Pension Expense definition

Pension Expense means the actual pension expense for the applicable period of the Borrower and the Restricted Subsidiaries pursuant to the profit and loss statement charge (or benefit) with respect to such pension funding obligations for such period.

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Pension Expense means the expense recognized for accounting purposes with respect to the Golden State Water Company Pension Plan as reported in the Corporation’s consolidated financial statements for 2009.

Pension Expense has the meaning set forth in Section 5.08(f).

Examples of Pension Expense in a sentence

• Pension Expense - the actual pension expense for the applicable period of Parent and its Subsidiaries pursuant to the profit and loss statement charge (or benefit) with respect to such pension funding obligations for such period.

• Actual Actual $ $ $ Salaries and wages (including employee pension contributions) 4,279,319 4,177,865 4,339,950 Employer Pension Expense 174,953 165,305 178,734 Other personnel related expenses 191,550 199,103 104,311 Total Personnel Costs 4,645,822 4,542,273 4,622,995 Note 2.

• Personnel Cost Salaries and Wages 3,503,806 3,380,170 Other Personnel Cost 614,441 716,542 Pension Expense 436,622 366,909 Movement in Annual Leave Provision 30,000 30,000 Total Personnel Cost 4,584,869 4,493,621 CAYMAN ISLANDS GOVERNMENT 2015-16 OWNERSHIP AGREEMENTS 427 MARITIME AUTHORITY OF THE CAYMAN ISLANDS NOTES TO THE FORECAST FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING 30TH JUNE 2016 Budget Forecast June 30, 2016 June 30, 2015 Note 16.

• Pension Expense: The Company recorded $10.4 million of pension income into its Consolidated Income Statement in 2002.

• Personnel Cost Salaries and Wages 3,503,806 3,380,170 Other Personnel Cost 614,441 716,542 Pension Expense 436,622 366,909 Movement in Annual Leave Provision 30,000 30,000 Total Personnel Cost 4,584,869 4,493,621 CAYMAN ISLANDS GOVERNMENT 2015-16 OWNERSHIP AGREEMENTS 426 MARITIME AUTHORITY OF THE CAYMAN ISLANDS NOTES TO THE FORECAST FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING 30TH JUNE 2016 Budget Forecast June 30, 2016 June 30, 2015 Note 12.

• For clarity of administration of the formula rate, this specifically includes (but is not limited to) transmission-related amounts related to Amortization of Book Premiums on Reacquired Debt, Pension Expense Provision, Loss on Reacquired Debt, FAS 112 and Electric Rate Case Expense – Regulatory Asset – Current.

• The management of the Company is fully reserved to the Member, and the Company shall not have “managers,” as that term is used in the Act.

• The Company expects that the adoption of this statement will have a material impact on Prepaid Pension Expense and Accumulated Other Comprehensive Income/Loss on the Company’s Consolidated Balance Sheet.

More Definitions of Pension Expense

Pension Expense. The Joint Parties recognize that Internal Revenue Service (“IRS”) Code Section 412 as amended by the Employee Retirement Income Security Act of 1974 (“ERISA”) obligates SoCalGas to make minimum contributions to its pension trust and that the amount of the required minimum contribution can fluctuate over time based on factors not subject to management control such as market return on invested assets, interest rates and federal legislative changes. To protect both ratepayers and shareholders, the Joint Parties therefore support adoption of a two-way balancing account to address the difference between forecasted and actual minimum contributions. The two-way balancing account allows SoCalGas to recover Supplemental Pensions: In Account 926, the Joint Parties agree to funding for supplemental pensions of $585,000. This represents 50% of the amount requested by SoCalGas.

Pension Expense. The Joint Parties recognize that Internal Revenue Service (“IRS”) Code Section 412 as amended by the Employee Retirement Income Security Act of 1974 (“ERISA”) obligates SDG&E to make minimum contributions to its pension trust and that the amount of the required minimum contribution can fluctuate over time based on factors not subject to management control such as market return on invested assets, interest rates and federal legislative changes. To protect both ratepayers and shareholders, the Joint Parties therefore support adoption of a two-way balancing account to address the difference between forecasted and actual minimum contributions. The two-way balancing account allows SDG&E to recover required pension contributions, subject to one exception: if the minimum required contribution in any year exceeds the estimate for that year that SDG&E provided in its testimony, shareholders will have to pay 20% of the excess. The test year authorized pension expense for SDG&E will be $17 million, $8.1 million below SDG&E’s forecasted amount. Attachment A provides the details on how the balancing account will operate. The wording of Attachment A is controlling on this issue.

Pension Expense means the annual pension expense of the Company as determined pursuant to Financial Accounting Standard #87, as calculated by the Company's regular independent accounting firm. In the event the Company's annual pension expense, determined in the absence of this Section 5.8, would exceed the Annual Limit (the "Excess Pension Expense"), the benefit of the Executives accrued for such Plan Year shall be reduced in the following manner:

Pension Expense means in relation to any calendar year, the amount determined in accordance with Section 3.3;

Pension Expense for any period shall mean, without duplication, the aggregate amount of the expense relating to pension plans recorded in the consolidated statement of operations of the Borrower for such period.