greater-of definition

greater-of calculation means the actuarial increase is offset against continued accruals under the plan formula. They do not require the actuarial increase to be provided in addition to accruals under the plan formula, even when the plan was silent on whether the late retirement increases offset continued accruals. (The most common problem VCP is seeing in this area is plans that are completely silent as to what happens when a participant remains in service beyond normal retirement age – that is, the plan doesn’t provide for either a suspension or an actuarial increase.) While a document used by field agents indicates it may be acceptable in certain situations, they generally will not permit a “one-shot” calculation, which determines the late retirement benefit as the greater of (i) the formula benefit counting all service and salary to date or (ii) the actuarial equivalent of the benefit at normal retirement date. IRS is providing additional training for VCP staff and telling them to go through an actuary whenever they encounter issues involving late retirement benefit calculations. If a plan calls for the “one-shot” calculation, has a determination letter, and the plan sponsor was following the plan document, a plan examiner may not raise the issue.
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greater-of. GMDB Greater of annual ratchet GMDB frozen at the contract anniversary nearest the owner's 80th birthday and 5% roll-up GMDB (limited to 200% of premiums minus adjustments for partial surrenders) frozen at the contract aniversary nearest the owner's 80th birthday. GMDB for attained ages 80-84 is the GMDB on the contract anniversary nearest the owner's 80th birthday adjusted for subsequent premiums withdrawals. GMDB after the contract anniversary nearest the owner's 85th birthday is the standard death benefit (Return of Premium or Account Value, if greater). GMDB is reduced proportionally (based on Account Value) for any partial withdrawals. "Estate Protection Benefit" 40% of fund growth. Claim is limited to 40% of net purchase EEB payments. This benefit includes a "low water mark" feature under which the value of "net premiums" for the purpose of the claim calculation is reset annually to the lower of the account value on the policy anniversary and the actual net premiums. "Expanded Estate Protection 40% of fund growth plus transfer percentage multiplied by Benefit" EEB transfer premium. Transfer percentage differs by years since receipt of transfer premium (starts at 4% in year 1 and increases by 4% each year to a maximum of 20% in years 5+). Claim is limited to 40% of net purchase payments. This benefit includes a "low water mark" feature under which the valux xx "net permiums" for the purpose of the claim calculation is reset annually to the lower of the account value on the policy anniversary and the actual net premiums. GMDB and EEB benefits are fully defined in the prospectus and related materials. SCHEDULE B-1 ------------ CONTRACT TYPES reinsured under this Agreement Contract Description Form Number Issue Dates -------------------- ----------- -----------
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Related to greater-of

  • Equal or “Approved Equal” shall mean equal as determined by DCAS, in its sole discretion.

  • Percent or "percentage" means the percentage by weight.

  • Per Annum means for a year deemed to be comprised of 360 days.

  • Fifty-Percent or Greater Interest shall have the meaning ascribed to such term for purposes of Sections 355(d) and (e) of the Code.

  • Average value means the value which best represents the amount of the nutrient which a given food contains, and reflects allowances for seasonal variability, patterns of consumption and other factors which may cause the actual value to vary.

  • rand value means the total estimated value of a contract in Rand, calculated at the time of bid invitation, and includes all applicable taxes;

  • Aggregate Value means, with respect to any block of Equity Stock, the sum of the products of (i) the number of shares of each class of Equity Stock within such block multiplied by (ii) the corresponding Market Price of one share of Equity Stock of such class.

  • Average Daily Balance means the balance sum computed by dividing the sum of the balance outstanding on each day from the first day of the next Billing Period by the number of days in that Billing Period. For the purpose of computation, each day’s balance is determined by adjusting the Total New Balance with payments, credit, cash withdrawal, purchases of goods and/or services obtained on the Sales Drafts and/or Cash Withdrawal Drafts received by Maybank before the Closing Date of each Billing Period;

  • Average means the arithmetic mean.

  • RI Value means, in respect of a Reference Item and a ST Valuation Date, (i) the RI Closing Value for such Reference Item in respect of such ST Valuation Date, divided by (ii) the relevant RI Initial Value (expressed as a percentage).

  • Reference Value means the last reported sales price of the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption is given.

  • Plus Model No Frills location shall be defined as a No Frills store that:

  • Best Value means the method by which a proposal/contract, if any, is awarded, in accordance with applicable laws, rules, and regulations. Best Value includes multiple parameters, including experience, references, quality of the Vendor's product(s)/service(s), and price, as detailed in Section 6.0 Evaluation and Award.

  • Worst Value means, in respect of a SPS Valuation Date, the lowest Underlying Reference Value for any Underlying Reference in the Basket in respect of such SPS Valuation Date.

  • Broken Amount means, in respect of any Interest Payment Date, the amount specified in the relevant Final Terms.

  • Net Liquidation Percentage means the percentage of the book value of Borrowers’ Inventory that is estimated to be recoverable in an orderly liquidation of such Inventory net of all associated costs and expenses of such liquidation, such percentage to be as determined from time to time by an appraisal company selected by Agent.

  • Annualized means (i) with respect to the end of the first Fiscal Quarter of the Borrower ending after the Closing Date, the applicable amount for such Fiscal Quarter multiplied by four, (ii) with respect to the second Fiscal Quarter of the Borrower ending after the Closing Date, the applicable amount for such Fiscal Quarter and the immediately preceding Fiscal Quarter multiplied by two, and (iii) with respect to the third Fiscal Quarter of the Borrower ending after the Closing Date, the applicable amount for such Fiscal Quarter and the immediately preceding two Fiscal Quarters multiplied by one and one-third.

  • Fair Market Value Excess With respect to each Mortgage Loan to be purchased pursuant to Section 10.01(a), the excess, if any, of the Fair Market Value Call Price for such Mortgage Loan, over the Par Call Price for such Mortgage Loan. Any Fair Market Value Excess will not become part of the related Group Available Funds, but shall instead be distributed directly to the Holders of the Class A-LR Certificates pursuant to Section 4.02(g).

  • Valuation Percentage means, for any item of Eligible Collateral, the percentage specified in Paragraph 13.

  • Gross Fair Market Value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

  • Face Value means the specified price of the Ticket only (including United Kingdom value added tax thereon) as stated on the relevant Ticket, and excludes any Handling Fee (or part thereof) or other fees or charges paid by the Ticket Purchaser in respect of that Ticket (including postage or courier charges);

  • Difference means the difference in price upon the opening of a transaction and the closing of such Transaction.

  • amount when used in regard to securities, means the principal amount if relating to evidences of indebtedness, the number of shares if relating to capital shares and the number of units if relating to any other kind of security.

  • FR Value means, in respect of a ST FR Valuation Date, Worst Value.

  • Utilization Percentage means, on any day, the percentage produced by dividing (a) the aggregate Revolving Credit Exposures by (b) the total Commitments, unless the Commitments shall have been terminated, in which case the Utilization Percentage shall be 100%.

  • Orderly Liquidation Value means the net amount (after all costs of sale), expressed in terms of money, which Agent, in its good faith discretion, estimates can be realized from a sale, as of a specific date, given a reasonable period to find a purchaser(s), with the seller being compelled to sell on an as-is/where-is basis.