Maximum Permissible Benefit definition

Maximum Permissible Benefit means the maximum Annual Benefit to which a Participant is entitled in accordance with the following provisions:

Maximum Permissible Benefit means the lesser of the Defined Benefit Dollar Limitation or the Defined Benefit Compensation Limitation (both adjusted where required as provided below).

Maximum Permissible Benefit means, effective for Limitation Years ending after December 31, 2001, $160,000, automatically adjusted under Code Section 415(d), effective January 1 of each year, as published in the Internal Revenue Bulletin, and payable in the form of a Straight Life Annuity. The new limitation shall apply to Limitation Years ending with or within the calendar year of the date of the adjustment, but a member’s benefits shall not reflect the adjusted limit prior to January 1 of that calendar year.

Examples of Maximum Permissible Benefit in a sentence

• If the benefit the Participant would otherwise accrue in a Limitation Year would produce an Annual Benefit in excess of the Maximum Permissible Benefit, then either such benefit will be limited or the rate of accrual will be reduced so that the Annual Benefit does not exceed the Maximum Permissible Benefit.

• The Annual Benefit otherwise payable to a Participant at any time will not exceed the Maximum Permissible Benefit.

• Notwithstanding the above, if the Plan is a multi-Employer Plan, then for Limitation Years beginning before January 1, 2002, the Maximum Permissible Benefit will not exceed the Defined Benefit Compensation Limitation.

• The Maximum Permissible Benefit for a Participant who has not attained Normal Retirement Age will be applied to the Actuarial Equivalent of either (A) the Participant's Accrued Benefit otherwise payable under the Plan at Normal Retirement Age (or current age, if later), based on the Participant's applicable completed years of benefit service to date; or (B) the Participant's Projected Annual Benefit to which the Participant would be entitled at Normal Retirement Age (or current age, if later).

More Definitions of Maximum Permissible Benefit

Maximum Permissible Benefit means the lesser of the Defined Benefit Dollar Limitation or the Defined Benefit Compensation Limitation (both adjusted where required, as provided in (a) and, if applicable, in (b) or (c) below).

Maximum Permissible Benefit means an annual benefit of $160,000, automatically adjusted under section 415(d) of the Internal Revenue Code for each limitation year ending after December 31, 2001, payable in the form of a single life annuity. The new limitation shall apply to limitation years ending with or within the calendar year of the date of the adjustment, but a member's benefits shall not reflect the adjusted limit prior to January 1 of that calendar year. The maximum permissible benefit amount shall be further adjusted as follows:

Maximum Permissible Benefit means the defined benefit dollar limitation (adjusted where required, as provided below).

Maximum Permissible Benefit means $160,000 multiplied by the Cost of Living Factor, and further multiplied by a fraction (not to exceed 1), the numerator of which is the Participant's Years of Participation, and the denominator of which is 10 (the "Defined Benefit Dollar Limitation"). The fractional reduction of the maximum amount shall not be applied to a Participant's benefit that becomes payable due to death or the Participant becoming Disabled.

Maximum Permissible Benefit means an annual benefit of $160,000, automatically adjusted under section 415(d) of the Internal Revenue Code for each limitation year ending after December 31, 2001, payable in the form of a single life annuity. The new limitation shall apply to limitation years ending with

Maximum Permissible Benefit means, effective for Limitation Years ending after December

Maximum Permissible Benefit means the lesser of the Percentage Limitation or the Dollar Limitation (both adjusted where required as provided in this Section 13.05).