, without regard to any further amounts affecting the amount of or the entitlement to benefits (other than a Participant election with respect to the time and form of an available benefit).
Grandfathered Benefits means benefits payable under this Plan that are not subject to Section 409A of the Code by reason of having been earned and vested as of December 31, 2004, provided that benefits shall cease to be Grandfathered Benefits if the Plan is “materially modified” (within the meaning of Section 409A of the Code) with respect to such Grandfathered Benefits after October 3, 2004. Grandfathered Benefits shall be accounted for separately.
Grandfathered Benefits means Plan benefits that were earned and vested as of December 31, 2004 within the meaning of Section 409A. Grandfathered Benefits are subject to the distribution rules set forth in Appendix A.
Grandfathered Benefits means any benefits payable under the terms of the Plan that are not subject to Code Section 409A.
Grandfathered Benefits means the benefit described under Plan Section 3.1