Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.
Pecuniary benefit means benefit in the form of money, property, commercial interests or anything else the primary significance of which is economic gain. Expenses associated with social occasions afforded public servants shall not be deemed a pecuniary benefit.
Annuity Benefit means a benefit payable by us as described in Part VII.
Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.
Normal Retirement Benefit means the benefit described in Section 2.1.
Retirement Benefit means the benefit set forth in Article 5.
Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value
Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).
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.
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.
Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.
Actuarial equivalent means a benefit of equal value when
Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.
Disability Benefit means the benefit set forth in Article 8.
Termination Benefit means the benefit set forth in Article 7.
Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.
Social Security Benefit means the Primary Insurance Amount to which a Participant becomes entitled at age sixty-five (65) under Social Security legislation in effect on the earliest of his Normal Retirement Date, early retirement date or Termination Date.
Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.
occupational pension means any pension or other periodical payment under an occupational pension scheme but does not include any discretionary payment out of a fund established for relieving hardship in particular cases;
Plan Benefit means the benefit payable to a Participant as calculated in Article V.
Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).
de facto spouse means a person of the opposite sex to the employee who lives with the employee as the husband or wife of the employee on a bona fide domestic basis, although not legally married to that person.
Early Retirement Benefit means the retirement benefit payable to a member following early
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.
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;
SERP has the meaning assigned thereto in Section 5(c) hereof.