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).