Limitation of Benefits definition

Limitation of Benefits shall be added to the Convention that shall read as follows:
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Limitation of Benefits of the Agreement shall be deleted and replaced by the following:
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Limitation of Benefits means for Items 18 or 23 an amount equivalent to 75% of Gross Weekly Wage and or Item 19 an amount equivalent to 40% of Item 18 or 30% of Gross Weekly Wage
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Examples of Limitation of Benefits in a sentence

  • The maximum amount payable would be restricted as specified under the plan opted shown on the Schedule subject to Limitation of Benefits.

  • Any pension fund established in Denmark and described in Article 22, subparagraph 2 (e) (Limitation of Benefits) in the Protocol signed at Copenhagen on May 2, 2006, amending the Convention between the Government of the United States of America and the Government of the Kingdom of Denmark for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income signed on August 19, 1999.

  • Limitation of Benefits The maximum payment of service-related benefits will be limited to 52 weeks pay.

  • For example, in case of double tax avoidance agreement (DTAA) between India and Singapore, the Limitation of Benefits (LOB clause) mandates that, the particular investor making investment in India, should have incurred expenditure of at least 2 Lac Singapore dollars, in a period of 12 months, preceding this investment being done in India.

  • Limitation of Benefits clause in the India Singapore DTAA An. NRIs can avoid paying double tax as per the Double Tax Avoidance Agreement DTAA Usually Non-Resident Indians NRI live abroad but earn income in India In such cases it is possible that the income earned in India would attract tax in India as well as in the country of the NRI's residence.

  • Years of Service (Pro-rata for service of less than a full year) Notice (Weeks) Under 45 years of age Notice (weeks) Over 45 years of age Service payment (Weeks) 4 4 5 16 6 4 5 24 7 4 5 28 8 4 5 32 9 4 5 36 10 4 5 40 11 4 5 44 12 4 5 48 13 and over 4 5 52 Limitation of Benefits The maximum payment of service-related benefits will be limited to 52 weeks pay.

  • Limitation of Benefits Provisions in Tax Treaties ABA Tax Section Meeting.

  • Consequently, to prevent misuse of the DTAA’s, a Limitation of Benefits article is usually inserted by countries in the DTAA’s entered by them which determine the investments made just in order to get benefit of the treaties in place.


More Definitions of Limitation of Benefits

Limitation of Benefits. If the Participant does not participate in, and has never participated in, another qualified plan or a welfare benefit fund, maintained by the Employer, the amount of Annual Additions which may be credited to the Participant's Account for which may be credited to the Participant's Account for any Limitation Year will not exceed the lesser of the Maximum Permissible Amount or any other limitation contained in this Plan. If the Employer contribution that would otherwise be contributed or allocated to the Participant's Account would cause the Annual Additions for the Limitation Year to exceed the Maximum Permissible Amount, the amount contributed or allocated will be reduced so that the Annual Additions for the Limitation Year will equal the Maximum Permissible Amount. Prior to determining the Participant's actual Compensation for the Limitation Year, the Employer may determine the Maximum Permissible Amount for a Participant on the basis of a reasonable estimation of the Participant's Compensation for the Limitation Year, uniformly determined for all Participants similarly situated. As soon as is administratively feasible after the end of the Limitation Year, the Maximum Permissible Amount for such Limitation Year shall be determined on the basis of the Participant's actual Compensation for such Limitation Year. If there is an Excess Amount, it will be disposed of as follows:
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Related to Limitation of Benefits

  • Coordination of Benefits or “COB” means a provision establishing an order in which plans pay their claims, and permitting secondary plans to reduce their benefits so that the combined benefits of all plans do not exceed total allowable expenses.

  • Assignment of Benefits means an arrangement whereby the Plan Participant assigns their right to seek and receive payment of eligible Plan benefits, in strict accordance with the terms of this Plan Document, to a Provider. If a provider accepts said arrangement, Providers’ rights to receive Plan benefits are equal to those of a Plan Participant, and are limited by the terms of this Plan Document. A Provider that accepts this arrangement indicates acceptance of an “Assignment of Benefits” as consideration in full for services, supplies, and/or treatment rendered.

  • Schedule of Benefits means the section of this policy which shows, among other things, the Eligibility Requirements, Eligibility Waiting Period, Elimination Period, Amount of Insurance, Minimum Benefit, and Maximum Benefit Period.

  • 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;

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Net Benefits Test means a calculation to determine whether the benefits of a reduction in price resulting from the dispatch of Economic Load Response exceeds the cost to other loads resulting from the billing unit effects of the load reduction, as specified in Operating Agreement, Schedule 1, section 3.3A.4 and the parallel provisions of Tariff, Attachment K-Appendix, section 3.3A.4.

  • Optional Deferral Provision means, as to any Qualifying Capital Securities, a provision in the terms thereof or of the related transaction agreements to the effect that:

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

  • Disability benefits means any cash payments which are payable to a covered individual for all or part of a period of disability pursuant to P.L.1948, c.110 (C.43:21-25 et al.).

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

  • Employment benefits means all benefits provided or made

  • Change in Control Benefits means the following benefits:

  • 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.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

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

  • Adoption Agreement means the written agreement pursuant to which the Employer adopts the Plan. The Adoption Agreement is a part of the Plan as applied to the Employer.

  • Disability benefit recipient means a member who is receiving a disability benefit.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

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

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.