KRIP definition
Examples of KRIP in a sentence
Any amounts credited to this account will earn interest at the same interest rate that amounts accrue interest under the cash balance benefit of the Kodak Retirement Income Plan ("KRIP").
Subject to the terms of this Section 4, Kodak agrees to calculate your retirement and survivor benefits under the Kodak Retirement Income Plan (“KRIP”), Kodak Unfunded Retirement Income Plan (KURIP”) and Kodak Excess Retirement Income Plan (“KERIP”) by adding 3 years to your age, and crediting you with an additional 3 years of service for purposes of determining your Accrued and Total Service (as those terms are defined in KRIP).
The benefits payable as a result of this enhancement will be offset by the benefits payable to you under KRIP, KURIP, KERIP and Section 10 of the 1998 Agreement.
The amount of the retirement income benefit, if any, provided to you under this Section 4 will be offset by the retirement benefits payable to you under the cash balance benefit of KRIP and any supplemental and successor plan(s) thereto, including but not limited to KERIP and KURIP.
For purposes of calculating any benefits, you will be considered a pre-1996 lump-sum eligible hire who has attained age 65, all benefits under this Agreement will be treated as post-1995 accrued benefits, and the actuarial assumptions used will be those in effect under KRIP with respect to the Annuity Starting Date (as defined under KRIP).
The amount of the retirement benefit, if any, payable to you under this Section 4 will: (i) be paid in such form(s) as Kodak, in its discretion, determines; (ii) be paid out of Kodak's general assets, not under KRIP; (iii) not be funded in any manner; (iv) be included in your gross income as ordinary income, subject to all income and payroll tax withholding required to be made under all applicable laws; and (v) not be grossed up or be given any other special tax treatment by ▇▇▇▇▇.
The names of the specific retirement plans that you will be treated as participating in by virtue of being treated as employed after December 31, 1995, but prior to March 1, 1999, are the Kodak Retirement Income Plan ("KRIP"), the Kodak Unfunded Retirement Plan ("KURIP") and the Kodak Excess Retirement Income Plan ("KERIP").
The amount of the benefits, if any, payable to you pursuant to this Section 4 will: (i) be paid in the form of a lump sum payment within 60 days after your termination of employment; (ii) be paid out of Kodak’s general assets, not under KRIP; (iii) not be funded in any manner; and (iv) be included in your gross income as ordinary income, subject to all income, payroll and employment tax withholdings required to be made under all applicable federal, state and local law or regulation.
For purposes of calculating the lump sum amount under (i) and (ii), you will be considered a pre-1996 lump-sum eligible hire, all benefits under this agreement will be treated as post-1995 accrued benefits, and the actuarial assumptions used will be those in effect under KRIP with respect to your Annuity Start Date (as defined under KRIP).
For purposes of calculating the lump sum amount under (i) and (ii), you will be considered a pre-1996 lump-sum eligible hire who has attained age 65, all benefits under this agreement will be treated as post-1995 accrued benefits, and the actuarial assumptions used will be those in effect under KRIP with respect to your Annuity Start Date (as defined under KRIP).