Normal Benefit definition

Normal Benefit in Section 1(H) of the Agreement is replaced in its entirety with: “ ‘Normal Benefit’ shall mean an amount equal to the 2008 Year-End Balance increased by interest compounded annually on the 2008 Year-End Balance at a rate equal to the Xxxxx’x Xx Corporate Bond Index corporate bond rate as of the December 31 immediately preceding January 1, 2009 and each January 1 thereafter from January 1, 2009 until such amounts are paid to the Executive Employee. In the event that December 31 is not a day on which the Xxxxx’x Xx Corporate Bond Index corporate bond rate is published, the rate which shall be used shall be the Xxxxx’x Xx Corporate Bond Index corporate bond rate published as of the closest date immediately preceding such December 31. In the event that the Xxxxx’x Xx Corporate Bond Index ceases to be published or it is no longer possible to determine such rate, a comparable corporate bond rate determined by the Company shall be used.”
Sample 1
Normal Benefit means an amount equal to the 2008 Year-End Balance increased by interest compounded annually on the 2008 Year-End Balance at a rate equal to the Moody’s Aa Corporate Bond Index corporate bond rate as of the December 31 immediately preceding January 1, 2009 and each January 1 thereafter from January 1, 2009 until such amounts are paid to the Executive Employee.
Sample 1
Normal Benefit means with respect to a Participant the greater of (i) the monthly benefit amount payable to such Participant as a Life Annuity commencing at the Participant's Normal Retirement Date determined by reducing the Target Benefit of such Participant as specified on Exhibit A by such Participant's Benefit Offset Amount or (ii) such Participant's Minimum Normal Benefit, if any.
Sample 1

Examples of Normal Benefit in a sentence

  • The annual benefit will be paid in equal monthly installments commencing the month following Normal Benefit Age and continuing for ten (10) years.

  • Upon Separation from Service after Normal Benefit Date, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service.

  • If the Executive experiences a Disability prior to Separation from Service and Normal Benefit Date, the Employer shall pay the Executive the Deferral Account balance at Disability, plus an additional amount equal to the Contributions remaining to be made in accordance with Article 2.

  • Optional Benefit FormsOptional Benefit Forms are available and equal to the Actuarial Equivalent of the Normal Benefit Form and may be in an amount more than or less than that provided by the Normal Benefit Form depending on the option selected.

  • If a Change in Control occurs, followed within twenty-four (24) months by a Separation from Service prior to Normal Benefit Date, the Employer shall pay the Executive the Deferral Account balance at Separation from Service, plus an additional amount equal to the Contributions remaining to be made in accordance with Article 2 provided, however, that no earnings per share requirement shall apply.

  • Benefits subject to Code Section 409A shall be paid in the form of monthly pension payable in the Normal Benefit Form.

  • If the Director terminates service as a Director on or after Normal Benefit Age, the Company shall pay to the Director the benefit described in this Section 4.1 in lieu of any other benefit under this Agreement.

  • If the Director has elected payment to be distributed at Normal Benefit Age, the Company shall credit interest to the Deferral Account at a rate based on the yield on the 10 Year Treasury Note, compounded monthly.

  • Any changes to the Normal Benefit Age or Timing of Payout must be in accordance with Election Form B.

  • If the Director terminates service as a Director before the Normal Benefit Age for reasons other than death, Disability or following a Change in Control, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.


More Definitions of Normal Benefit

Normal Benefit means with respect to a Participant the greater of (i) the monthly benefit amount payable to such Participant as a Life Annuity commencing at the Participant’s Normal Retirement Date determined by reducing the Target Benefit of such Participant as specified on Exhibit A by such Participant’s Benefit Offset Amount or (ii) such Participant’s Minimum Normal Benefit, if any.
Sample 1
Normal Benefit means the benefits set forth in Section 3.1.
Sample 1
Normal Benefit means the normal benefit amount specified in the Benefit Schedule as adjusted from time to time to account for and reflect Actual Deferrals and changes made by the Participant in his Option For Payment Of Benefits, or such greater amount as the Administrative Committee may determine in its sole discretion.
Sample 1
Normal Benefit means the entire remaining principal and interest balance of the Trust, payable in the installments described in Section 3.1, below.
Sample 1

Related to Normal Benefit

  • 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).

  • Normal Retirement Benefit means the benefit described in Section 2.1.

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

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

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

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Special benefit means a particular and distinct benefit over and above general benefits conferred on real property located in the district or to the public at large. General enhancement of property value does not constitute “special benefit.”

  • 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 Benefit means the benefit set forth in Article 7.

  • 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.

  • 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;

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Normal Retirement Age means the Executive's 65th birthday.

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Actuarial equivalent means a benefit of equal value when

  • 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.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

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

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Service benefit means the credit toward retirement benefits as determined by the

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • material benefit means a benefit which may not be financial but has a monetary value;

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