Grandfathered Retirement Benefit definition

Grandfathered Retirement Benefit means, with respect to each Grandfathered Participant, the present value of the retirement benefit that would have been payable to such Participant had he/she voluntarily retired without cause on December 31, 2004, and received payment of the benefits available from the Plan on the earliest date possible and in the form that provides the maximum value, calculated in accordance with Treasury Regulation Section 1.409A-6(a)(3)(i), as may be amended from time to time. For this purpose, the calculation shall, by way of example and not limitation, take into account any applicable early retirement reduction factors provided for under the Basic Plan.
Sample 1

Examples of Grandfathered Retirement Benefit in a sentence

  • The Mortgage Loan has been originated by, and, if applicable, purchased by the Borrower from, a Qualified Originator.

  • Grandfathered Retirement Benefit Plan and was actively employed by the Company or a Core Company may receive a DC Adjustment Contributions Credit and shall be a Participant in this Plan for purposes of this Section 2.02.

  • For all other employees, the Cash Balance Benefit determined as of the Early Retirement Date.Page 46 of 77 Deferred vested retirement The accrued Normal Retirement Benefit (better of Cash Balance andGrandfathered Benefits, if eligible), payable at Normal Retirement Date or actuarially reduced and payable at any age.Disability The greater of (1) or (2): (1) Accrued Grandfathered Retirement Benefit reduced as in the Early Retirement Benefit.

  • The amount of the Qualified Plan Retirement Benefit (using the Grandfathered Retirement Benefit formula) to which the Participant would have been entitled if such Benefit were computed without giving effect to the limitations of Section 401(a)(17) and Section 415 of the Code.

  • Drainage computations and limits of floodways shall be shown where applicable.

  • Disability The greater of (1) or (2): (1) Accrued Grandfathered Retirement Benefit reduced as in the Early Retirement Benefit.

Related to Grandfathered Retirement Benefit

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

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

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

  • 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.

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

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

  • 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;

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

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

  • Grandfathered Service means service which is no longer available for new customers and is limited to the current customer at their current locations with certain provisioning limitations, including but not limited to upgrade denials, feature adds/changes and responsible/billing party.

  • Grandfathered Amounts means, if applicable, the amounts that were deferred under the Plan and were earned and vested within the meaning of Section 409A of the Code and regulations thereunder as of December 31, 2004. Grandfathered Amounts shall be subject to the terms designated in the Adoption Agreement.

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

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

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

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

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Retirement Age means the earlier to occur of:

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Severance from Service Date means the earlier of:

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Separates from Service or “Separation from Service” means the Participant’s termination of service as a non‑employee director and as an employee of UGI for any reason other than death and shall be determined in accordance with section 409A of the Code.

  • Normal Retirement Age means the Executive's 65th birthday.

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: Age at Voluntary Termination Number of Years of Advance Notice 58 or younger 59 60 or older 3 years 2 years 1 year By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Disability retirement for plan 1 members, means the period

  • Disabled Participant with respect to a loan if it has no right to exercise any voting or other control rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).